Real Estate

A listing agent and a buying agent are often both involved in the real estate selling and buying process. If you are not entirely familiar with the home buying and selling process, then you may not have a complete understanding of the differences between a listing agent and buying agent and which one is right for you.

What is a Real Estate Listing Agent?

A real estate listing agent represents the home seller during a real estate sale. Their job is to find a reliable buyer for the home and sell the home quickly and for good value. The role of the listing agent varies, but several ways they might help during the selling process include:

• Optimize the listing information – Determining the most attractive features of your home and advertising them to prospective buyers is essential. The listing agent can help with listing optimization.
• Price recommendations based on market research – The listing agent will have access to comparable properties and local market information. This helps you list your home for the right price that offers maximum value and a quick sale.
• Recommend home improvements – The listing agent may recommend home upgrades that can yield a return on investment when the home sells.
• Help with home staging – They can help you prepare your home to show to prospective buyers.
• Market your home and close the deal – Real estate marketing and negotiations are often tricky. A professional listing agent will know how to find the right buyer and close the deal with little to no setbacks.

Represent the Listing and Duty to Seller

The sole responsibility of the real estate listing agent is to look out for the best interest of the seller during a home transaction. Their goal is often to find a reliable buyer quickly, one who is willing to pay the optimal home value.

In representing the seller, the real estate listing agent will optimize the home listing. They will determine the most attractive features of the home and highlight the features in the listing. Additionally, the real estate listing agent will market the home, which may include holding open houses, virtual tours and more. They can also assist the seller in the closing process.

A real estate listing agent is helpful to the seller during the COVID-19 pandemic as they can reduce the need for the seller to participate in negotiations, home showings and more that may require in-person communication.

What is a Buying Agent?

A real estate buying agent represents the buyer during a real estate sale. They work on behalf of the buyer to find the property that fits their needs and negotiate the best terms. Several ways a buying agent can help during a real estate purchase include:

• Create a list of potential homes – The buying agent will know the local market. They can use their knowledge to create a list of potential homes that are ideal for the buyer.
• Schedule home tours – The real estate buying agent can schedule home tours, based on the homes that the buyer is most interested in seeing.
• Handle the negotiation process – Negotiations are perhaps the toughest part of home buying. The buying agent communicates with the listing agent and others throughout the process to find the best deal for the buyer.
• Help with the home closing – The buying agent often handles the dirty work. This includes ensuring all paperwork is complete and that all necessary home inspections and appraisals are scheduled, etc.
• Deal with setbacks – If and when setbacks occur for the buyer, the buying agent is there to help. They can handle heated negotiations and other concerns in a professional and effective manner.

Legally Bound to Helping the Buyer

The sole responsibility of the buying agent is to work on behalf of the buyer to ensure they get the home they desire and are qualified for at the best price and terms possible. As discussed above, there are many ways the buying agent can help. During the home shopping process, they will do everything possible to understand the buyer’s wishes and find homes that match their needs and preferences.

Perhaps more notably, a buying agent can help home buyers close the deal. They can work directly with the real estate listing agent (seller) and the lender to ensure all paperwork and closing tasks are carried out in a timely manner, avoiding as many setbacks as possible in the process.

A buying agent is particularly useful during the COVID-19 pandemic as they can handle many of the tasks that the buyer would otherwise have to handle, such as negotiating with listing agents and lenders, ensuring the home inspection and appraisal go well, etc.

Talk to the Experts at the Katie Zarpas Group

Learn more about the home buying and selling process by talking to our real estate experts at the Katie Zarpas Group. You can reach us by phone, and we are glad to answer your questions and address any concerns you may have.

The terms “real estate listing agent” and “selling agent” can be incredibly confusing if you have never worked with either in the past. Both typically play an important role in the home selling and buying process, and understanding the differences between the two job titles can help you understand who you should consult with and how to refer to each throughout the process.

Real Estate Listing Agent vs. Selling Agent

The following is an overview of the differences between a real estate listing agent and a selling agent to help you understand how the process works. We highlight the role each plays in the home selling and buying process, how hiring a listing agent or selling agent can be beneficial, and how each is compensated upon the closing of the home sale.

Real Estate Listing Agents

A real estate listing agent can help you greatly in your process. Their main goal resides on the side of the seller, and revolves around making the property appealing. Without a real estate listing agent, it would be very difficult to entice buyers and grab their attention. Read on to learn about the specifics of their role.

They Help To Market Property

Real estate listing agents play an important role in helping the home seller market the property. Of course, the alternative to hiring a real estate listing agent is to sell it yourself (for sale by owner). In many instances, this can take much longer for the home to sell, leading to additional months paying the current mortgage, utility payments and the home can become harder to sell the longer it is on the market.

Qualities Of A Real Estate Listing Agent

A real estate listing agent is needed when the homeowner wishes to sell their home fast. Real estate listing agents understand the local real estate market and know how to list the property in the most effective manner. They can work closely with the seller to determine the best listing price, and then go to work on marketing the home to prospective buyers.

Benefits Of Working With One

Home listing agents can essentially take care of the details, making the life of the home seller much easier. The benefits of hiring a real estate listing agent may include:

• Sell your home faster
• Get optimal home value
• Market the home properly
• Make the process easier
• Ensure all details are handled

Their Usual Process

Every real estate listing agent may have a unique process, but it typically involves discussions with the home seller to determine the best course of action. They will discuss how much to initially list the home for, the best way to market the home, and what minor changes can be made to the home to potentially boost the value.

Real estate listing agents are commonly compensated through an exclusive right-to-sell listing. This essentially means the listing agent will receive a commission of the sale. The commission may go directly to the listing agent, or the money may first go to the brokerage that is responsible for paying the listing agent. It offers the listing agent extra motivation as they will only get paid after the home sells, rather than paying for their services upfront.

They will go to work on your behalf by ensuring the home is listed for the most appropriate price for maximum value and a quick sale. They will show the home to prospective buyers, taking a lot of interest in the sale of the home, as they as well as the homeowner will receive compensation.

Selling Agents

While most think that selling agents work to the seller’s advantage, they’re actually working for the buyer. While this term may be confusing, they in fact bring the buyer to the sale and ensure they find the best deal So what exactly does a selling agent do?

Help Buyers Find New Properties

The role of the selling agent is oftentimes ambiguous. Many first assume the selling agent works for the seller. However, the selling agent actually works on behalf of the home buyer. Throughout most of the process, they may be referred to as the buying agent. Once the buyer comes to the table for the closing of the sale, they are then referred to as the selling agent as they are responsible for bringing the buyer to the sale.

The Benefits Of Working With A Selling Agent

Buying agents can be beneficial for home buyers as they seek out the best deals that are on the market and handle all of the details (and oftentimes paperwork) for the buyer. It saves the buyer time and ensures all necessary steps are taken during the buying process. In fact, many real estate listing agents are hesitant to work with buyers directly, and they typically recommend buyers use a selling agent to ensure all of the terms and details are understood.

Selling agents are compensated most commonly through a co-op commission. This means they cooperate with the real estate listing agent and receive a part of the total commission in return.

Talk To The Real Estate Listings Experts

If you are interested in selling your home and want to learn more about how a real estate listing agent can help, then get in touch with the Katie Zarpas Group today. We are here to help home sellers through the process, ensuring proper research is done on their home and the local real estate market. We will do all we can to help your home sell fast and for full value. Reach out today by phone at (757) 685-4400 or schedule an appointment online.

If you are buying or selling a home, the term “escrow” will no doubt come up in conversation. Escrow refers to a third party that is hired to handle the property transaction, including the exchange of funds. A neutral third party is used to help ensure that the transaction remains safe and that both the buyer and seller meet their obligations. Escrow is not a tangible item, but rather a process involved in the closing of real estate. This process can take several weeks or even months to complete and typically requires a great deal of paperwork and conditions that must be met. If all goes well, escrow is completed and the real estate transaction is a done deal.

Opening an Escrow Account

What does escrow mean, exactly? It is a financial instrument that acts like a trust account in which the buyer and seller deposit documents, written instructions, and money with a third party until specific conditions are fulfilled. The escrow process begins once the seller has accepted an offer for the home. The buyer and seller must both sign a purchase agreement and the real estate agent collects any earnest money and deposits it into an escrow account. The escrow company used to hold the funds should be listed on the purchase agreement.

Having an escrow account that is neither accessible by the buyer or seller ensures that funds are not distributed until both the buyer and seller are able to meet on the terms and conditions of the purchase agreement. These minimize risks for all parties involved, including the lender. When a buyer puts funds into an escrow account, it shows the seller that the buyer is acting in good faith and has the ability to pay. Escrow also shows the buyer that the seller actually owns the real estate and that there are a clear title and no liens. The lender receives peace of mind that the money is secure.

Signing a Mortgage Agreement

Before you can enter escrow, you will need to finalize your mortgage loan if you are the buyer. Up until this point, you have probably already secured a mortgage pre-approval from your lender. However, before a mortgage can be finalized the lender will want to appraise the property to determine what type of loan is best and what interest rates and fees apply. Before signing the mortgage agreement, carefully read the terms and conditions to ensure that you agree. There may be some conditions to the agreement. For example, you may need to conduct a home inspection and obtain title insurance.

This part of the process can be lengthy as you will need to wait for the bank’s appraisal. If the appraisal comes in lower than the price the buyer offered, the lender will generally not provide financing for the difference unless you are willing to pay for it out-of-pocket. You can also see if the seller is willing to come down on the price to the appraised amount. You also have other options. You can provide the appraisal with additional information on why you think the property should be appraised at a higher amount or you can ask for a second appraisal. You also have the option to change lenders.

Transferring the Property Title

As you inch closer to the closing date, you will be met with lots of paperwork. One of the most important documents to read is the closing disclosure. This paper will show the terms of your mortgage loan, the final closing costs, and any outstanding fees you may still owe. During your closing appointment, you will need to review, initial, and sign any remaining paperwork. At closing, be sure to bring your down payment, personal identification, and your checkbook in the event that you need to pay any remaining fees.

At the closing, you can expect to meet with both the buyer’s and seller’s real estate agent, the mortgage lender, the title company representative, and the lender’s and buyer’s attorney if they have one. This will be the time that you close escrow. This process can vary from state to state but the escrow officer will typically prepare a new deed that names the buyer as the new property owner. The buyer then arranges a wire transfer or submits a cashier’s check to pay for the down payment and closing costs. The lender will then wire the loan funds to escrow so that the seller can be paid. The process is then complete.

Learn More About Escrow

Escrow is a useful tool that helps ensure that a real estate transaction is safe for both buyers and sellers. On average, the process takes between 5 and 20 days. For more information about what escrow means or to learn more about the process, contact Katie Zarpas Group today.

More real estate agents and home sellers are displaying the walk score of their property as a way to promote it to prospective buyers. The fact is, homes that have a higher walk score typically sell for more money than homes that are considered car-dependent. In addition to the walk score, similar metrics such as transit score, bike score, and crime grade are also good indicators of the area of a home.

It is helpful to understand what a walk score is and how home sellers can use it to their advantage within their real estate listing. Displaying the walk score in your real estate listing is a great way to separate your home from other similar properties, potentially allowing for a faster and more valuable sale.

What Is a Walk Score?

A walk score is a patented system by Walk Score that measures how walkable an address is. The higher the walk score a home receives, the easier it is to carry out daily errands and activities on foot. A lower walk score indicates more errands require the use of a car.

The main factor of a walk score is the proximity to nearby amenities. Amenities that are within a five-minute walk receive the highest possible walk score, and the score decreases based on how far away the closest amenities are. Amenities that are outside a 30-minute walk radius do not factor into the score.

Walk scores are given a final grade between 0 to 100. There are different categories, which include:

• Walker’s Paradise (90-100) – Daily errands do not require a car
• Very Walkable (70-89) – Most errands do not require a car
• Somewhat walkable (50-69) – Some errands require a car
• Car-dependent (25-49) – Most errands require a car
• Car-dependent (0-24) – Almost all errands require a car

Each address has its own walk score, although it is not uncommon to see the average walk score for cities or neighborhoods advertised as well.

How They Affect Real Estate Listings

Redfin and other listing services have discovered that homes with higher walk scores are more valuable than similar properties with lower walk scores. Many home buyers appreciate the idea of purchasing a home that is an area where nearby amenities are more accessible by walking or biking. The air is cleaner and the neighborhood is often safer. Areas where traveling by car is required are often less desirable.

For homes that have nearby amenities that may attract prospective buyers, providing the walk score and other metrics into the real estate listing can help buyers feel better about a purchase, and it can add a sense of transparency to the listing.

Higher Convenience

The most notable way in which walk scores can improve your real estate listings is that they highlight how convenient the location of a property is. Many properties that sit on the market for longer than expected are not marketed in an ideal fashion. Specifically, the nearby attractions and amenities are not highlighted well enough in many instances.

By displaying the walk score and discussing the amenities that are within walking distance, home sellers can help prospective buyers imagine what their daily routine might look like and how convenient it can be while living in the home.

Promotes Neighborhood Safety

In addition to the walk score, the company Walk Score also provides a crime grade using their patented calculation system. The crime grade indicates the risk of crime and violence within a neighborhood.

The system draws data directly from police departments, and they provide grades to addresses based on the data. You can find the neighborhood grades on Walk Score’s website. The grade factors in per capita crime rate and scores are separated into four different categories, which are:

• A – Safest 25% of neighborhoods
• B – Safer than the average neighborhood
• C – Average crime area
• D – Least safe 10% of neighborhoods

If your property is in a safe neighborhood, then displaying the crime grade as well as the various other Walk Score metrics is a great way to make more prospective buyers feel more secure purchasing the home.

Improve Your Real Estate Listings with the Katie Zarpas Group

A well-crafted real estate listing is essential to selling your home fast and for optimal value. Oftentimes, the longer a home sits on the market the more challenging it is to sell. Our team is here to help you improve your real estate listings and sell them.

The Katie Zarpas Group can help you further understand the benefits of walk scores and ultimately improve your real estate listing. We have a skilled and experienced team of real estate professionals, who understand the real estate market in the Virginia Beach and Hampton area. We encourage you to reach out to us today by phone at 757-685-4400, or by scheduling an appointment online for more information on how we can help you through the home selling process.

A walk score in real estate listings simply measures how walkable an address is. In other words, the score indicates how easy it is to accomplish common daily tasks by walking from your home address rather than driving a car or taking a bus. The score is calculated by using an advanced patented methodology by Walk Score.

A walk score is relevant to home sellers because a favorable walk score can make the home more desirable to prospective buyers. In fact, according to Redfin, one point in a walk score is worth $3,250 in home value. Walk scores are becoming increasingly advertised in real estate listings, and highlighting the ability to access local amenities on foot is a great way to make your home more appealing to prospective buyers.

Walkable Place to Live

The purpose of a walk score is to highlight how walkable an address is. There are various factors that go into a walk score. Most notably, the amount of nearby amenities and attractions is a key factor.

Walk Score also produces a transit score and bike score as well. While it can be beneficial to highlight these scores in a real estate listing, many prospective buyers are most interested in how walkable their address is. As mentioned, there is a fair amount of evidence to support that more walkable areas sell faster and for better value than otherwise comparable properties that are not as walkable.

Types of Walk Scores

Walk Score uses a point system, providing the maximum amount of points to amenities that are within a 5-mile walk and deducting points the farther away amenities are. Amenities outside of a 30-minute walk radius are not awarded any points. Each address lands on a scale between 0 and 100. The higher the score the more walkable the address is. The system breaks scores into five categories, which are:

• Walker’s Paradise
• Very Walkable
• Somewhat Walkable
• Car Dependent

Walker’s paradise indicates that daily errands do not require a car. Car dependence is broken into two categories, indicating either most errands require a vehicle or all errands require a vehicle. Now, let’s take a closer look at what each category indicates.

Walker’s Paradise

Walker’s paradise indicates the best possible rating for a walk score in real estate listings. To fall into this category, properties must fall between a score of 90-100. Very few properties fall in this category, which makes the ones that do incredibly valuable.

For homes that are considered a walker’s paradise according to its walk score, the home seller should most certainly advertise the huge advantage the property offers. A few nationwide examples of properties that might be considered a walker’s paradise include homes in the heart of large cities such as New York City and San Francisco.

Very Walkable

Very walkable refers to a walk score that falls between 70-89. This indicates that the home is very close to many amenities and most errands can be completed on foot. These properties tend to sell for far more than homes that are considered car-dependent.

Most listing agents find it beneficial to list a very walkable walk score in real estate listings. It is particularly attractive to prospective buyers who want the luxury of being in busier areas but would rather not battle the traffic each day.

Somewhat Walkable

Somewhat walkable indicates an address that allows for some errands to be accomplished on foot, but many require other methods of transportation. The score for a somewhat walkable home is between 50 and 69.

A property that has a score that is somewhat walkable is still more desirable than comparable properties that are in a more car-dependent location in many instances. Subsequently, it could be beneficial to highlight the nearby amenities along with the walk score of a somewhat walkable property in the real estate listing.

Car Dependent

Car dependent is just that — a location that requires the resident to use a car. Walk Score separates the “car-dependent” category into two categories. The more favorable one is for homes that have a walk score between 25 and 49. This indicates there are nearby amenities, but the resident will most likely not have a convenient location to most of the places they will regularly want to go.

The second category is for homes that have a walk score between 0 and 25. This indicates that there are very few if any, amenities that are within ideal walking distance (30 minutes or less).

Work with the Katie Zarpas Group

The Katie Zarpas Group helps home sellers in the Virginia Beach and Hampton area. If you are interested in learning more about what a walk score in real estate listings means and how it can be beneficial, or if you need assistance with your real estate listing in general, then reach out to our team today for more information.