Here are some of the questions often asked of our prospects before choosing us as their premier agent:
Who is United Real Estate?
How does United Real Estate compare to other brokerages?
Do United Real Estate agents work with other agents from other agencies?
What is the commission I expect to pay with United Real Estate?
Are commission fees negotiable?
Is United Real Estate a discount brokerage?
Do I need a real estate attorney?
Can I terminate a residential listing agreement, no questions asked?
How much can I save when selling my home with United Real Estate?
How long will it take to sell my home?
Do you use Zillow Zestimates or other sites to price my home?
Can I sell on my own but still use United Real Estate as my listing agency?
How does United Real Estate protect my interest when negotiating on my behalf?
Why can’t I just pay 1% or 2% to sell my home with an agent?
Can’t you alone find someone to buy my home without another agent?
How much will it cost to sell my home?
Can I expect legal advice from a United Real Estate agent?
Can buyers back out for any reason after they sent an offer?
Can I keep the earnest money deposit if a buyer cancels a contract?
Do I have to commit to fixing anything or everything that is found unsatisfactory in an inspection report?
Who pays for the inspection report?
Who is United Real Estate?
United Real Estate is a premier agency started in 2011. As their main website states, they set out with a plan to change how traditional brokerages operate. Our revolutionary business model has launched us into the Top 10 largest brokerages in America. Our formula for success is consistently exceeding our clients’ expectations. From coast-to-coast, our agents stand ready to assist you with selling, buying or relocation. More info can be found online at https://unitedrealestate.com/meet-united.
How does United Real Estate compare to other brokerages?
United Real Estate provides some of the basic services many of the other competitive agencies provide. However, where many agents all short or are compelled to push for a listing agreement before parting ways with a potential customer, we at United feel outdated tactics are no longer the norm when interacting with a client. You have the driver’s seat right from the start and when you’re ready to sell then expect nothing but the utmost professionalism.
Do United Real Estate agents work with other agents from other agencies?
Absolutely! We pride ourselves in being transparent with other real estate agents and other professionals. Whether we are inquiring about an update from another agent to checking in with a home inspector or municipal employee, we maintain a high level of communication with everyone. And when it’s time to review an offer, we make sure all the paperwork and addendums are completed before a handoff to an attorney or title agency. Unfortunately, there are some agents who may be new to the business that we need to work with. A buyer might decide to work with a friend or relative whom just received their license but hasn’t obtained enough experience to know what the next step is in the real estate transaction process. Not to worry, even if an agent is brand new to the business, we have your best interest in mind and will offer assistance to a buyer’s agent to attempt to avoid any disruption in your home selling process.
What is the commission I expect to pay with United Real Estate?
So let’s get to the heart of the listing agreement terms. Every home seller wants to know; what is it going to cost to close on the sale of the home? Closing costs include many fees and the agent commission is only part of that equation. But if you must know up front, there is a commission plan available for all that allows you to choose which commission plan makes the most sense to you. However, we recognize that paying closing costs can be a daunting process. The costs are typically calculated by your real estate attorney or title agency (if not using an attorney). Commission fees can be offered from 3.5% to 6% depending on the services you desire. But let’s take the next example. If your home sells for $500,000 and the commission fee is 3.5% for basic services (we’ll explain what these are), your sale proceeds would pay for the $17,500 fee to our brokerage. If you sell with the other guys at 5%, this would be a charge of $25,000. You would already be saving an extra $7,500 with us. Now isn’t this something to seriously consider?
Are commission fees negotiable?
Yes, definitely!! As a matter of fact this is the reason why commission plans are available so you know upfront what commission fee you favor the most. Some agencies will print the commission fee on the listing agreement providing the perception that the commission fee is not negotiable. Believe or not, some home sellers will gladly give up some of their equity to help an agent who’s a friend or relative and pay a higher commission fee without ever asking to negotiate this fee. It’s your money and you’ve probably worked hard and have pride in ownership. Why give up any more equity to fees if you don’t have to? Some agents are even trained to entice you to pay a higher fee because they are telling you they will bring forth a transaction that will yield a higher return. But the truth is no one has a crystal ball and the market could tank tomorrow and no magic spell can encourage a buyer to pay more if they don’t have to. All commission fees are negotiable however the thought is that 3.5% is the minimum entry point we can offer with limited services. We would be happy to explain at a follow up visit.
Is United Real Estate a discount brokerage?
The short answer is a resounding NO! Discount brokerages typically do not offer any kind of support services at a lower fee. Typically this fee can be as low as 3% just to post some unprofessional pictures on the internet and without a second thought to prepare you for home buyer visits. Paying a fee to a discount broker usually results in the home seller doing all the work to try and get the home sold with no help from the agent. Make sure you know what you are getting into when committing to a listing agreement and know your “outs.” Understand that some brokerages will make it difficult to break a listing agreement and even if you sell your home on your own, a valid listing agreement can be used to force you to pay a fee even if the matter is taken to court. More explanation can be provided but understand and realize that we will never make it difficult for you to be released from a listing agreement if your home has not received any offers or your home is not tied up under contract.
Do I need a real estate attorney?
In the state of New Jersey you can enter into a real estate transaction without an attorney. However, we encourage you to hire an attorney well versed in real estate transactions. It is said that more home transactions in North Jersey involve attorneys where homes in South Jersey are typically done with a title agency. We feel that an attorney who does not specialize in real estate could fall short of providing you premium services if an issue arises during the real estate sale process. If you decide not to use an attorney, understand that a buyer who uses an attorney may have an upper hand in the legalities of a real estate transaction and you could be left in the dark and a real estate agent cannot provide any legal advise as most agents are not licensed attorneys. For anyone not using an attorney, a title company of your choosing will work with you to make sure the proper real estate transaction paperwork is completed and filed and proper fees are paid to close the sale. Title agents are also not allowed to provide legal advice and are only limited to providing information on deed and lien related issues to close the transaction. Real estate and title agents will run the risk of loss of their professional licenses, legal action and issued fines if they are caught providing legal advice. Please seriously consider the use of a real estate attorney before entering into a real estate transaction.
Can I terminate a residential listing agreement, no questions asked?
The short answer is YES! However, first let’s take into consideration there may be many legitimate reasons for a client to cancel a listing agreement. Secondly, let’s also consider that every real estate agent assumes a high level of future loss of income whenever they enter into a listing agreement. While a home seller has the security of their equity to depend on and profit from, all real estate agents are 1099 employees and it can take two to four months to get compensated when a transaction is finally closed. We encourage a dialogue to preserve a transaction whenever possible. However, we value all of our clients’ wishes and if an option does not exist to preserve a listing, then we’ll honor your request and cancel the listing agreement.
How much can I save when selling my home with United Real Estate?
Yes, you can save thousands with United Real Estate. However, it still depends on the agent and the condition of the home. Some homes may take longer to sell than others so an agent has to determine the extent of marketing efforts and out of pocket expenses. An agent, through a dialogue with the home owner, will determine what services a prospect will expect. A final determination can be made on the final commission fee to be entered into the listing agreement to be paid at transaction closure. Commission fees with us typically begin at 3.5% and increase depending on the services decided by home sellers. This allows home sellers to decide what commission fee is most favorable to them. And allows us a higher probability of future closing success once the services have been identified and clarified by the home sellers. As an example, if a home sells for $500,000 a savings of $12,500 can be realized by paying 3.5% with us instead of 6% with another agency given the same services are being provided. Remember, we are not a discount brokerage. We simply provide more commission fee options not typically provided by other brand name agencies.
How long will it take to sell my home?
This is all depends on the current market selling activity. If your home is listed in a hot market where there is over bidding offers and homes are selling for more than asking which is typically due to lower inventory, than your home may take less time to sell from the time it is exposed to the market, an offer received and finally closes. In a more modest market where there is a balance between inventory and regular selling activity, a home can take four to five months to sell. In a very slow market when there is an abundance of homes available (high inventory) and less selling activity, a home can take six to twelve months, and sometimes longer if a home is priced above the average current home sale price. Many home owners will do their own price analysis before contacting real estate agents when they are ready to sell. However, it is important to know that the information obtained from home advertising websites can be generic information based on statistics with no regard to home conditions. A local real estate agent can provide more insight into the current home market and correct or validate the information analyzed by potential home sellers. These final factors contribute to the length of time a home can remain on the market which is well known amongst real estate professionals; 1. Price 2. Location 3. Condition of home 4. Marketing 5. Negotiating effort when an offer is received to get to closing.
Do you use Zillow Zestimates or other sites to price my home?
No we do not. Zestimates and other sites providing statistical estimates may not always reflect the current market activity and sometimes these estimates include pricing of all homes inclusive of homes in need of repair, foreclosure sales and distressed homes sales which can skew this estimate. We use compiled information for homes that are most likely similar to your home style, size and condition extract the information from public records and the local multiple listing service (MLS).
Can I sell on my own but still use United Real Estate as my listing agency?
Most agents will respond no to this question. However, in being different than other agents, our answer would be it depends. Most if not all agents find it difficult to create a setting that may include a partnership outside the norm. Typically, an agent is required by their employing brokerage to obtain a listing agreement to list a home on the MLS and in turn other sites like Zillow, Trulia, Realtor and hundreds of other websites. Although we highly encourage following a routine path to listing and marketing your home using conventional agency methods, we can discuss how a partnership would exist if you would like to list on your own. We would entertain a partnership setting with us to help a home buyer along the way to help close the deal. Because this kind of arrangement would be unconventional, we encourage you contact us directly as we feel other agents are not providing this kind of service and know how to structure this arrangement. We can engage in a discussion that will allow us to explain what we can offer and if it makes sense to us as a marketing option.
How does United Real Estate protect my interest when negotiating on my behalf?
Listing agents (and buyer agents) have a fiduciary responsibility to their clients as explained in the Duties to Clients Customers section of the Realtor Code of Ethics and Standards of Practice. When choosing us as to represent you as your licensed Realtor and with the experience and support provided by our brokerage along with the flexibility our brokerage provides when entrusting our business with you, rest assured that you will be in good hands.
Why can’t I just pay 1% or 2% to sell my home with an agent?
So here’s the scoop when in relates to commission fees.
Firstly, there are usually two real estate agents at a minimum involved in the efforts of selling your home. The commission fee covers all resources used by the listing agent to market and sell the home. The listing agent is in charge of listing, marketing, communicating and engaging with anyone interested in seeing and receiving offers on a home. On the other side of the transaction are the buyers agents reaching out to listing agents, gathering intel for their clients, arranging visits and sending offers from interested clients. Both parties engage in continued communication and efforts to get to the closing. A portion of the commission fee, usually about half, is offered out to buyers agents to encourage and entice agents to show your home and present their clients’ offers. The collected commission fee is the compensation provided to the employing brokerages of the agents, not the real estate agents themselves. Agents have an arranged compensation plan with their employing brokers which results in what an agent will finally receive as compensation. Listing for 1% or 2% can sometimes barely cover the costs baked into the operating expenses of a brokerage and agent compensation. But it is up to the agent to decide what fee is enough for them to successfully provide the services you expect for the level of commission plan you decide on without the agent or brokerage incurring a net loss.
Can’t you alone find someone to buy my home without another agent?
The short answer is typically no, but sometimes yes, depends how an agent is contacted. When listing a home, to maximize exposure to the most amount of potential clients, an agent will enter into a cooperative arrangement with other real estate agents from other agencies. You see, this is why it doesn’t matter who you list with as long as you are getting the most of your commission fee plan and the listing agent. When buyers look for homes on the internet they don’t care who is listing the home because their effort to see a home is with an agent they have partnered with. That’s the real estate model that has been used and accepted for decades. Although technology has made it easier to find homes, the relationship model between seller/listing agent and buyer/buyer agent has not changed. Listing agents provide the best chance of exposing your home to all real estate agents and potential buyers to encourage a collaborative setting. There are times when a listing agent is contacted by a buyer. If the agent enters into a transaction representing both sides of the transactions, the agent will have entered into a “dual agency” arrangement. During this arrangement, a real estate agent will be limited in their capacity in representing both sides of the transaction equally. The fiduciary responsibility is then compromised and an agent can be reduced to just overseeing the transaction when negotiating challenges arise. For this reason, many agencies encourage listing agents to refer a buyer to a buyer’s agent so a buyer can receive the full benefit of a fiduciary arrangement to the buyer.
How much will it cost to sell my home?
Closing costs to sell can vary but typically count on an average of 8% to 12% of the final selling price. The lower range can be achieved if using us to list your home to reduce the commission fee payment. The final cost can also include additional unexpected costs such as repair costs due from an unsatisfactory or unfavorable home inspection where additional negotiations may be needed to close the transaction.
Can I expect legal advice from a United Real Estate agent?
No. Real estate agents are not allowed to provide any legal advice unless they are also an attorney.
Can buyers back out for any reason after they sent an offer?
All offers provide a three day (not counting weekends or holidays) attorney review period to allow attorneys time to review the terms of the contract offer. Attorneys can cancel a contract if there is a disapproval of the terms. A contract becomes legally binding after three business days. There are other terms that must be met to continue with the sales transaction. Home inspections, performed as due diligence by the buyer, are an important part of the terms and both parties must agree on, or renegotiate terms if an unfavorable inspection report is received.
Can I keep the earnest money deposit if a buyer cancels a contract?
Most of the time, the EMD (earnest money deposit) will be returned to the buyer if both parties cannot agree on term conditions that results from unfavorable inspection reports. However, typically once all contract terms are met it is very difficult for a buyer to back out of the sale which would result in the buyer forfeiting the EMD. Attorney involvement is highly recommended if a situation like this arises and attorney advisement is highly encouraged.
Do I have to commit to fixing anything or everything that is found unsatisfactory in an inspection report?
When buyers choose to perform home inspections, the terms of the contract will dictate what purpose the inspections are for. Typically, unless otherwise noted, inspections are to provide the buyer with the information needed that allows comfort in knowing there are no major issues identified during the inspection process. It is important to know that some issues may not be present during home inspections and an inspector will note what was inspected at the time of the inspection. Some homes may require various basic inspections beyond a home inspection, especially those with septic waste management systems, fuel storage tanks and private water wells. A buyer can request a seller address any unsatisfactory items as long as the seller agrees to address some or all of the items to satisfy the buyer’s request. A seller can deny the requests at which time could result in a buyer cancelling the contract and having the earnest money returned. Both buyers and sellers attorneys will respond to inquiries after the home inspection reports have been received to both parties for review.
Who pays for the inspection report?
In New Jersey, unless otherwise noted, most inspections are paid for by the buyer except for a water quality inspection. If a home is being sold by a lender, it is often noted that a buyer would have to perform all inspections as well as obtain any certificates required by the municipality the home is located in, permitting transfer of title.
We encourage you to contact us with additional questions before deciding your next step in the home selling process.
Email us at myagent@northjerseyrealtygroup.com for more information or call /text 862-800-5750.
The North Jersey Realty Group