Sellers often underestimate the sheer effort that goes into every property sale a real estate agent has on their books. From assessing the value of a given property to seeing a sale through from beginning to end, there are a mammoth amount of things that real estate agents have to consider when they help home sellers to put their property on the market and ultimately sell it at a price that is fair, but profitable.
Especially in uncertain economic circumstances, like the ones we are currently experiencing due to the outbreak of the novel coronavirus, selling without the proper knowledge of the industry and of the property market in the city or suburb that the house is located in is a risky business. Selling a property by yourself without actually being a qualified and experienced real estate agent doesn’t only put you at risk of missing out on big potential profits – it could also require relisting the property due to a lack of interest from buyers, stemming from inefficient marketing.
This is why you absolutely need a real estate agent by your side if you’re looking to sell.
You might think that selling a home is a simple transaction that anyone can try their hand at, but you’ll be discounting the wealth of knowledge that every real estate agent’s arsenal contains.
Not only have real estate agents gone through extensive training (including gaining the qualifications required by each individual state, as well as undertaking hours of in-house training before they are able to obtain a license to operate in their state), but they have also gotten to know the suburb or city they do business in for as long as they have operated in that specific suburb or city. This fact alone puts them in a different league from the amateur seller, who does not necessarily understand the complicated inner workings of the local property market.
Real estate agents also help significantly with the many legal aspects associated with the sale of a property – if you aren’t familiar with all the legal jargon included in sales agreements, you’ll be far better off letting a real estate agent do the legwork for you.
Make no mistake – selling a property by yourself will require a chunk of time you probably don’t have if you’re also making a living yourself. Remember, selling property isn’t as simple as just advertising a property and waiting for buyers to make an offer.
Real estate agents are available to show a property at a moment’s notice, while this may not be the case if the seller is also taking on the role of the agent. Furthermore, real estate agents are experts at managing viewing schedules and making sure that the property is being advertised as widely as possible, making use of the many platforms and databases they have at their disposal. When it comes to the condition of the property and possible repairs, real estate agents have the contacts to get the job done at the best possible price.
Perhaps most importantly, real estate agents are objective bystanders, whose sole purpose is selling the property at a price that will ensure they get good commission. Real estate agents do this job for a living and, as such, have a vested interest in getting the highest price for any given property. Combined with their wealth of knowledge and experience, the fact of the matter is that real estate agents are simply better at selling houses than Joe Public is.
In the world of real estate, first impressions are crucial if the seller is going to make prospective buyers remember specific properties. In this regard, it is vital that the property and all its features are put in the best possible light when the home is marketed.
Creating a good impression with buyers comes with a number of requirements. First off, the home needs to be properly staged, and the photographs that are taken of the property should be of the highest quality, while also highlighting those aspects of the house that will attract the attention on buyers.
Real estate agents know which property photographers and videographers to contact, and understand how to stage the home in a way that allows potential buyers to imagine themselves living in the home, thereby going a long way in securing the sale early on. If you are not sure what all the aspects mentioned in this section entail, you’ll definitely need the expertise of a seasoned master of the property market, if you are to sell quickly, and at the right price.
Gone are the days of adding a listing to the local newspaper’s classified section and waiting for the phone to start ringing. In the 21st century, it is possible to market far wider than before, utilising the power of alternative marketing avenues like social media.
Smart systems with predictive analytics allow agents to optimise online searches, making sure that the message reaches the correct market, but these are typically not available to the amateur home seller – nor are the databases of prospective buyers (probably looking for a property just like yours) that real estate agents have access to with the click of a mouse.
Real estate agents have a good idea of how widely a given property should be marketed (locally, regionally, nationally or even internationally, in the case of luxury properties in higher price ranges). As such, they can make use of every possible marketing angle to ensure that the buyer’s pool is as big as possible.
5. Negotiation Experience
Negotiation is part and parcel of the home-selling process, and is something that real estate agents are used to doing, and can do well. Again, the agent’s objectivity is invaluable here, as they can negotiate with prospective buyers on the seller’s behalf without getting emotional or sentimental about the property.
You can be sure that interested sellers are going to try and drive the asking price down, and will likely work through their own real estate agents to get the job done. If you aren’t used to negotiating in a way that is fair towards the buyer, but also leaves you with a decent amount of profit in the bank, this could be a critical part of the selling process that doesn’t go as well as it could have.
Real estate agents understand which concessions to make in order to still make it worth the seller’s while, and this negotiating ability makes real estate agents essential for home sellers.
6. Inspection and Repair Know-How
Homebuyers will be adamant about having a home inspection done before signing any sales agreements. The home inspection is a very important part of the selling process, as it can make or break a sale, depending on the outcome of the assessment of the property’s state. A real estate agent is likely to recommend that a home inspection is done prior to putting the property on the market, but will also be able to give sellers a good idea of those aspects of the home that are in dire need of repair if the property is to sell at all.
While certain repairs and renovations are purely cosmetic, others can derail a sale if they are not undertaken by the time potential buyers come to view the property. These include things like roof repairs, plumbing repairs, and renovations to rooms like the kitchen or bathroom. Even if the seller is not able to have all the repairs done at once, they might not be able to distinguish between repairs and renovations that actually make a difference to the selling price, and those that aren’t really necessary.
7. Transaction management
So, an interested buyer has decided to commit to buying your property – what now? When finalising the sale of the home, there are a number of technicalities that might arise before a seller can expect a cash transfer notification from their bank.
For example, buyers may have financing issues that need addressing, they may have questions surrounding the appraisal price of the property, or might want to know how issues arising from the home inspection will influence the price they ultimately pay.
Real estate agents are used to answering these tough questions and sorting out the nitty-gritty aspects surrounding the sale of a home.
8. Closing Finesse
There are numerous final protocols that are required once the sale has gone through, and these are typically not things that a seller – who is also moving into a new home – will want to attend to when they have their own concerns to worry about.
Letting a real estate agent confirm when the seller will be out and the buyer will be able to move in, and addressing issues that buyers have when the final walk-through is done takes a lot of pressure off sellers, who will have their own hands full trying top sort these out with the real estate agent handling the sale of the new home they are buying.
Selling your property by yourself can cost far more than the relatively small amount of commission that real estate agents charge for their services. These professionals know the property market through and through, and make it their mission to have a dedicated focus on your property and its sale. Agents know how to market, how to negotiate the best price, and know which repairs are essential if the house is to sell. They understand the legal requirements involved with the sale of the property, and can close a sale with the grace and finesse that comes with years of experience.
Can you really afford not to use a real estate agent? Let Perfect Agent help you find a professional you can trust with the sale of your home.