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Selling privately vs using a real estate agent
It has never been a requirement to use a real estate agent when selling your home, some sellers are deciding to sell privately meaning they are managing the whole sales process themselves. In this article I will highlight the pros and cons of not using a real estate agent to sell your biggest asset.
If by change you decide to go down this path yourself when selling your home it is very important that you are aware of the major risks that you will entering into. Selling privately is a decision to go without the expert services that a real estate agent provides.
So first of all why sell privately?
The main reason many sellers choose to not use a real estate agent is the cost! Agents charge fees like any other service which means many sellers see an opportunity to save money by selling their home themselves. But is it really that simple? Would you use a plumber to preform heart surgery?
So the next question is why use an agent?
So its no secret using an agent means you will have to for their services, usually in the form of commission or a percentage of the sale s price. This fee is always agreed upon upfront which means you should never be hit with any surprises down the track.
When you use a licenced real estate agent they are required by law to act ethically and responsibly when selling your home this means that you can rest assured that they will provide services to successfully sell your home for the highest possible price. It also means that if you don’t agree with your agent or believe they have acted in your best interests you can disengage their services.
Selling a home is more inclusive than just advertising a property and getting a contract signed the responsibilities of an agent go much further than the simplicity of that.
Preparing contracts, preparing a strategic marketing plan for each individual property, open homes and inspections, handling offers and contracts, navigating pest and building inspections, handling any issues that arise due to P&B inspections, ensuring the sales process runs smoothly are just a few things that is involved with selling a home. In this way the risks of using an agent are significantly reduced and controlled by compliance mechanisms in ways that the risks of selling privately cannot be controlled.
So is there any hidden costs?
While it is common for people to be sceptical and assume that real estate agents will have hidden costs it is easy to under estimate the significant hidden costs of selling privately. There is no way around it advertising a property for sale costs money, as a private seller it is unlikely you will be able to advertise your home at a cheaper cost than a real estate agents who have negotiated the best possible deal with suppliers and industry connections.
By doing research on an agent and having a discussion with them to asses their fees, market knowledge and approach to selling you will be in a great position to choose the best agent for your needs and make the most of the value they bring to your sale.
It is important to consider the value of sales and negotiation skills of an agent and their real estate expertise and how you will actually save money by selling with a real estate agent and actually get a higher sales price as well.
by Chris Pole | M. 0400 811 485 Selling privately versus using a real estate agent palmbeachfn.com.au January 2020 First National Burleigh Ph: 07 5522 3100