Friday, April 26, 2024
Whitney Knieper
GRANBURY ASSOCIATION OF REALTORS ®
Whitney Knieper grew up in and around the real estate industry and has had her license for 12-plus years. She recently earned her broker’s license and is a broker at Knieper Realty. Whitney is the 2023 President of the Granbury Association of REALTORS®. She holds a bachelor’s degree from Texas Christian University.
One of the questions Realtors® are most asked is “What is your commission?” It’s important to know, there is no standard commission required in the real estate industry, but many Realtors® adopt the six percent commission as their baseline for listings. But what really happens with that money and where does it go?
First and foremost, let me say that all real estate agents are licensed by the Texas Real Estate Commission, but not all agents are Realtors®. Realtors® are members of the National Association of Realtors®, the Texas Association of Realtors®, and a local board of Realtors®, such as the Granbury Association of Realtors®. We are held to a higher standard and a code of ethics, which we live by.
When Realtors® start talking about commissions, it’s important to remember that the listing agent collects the full commission on the sale. The cooperating broker representing the buyers in the transaction is compensated by the listing agent's commission. This is typically where you’ll see 6% on the listing agreement to the Broker, and 3% on the MLS to the buyer’s agent.
The listing agent is responsible for representing you and your best interests. How your agent portrays your home for sale is critical to an effective marketing campaign. The better the photos, the more online interest you’ll have. The better the description, the more prepared a buyer will be in what to expect. That is just the beginning of a good promotion for your home. From there is the cost of marketing and advertising, online and in print. Making sure your home is viewable on Zillow, Trulia, Realtor.com, and the thousands of other sites out there.
And it’s not just the marketing you are paying for. Your Realtor® should be your guide throughout the listing and sale process. Negotiations can be as simple as one outlet needing to be replaced or as complicated as a new roof, gutters, wiring, water damage, etc. Your Realtor® should help you find the balance that makes all parties happy.
Let’s talk about title companies…do you know what a title commitment says and what it means for you? Your Realtor® should stay in communication with the title company from start to finish of your sale to make sure all the information is provided in a timely manner, and to find solutions should a problem occur. For example, for the title company to know how much the payoff on your current mortgage is, they need your social security number and permission to talk to your mortgage company. Do you want a random person you’ve never spoken with to call and ask for your sensitive personal information? Your Realtor® is your cruise director and will guide you through the dos and don’ts with title companies, buyers, and other agents.
When it comes to real estate, you shouldn’t have to figure it out alone. Realtors® are here to make the process smooth and easy for you. What you get for your money is a dedicated professional who will strive to do everything they can to get your home sold for the highest value.
After all the expenses that go into photos, marketing and advertising, Realtors® still have many out-of-pocket expenses that many don’t think about, i.e., healthcare, vehicle expenses, franchise fees, desk fees, licensing and continuing education, NAR/TR/Local Dues, and of course … taxes! Realtors® are independent contractors and all these items and more are at their own expense.
Real Estate is an ever-changing market, and we as Realtors® must adjust, plan, and pivot when necessary. If you’re considering selling your home, my advice is to use a local Realtor®, one who is familiar with your area. You can find a complete list of the REALTORS® for both Hood and Somervell Counties on the Granbury Association of REALTORS® website – under Directory: granburyrealtors.com.
whitney@knieperteam.com | 817-579-7900
