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Real estate transactions can seem overwhelming.but Ferguson Realty of DFW is here to help you understand the process.
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Featured Frequently Asked Questions
I've done 100% of the work to improve my home and attract buyers. How can I sell without giving up all of my hard-earned equity?
Real estate commission is, by law, negotiable. No one can force you to pay a high commission. We offer full services, but also low cost flat fees. You save thousands to sell your home because Ferguson Realty of DFW uses the most aggressive marketing techniques to maximize exposure - so your hard work pays off for YOU!
I need to connect with a "vast network" of agents to sell my home. Does it take a 6% agent to make that connection?
Thanks to the internet and the MLS, all an agent needs to do to "network" is enter your home in the DFW MLS. Once on the DFW MLS, your home is automatically available to all agents and buyers. Ferguson Realty knows the MLS is the most important real estate marketing tool, but we don't ask you to give up 3%* of your equity to list there.
Do open houses really work?
In reality, only 2-3% of houses sell through an open house. Most traffic consists of nosy neighbors or other agents. Ferguson Realty of DFW understands that modern home buyers just don't have time to visit open houses - they rely on the internet.
What is the MLS?
MLS® (Multiple Listing Service) is the most comprehensive computerized database of homes for sale, with over 1.5 million listings nationwide. Listing your home in DFW MLS will expose it to thousands of local real estate agents. The DFW MLS also feeds to the REALTOR.com web site and many others, making your home available to all buyers who search online. An MLS listing includes color pictures, tours and all pertinent information (price, location, size, contact information, etc.)
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How does Ferguson Realty of DFW work?
You choose the marketing you need and how involved you want to be in the sales process. If you show your home and you sell your home, you save! Don't have time to show your home? If we show and sell your home, you only pay the normal listing fee to Ferguson Realty of DFW.
Your home can be offered to local realtors in the Multiple Listing Service (MLS) for DFW so they can show and sell your home. If they sell your home, you pay a low Ferguson Realty fee and you pay the real estate professional that brings the buyer the fee you agreed to and quoted in the MLS listing.
You will still save thousands. No matter how it sells or who sells, you save
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Why does Ferguson Realty of DFW work?
Ferguson Realty of DFW works because a steadily increasing number of buyers are using the Internet to search for a home before they ever even consider speaking with a real estate agent. In fact, thousands of buyers visit our websites each month. We cover your bases with effective marketing and work directly with the real estate community because the local agents are fully protected by the MLS system. We provide services that make the process seamless because our licensed consulting team will help you and the buyer fill out all the forms that are required by the state and handle the process from start to finish, including helping you find a buyer, qualifying them for a new loan, all the way through selecting which escrow/settlement company to use. As a seller, it is important to know that you can have professional help throughout the entire process.
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What advantages does Ferguson Realty of DFW offer as compared to a traditional Realtor® or For Sale By Owner?
1.) You Save Thousands! By selling your home with Ferguson Realty of DFW instead of with brokers who charge a 6%* commission. You can use your savings to reduce the sales price, or provide financing incentive options to the buyers, or offer an incentive to Buyer's Agents who show your property. All of which will speed up the selling process.
2.) Ferguson Realty of DFW Offers Choices! We let you choose exactly how much you want to participate in the sale of your home and exactly what services you need assistance with. Your fee is based upon how many services your Ferguson Realty of DFW Real Estate Consultant provides. If you participate in the sale of your home and procure the buyer by either showing your home yourself or through and open house you hold, the cost to sell your home will be 45% - 95% less than a traditional listing agent.
3.) Ferguson Realty of DFW' proprietary technology allows you to obtain up-to-date information about your home sale quicker and more efficiently than a traditional listing agent. In fact, with our technology, you can be anywhere in the world and learn about the latest activity on your home.
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So why do so many people still list with agents charging 6%*?
The big real estate companies spend a lot of effort training their agents to push the service-side perception of their offering and avoid the issue of fees. To defend their traditional pricing structure, many agents will argue that "if you pay less, you will get less." It's all a smokescreen, of course. There is no shortage of unhappy sellers who paid 6%*.
Loyalty - When sellers prepare to sell their home, they first think of the agent that sold them their home. Because of their past relationship, they often find it difficult to "arm wrestle" commissions when they didn't have to as a buyer.
Education - Most people do not realize commissions are negotiable and rely on advice from a friend or relative in the real estate business. Many people think that For Sale By Owner or traditional agencies are their only options because information concerning options were not presented to them and the resource that they relied on provides discredit for an alternative processes.
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If I am going to show the home and do the open houses, why do I need Ferguson Realty of DFW?
The #1 reason sellers use Ferguson Realty of DFW is for our marketing & expertise. We counsel you on pricing your home, marketing your home, and most important, managing your transaction through closing to make sure that all of the paperwork is done correctly and that all required legal documents are included.
In addition:
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We guarantee in writing to advertise your property as needed.
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We use our exclusive marketing system to get you buyers.
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We list your home on the Internet at Realtor.com.
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We lend you "For Sale" and "Talking" signs.
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We discuss the "Bad" and the "Good" in all offers and negotiate to get you the best possible price.
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We can help pre-qualify your buyer and help them obtain financing. We go through your closing costs and leave you with an estimate of your net proceeds.
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We help you avoid problems, assist you should any arise and work to save you money in all the hidden parts of the transaction.
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We coordinate for you with the contractors, appraisers, inspectors and other professionals.
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We handle all negotiations, paperwork, contracts, any counterproposals, manage your transaction through the closing and attend the closing. |
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Do you also represent buyers?
Yes. Many of our sellers were once buyer clients, and of course, many of our sellers also want to buy again. We also have buyer agents who specialize in working with buyers.
What happens if a buyer calls Ferguson Realty of DFW directly to request to see my home?
The Ferguson Realty of DFW office will first check their showing instructions to see if you have given them permission to show your home. They will then make every effort to contact you and let you show your home. In the event that the buyer is impatient and you cannot be reached within a reasonable amount of time, a Ferguson Realty of DFW Real Estate Professional will make arrangements to show your home.
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How can Ferguson Realty of DFW charge such low fees for its services?
We have streamlined the process of selling a home, identified how much time each service within the sale takes. This has allowed us to create low fees based upon the amount of time our real estate professionals will have to dedicate to the sale of your home. For instance, in most areas, higher priced homes take longer to sell. Therefore our fee will be higher for a higher priced home to compensate for the additional time we will have to invest and additional marketing we will have to provide.
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If your business model is so beneficial to clients and you alike, why aren't other brokers doing it?
Traditional real estate brokerage is pretty entrenched, very conservative and industry change is slow. The Internet has really shaken things up, and changes are starting to appear. Large national chains are even starting to tinker with the traditional model-including Century 21 in Atlanta, Georgia-and along with Ferguson Realty of DFW and Duffy Realty of Atlanta (Largest Fee For Service Broker in the South), there have been several Internet start-ups taking a stab at simple discount brokerage. We expect that the rate of change within the industry will increase, bringing new choices to consumers. Instead of seeking to "jump on the bandwagon", Ferguson Realty of DFW is proud of doing "fee for service" from the start.
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What is MLS?
MLS® (Multiple Listing Service) is the most comprehensive computerized database of homes for sale, with over 1.5 million listings nationwide. This database is used by Realtors® to market and promote their own listings and to cooperate with other Realtors®. Realtors®, in turn, are compensated with part of the commission. A large portion of real estate transactions are a result of direct MLS exposure. By having your home in MLS, it will be exposed to thousands of local real estate agents who otherwise would not have known that your property was for sale and would not have shown it. This is the same MLS used by a traditional broker who would charge you a full cost listing commission.
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What is REALTOR.com?
REALTOR.COM is a leading Internet site where buyers can search for homes. Technically, it is the official Internet site for the National Association of Realtors®. REALTOR.com's 1.4 million home listings are provided by participating REALTOR® Multiple Listing Services. This is one of the advantages of listing your home on the MLS - your home will then be copied to the REALTOR.com web site and will be accessible to individuals and Realtors® via the Internet. This includes color pictures, tours and all pertinent information (price, location, square footage, contact information, etc.)
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What is "fee for service" or "á la carte services"?
"Fee for service" is where the full service package is separated into any number of component parts and combinations. In this arrangement, different services cost different fees, and these fees are usually not contingent upon an actual close of escrow. This arrangement is suited for today's more "e-savvy" sellers and "For Sale By Owners" who want assistance with select parts of the process of selling their home, without having to pay traditional real estate's higher full-cost fee.
For instance, for the real estate professional, the two most costly and time-consuming services in a sale of your home are the open houses and showings. The standard Ferguson Realty of DFW fee does not include these services. You can show your own home and SAVE! Should you need occasional help showing your home, we are still available for a low fee should we write a contract for the buyers.
But the key is: now you have the option to decide whether you need this service. Our fee structure provides you "full service" to meet your needs.
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What is "full service?"
Most real estate professionals refer to their service as "full service." This means that they do everything it takes to sell your home: place it in the MLS, advertise it in the local paper and home magazines, provider a flyer, do open houses, show your home to potential buyers, handle the negotiations when you receive an offer, and handle everything through closing.
The question really should be, "What is full-cost service?" Sadly, some brokers (regardless of company) list homes and then just put them in the MLS and wait for a contract to come in with no service provided beyond that. Many times after these listings expire, we end up interviewing with these unhappy sellers. We explain carefully to them what we do and what we don't do. Most clients realize they are getting more services than when they where paying 6%* commission. We offer you a menu of services that lets you choose as much or as little service as you desire! AND we back it up in writing by making the specifics of the service and the marketing we are obligated to provide part of the listing agreement!
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Are you a "discount" broker?
No. What makes Ferguson Realty of DFW different is that we are a "fee for service" company. We have determined a very competitive fee for each component of a real estate transaction and we offer that to the public in a "no haggle" environment. Unlike traditional real estate, you don't have to argue and bicker with us to get a super competitive rate! We don't attempt to make a fortune from each family we deal with; we sell a lot of homes.
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How should I price my home?
We will provide you with a Comparative Market Analysis that will provide you with information regarding the price range of similar home sales in your area so that you can choose a price you feel is appropriate for your home.
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Will a yard sign be provided?
Yes, a distinctive Ferguson Realty of DFW yard sign will be provided that is conservative and does not indicate a discount or alternative listing.
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What are open houses? Are they necessary?
Open Houses are typically conducted on Saturdays and/or Sundays. The idea is to let the buyers preview your home in a no-pressure, non-scheduled manner. Open Houses statistically are responsible for 2-3% of all home sales. Just like "location, location, location" is important, so is "exposure, exposure, exposure". The more people that see your home, the more you increase the odds of finding a buyer.
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We work all day. How can we show our property?
Fortunately, the people buying homes also work all day so most people can only preview a home in the evenings or on the weekend. Generally, scheduling the buyer to meet with you is not an issue. However, in the event that the buyer can't wait, you can choose to let us show your home for a low showing fee payable at closing should the buyer purchase your home.
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What happens when I receive an offer?
Ferguson Realty of DFW will write the contract and handle the transaction thru to Closing. Contact us immediately so that we can prepare the paperwork and get the process rolling.
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How does Ferguson Realty of DFW help me with the paperwork and legal steps?
Ferguson Realty of DFW' licensed consulting team will help you execute your transaction through closing. Once you find a buyer (either directly or through a buyer's agent), simply call Ferguson Realty of DFW and one of our licensed Real Estate Consultants will assist you with the creation of the purchase agreement and steps to closing. If your home is listed on the MLS, and you receive an offer from a buyer's broker or one of our Realtors®, then Ferguson Realty of DFW will facilitate the transaction thru to closing.
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What if I sell my home myself?
If you sell your home without a cooperating Broker, no commission is due. The only fee is the Ferguson Realty of DFW fee which is collected at closing.
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If another agent contacts me directly to show my home, do I have to give them a coop if they write a contact?
If your property is not listed in the MLS, the answer is technically, no. In reality, if an agent from a real estate firm other than a Ferguson Realty of DFW office wants to show your home because it is just perfect for their client, they will generally contact you first to find out if you are willing to offer a coop. At that point you will direct them to contact your Ferguson Realty of DFW Real Estate Consultant who will work out an agreement between you and the other agent that will define just how much they will earn as their commission. If your home is listed in the MLS, then you are legally bound to pay the real estate professional that procures a buyer for your property the amount of coop defined in the MLS entry.
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May a buyer contact me directly after a Realtor® shows my home to them?
Yes. However, you will still be obligated to pay a selling commission to the Realtor® who showed the home
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How much commission do I have to pay?
Unlike most real estate agencies, we offer several options to list your home-we are leading the trend within the real estate industry to charge a "Fee for Services Provided", or you can simply select Option 2 and pay a fee at closing. You decide how much you want to participate in the sale of your home and what services you would like your Ferguson Realty of DFW Real Estate Professional to provide and decide whether you pay the upfront listing fee for the best value OR the higher fee-due at closing.
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Won't buyer's agents boycott my listing?
No. Buyer brokers are indifferent as long as they are being paid their due. Our listings have been sold by nearly every major real estate company in DFW and we have excellent relationships with our colleagues. Furthermore, it's not likely that there will be another house just like yours (same price, size, condition, location, etc.) on the market at the same time as yours with a higher listing commission BUT with the same co-op commission. Also, it is in violation of the Sherman Act.
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