“Should I hire an agent to buy/sell my property or should I just save on the expense and do it on my own?” this is the question that runs through everyone’s mind when it comes to property. It is possible and in some cases cheaper for sellers/buyers to just sell/buy property on their own. Thanks to technology people can now research ways to do this easily and procedures to follow. On the other hand there is the Real Estate Agent, who may ease all that hassle. Good Agents have mastered the art of this, they have had sleepless nights learning about this, it is their core business and most importantly they have the experience. Ask yourself the following questions before deciding to take this journey on your own and you might see the importance of having a real estate professional by your side.
Do you have enough knowledge about that field?
For starters you will have to do a lot of research on the market and most probably you will not get everything you need to know. The internet and some marketing and advertising channels may be options you may consider but they may not be as reliable as using an agent since an they may not be up to date. A number of people have tried using this approach but research shows that only 5% of them are lucky. Cases that arise are such that sellers might not have done enough research before hand and end up selling their the property for a low amount as compared to what its market value is. A lot of buyers also buy a house for more than its market value and it turns out not to be what they had expected.
An agent has enough knowledge about the location of the property, the market value and everything that comes up during such transactions due to their experience. He/she is updated on any changes that take place in the market. They know what path to take to attract more buyers e.g. adverts, open houses, emails etc.
Do you have all the detailed information to help you make a wise decision?
Agents have enough information concerning the market conditions. They can disclose this to their clients so as to help govern their selling process. These include factors like how similar houses are priced in the market, average days on the market and median and average sales prices. Such factors play a huge role in helping you come up with an ultimate decision as a seller or buyer. Also they may offer you price guidance after doing enough research on the market. Then based on market supply, demand and the conditions, the agent will devise a negotiation strategy.
Do you have a network to many professionals?
During this period you have to get help from a lot of parties in order to make this a good deal. Some of the parties include professionals who provide services that will be needed when selling or buying a property like painters, cleaners, inspectors, and surveyors. Real estate agents know who is best to approach for a certain job and they may give you a list of reference of some professionals they have worked with and some background information that will help you make a wise selection.
Do you have the confidence and negotiation skills that can match those of an agent?
Most sellers have emotional attachments to their properties. They end up valuing them according to how they believe their value is, without proper consideration to the current market price. Unlike most buyers and sellers, agents negotiate well because they can remove themselves from the emotional aspect of the transaction, and focus their skills on the task at hand. They are trained to present their clients case in the best light possible and hold client information confidential from competing interests.
Do you have enough neighborhood knowledge to buy or sell property?
You may own property but have no knowledge about your neighborhood and surrounding areas. Agents possess intimate knowledge about all the areas that they operate in. In addition, it is part of their duty not only to have knowledge on the property but also the neighborhood. An agent may know the worth of a house situated in a certain neighborhood unlike a seller who may just estimate the price of the property without considering the current situation on the ground.
Do you have the time to keep up with matters concerning the property even after the deal is closed?
Many sellers are always aiming at one thing, getting profit, so once that has been achieved they close the deal and may even forget to follow up on the paper work invovled. They also may be faced with stacks of paper work they have no idea about or have no time to go through it. Honest agents don’t leave you in the dust to fend for yourself. Even after a successful transaction some complications can come to haunt you in future such as payment of tax may go wrong maybe due to a mix up of invoices. An agent in most cases works with a legal adviser or a lawyer who closes most of their deals this means that they have to follow the right processes when it comes to any transaction. They keep record of anything they do and when a slight problem like this comes up they can straighten it out.
After asking yourself these questions, make sure to make a wise decision that will enable you to smile your way to the bank or enjoy your new / dream house.
Get more property insights from Pam Golding.