How To Sell Your Own Home As A REALTOR®
If you are a licensed real estate professional and you want to sell your own home, there are few ways to approach the home sale. The following are a few options you can explore when selling your own home as a REALTOR®.
Listing Your Home As A REALTOR®
A REALTOR® planning to sell their own property should start by speaking with their broker or their firm’s manager to discuss how the sale should proceed. In addition to the code of ethics, a broker may have their own requirements to ensure the transaction is handled properly and all best practices are followed. Brokers and real estate agents should always do their due diligence to ensure their errors and omissions insurance will cover the sale of a self-listed home.
When listing the home on a multiple listing service (MLS), it’s a good idea for the broker or real estate agent to disclose their ownership of the property in both the property description and the agent’s remarks section of the listing. This ensures both the public and other real estate professionals are aware of the listing agents’ ownership in the property.
Selling For Sale By Owner As A REALTOR®
A licensed REALTOR® also has the option to sell their home for sale by owner (FSBO). They will still need to disclose their status as a licensed real estate professional when conducting business with potential buyers. If the licensed professional has a broker, its always good practice to discuss their intentions with their broker before advertising the home for sale.
Because the agent isn’t using their broker’s services when selling a home for sale by owner, they are considered the seller and notthe listing agent.
This is important because, as a seller, the agent doesn’t collect a commission for the sale of the home. Sellers typically pay real estate commissions, so when considering a buyer’s offer, they’ll need to factor in the buyer’s agent commission if the offer is submitted by another REALTOR®. If the buyer doesn’t have a real estate agent, then there are no commissions to pay.
