How a home sale helps the economy

Just take a guess at how many people depend on a successful real estate transaction. The seller, right? Guess again. And again and again. It's over 100!

Before Selling

We know most sellers do some prep work before selling. Painting, gardening, pressure washing, wash windows, clean roof and gutters, maybe buy a new appliance or two, whatever. Let's assume a typical seller hires 2 people to help ready the house and shops at 5 stores to buy supplies. Seller has direct contact & exchange of money with a minimum of 7 businesses. Let's count 1 sales clerk, and 1 bookkeeper at each, just to be simple. Call this + 14.

Marketing/Listing

Agent buys gas for car, photographs house, suggests or does staging if needed, designs and prints For Sale flyers, installs For Sale Sign & Flyer Box, installs Keybox, advertises home, maybe buys an arrow sign or two, hosts Brokers Opens & Public Open houses, buys coffee, cookies and/or lunch for touring agents, uses cell phone, faxes and computers. In addition to other agents, Listing Agent has direct contact and exhange of money with a minimum of 4 - 7 people/businesses. Let's count 1 sales clerk, and 1 bookkeeper at each. Call this + 12.

Buyers Agent Brings Contract

Agent has worked closely with buyer for a long time, buys gas, uses cell phone, advises as well as shows houses for sale, possibly buys lunch or coffee during process, provides printed material for buyers review on home tours, faxes to buyer, emails etc. Faxes, or delivers buyers offer to seller and sellers listing agent. Call this + 12.

Sellers Listing Company & Sellers Listing Agent*Buyers Agent Company & Buyers Agent*Home inspector*Attorneys*Mortgage Broker*Appraiser*Funding Lender**Banks*Title*Escrow*Courier Delivery*Insurance Company*Flood Mapping*County Courthouse*Utility Companies*Excise Tax Administrators*Underlying Loan Companies to be paid off ...etc.

The bulk of this transaction is quite typical. Let's assume that each office for every business listed above has 4 people involved in this transaction: a main contact person, a clerical assistant, a receptionist + a bookkeeper or accountant. We know there are more, but let's be simple. For the above heading, that means we have 18 x 4 = 72 people working and receiving paychecks. Call this + 72.

After Closing

Buyer hires a mover or rents a truck, buys moving boxes, talks on cell phone, schedules utility services, hires an electrician, a carpenter, perhaps a painter. Buyer buys a new refrigerator, a new sofa, a new bed or some new dishes, and some new garden plants. Within one month after closing, a typical buyer hires professional help and shops at 5 - 10 stores specifically because of this home purchase. Let's assume each professional or store purchase involved 2 people. Call this + 24.

Directly because someone chose to sell, and someone chose to buy, at minimum 134 people had the security of a paycheck. Some had more time involved, and bigger paychecks, but you can bet that every one of these jobs is very important to the person doing these jobs.

Real estate is a huge part of our economy. Would you have guessed 134 people? Are you one of these 134?

Thanks to Leanne Finlay of Windermere/East