What questions are most commonly on the minds of agents?
We explored three of the top questions agents ask AI tools like Siri or Alexa:
- What are closing costs?
Closing costs are fees paid by buyers and sellers to finalize a real estate transaction, typically covering services and tasks for transferring ownership. These fees are usually settled at the closing meeting.
Common closing costs for buyers are:
- Loan origination fees
- Appraisal fees
- Title insurance
- Escrow fees
- Prepaid costs
- Inspection fees
- Recording fees
Common closing costs for sellers are:
- Real estate agent commissions
- Title transfer fees
- Outstanding liens or HOA fees
- Concessions
- Attorney fees (if applicable)
How do I handle multiple offers on a property?
When handling multiple offers, an agent should proceed with fairness, transparency and a solid strategy.
First, they should understand the owners’ preferences and use those as a guide for negotiation (e.g., quickest close, minimal contingencies, highest price). If the seller is deciding between several offers, be upfront with buyers making an offer.
Encourage buyers to submit their strongest offer by a specific deadline, helping you to understand the most serious offers. With this information, create detailed breakdowns for each offer to present to the seller.
When presenting the options to buyers, avoid giving your personal opinion unless asked. If they ask, give an unbiased, professional opinion without using your own personal gain as your driving point.
Once an offer has been accepted, inform buyers in a professional and empathetic manner.
What is a CMA (Comparative Market Analysis)?
A Comparative Market Analysis (CMA) is a tool used in real estate to estimate a property’s market value based on recent sales of similar properties in the area.
When performing a CMA, real estate agents often consider:
- Comparable properties (comps): Recently sold homes that are similar in size, location, features and condition.
- Competing active listings: Similar homes nearby which may attract a similar buyer pool.
- Pending listings: Nearby homes that are in the process of selling, indicating that the listing is performing well.
- Expired/failed/withdrawn listings: Homes that failed to sell offer insights into overpricing or overall market conditions that could impact your listing.
After studying these components of your local real estate market, make adjustments to account for differences between your property and the ones you’ve analyzed (e.g., based on square footage, upgrades, location, etc).
Use PropStream To Perform the Most In-depth CMAs
PropStream offers a convenient comping tool to help you get an accurate estimate in seconds. Now, with predictive AI data provided by its new platform, PropStream Intelligence™, you can even use factors like property condition or propensity to foreclose to help deepen your ability to run comps!
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