I Can Do That…..
The proliferation of services that help home-buyers and sellers complete their own real-estate transactions is relatively recent, and it may have you wondering whether using a real-estate agent is becoming a relic of a bygone era.
Whilst doing the work yourself can save you the fees you may find flying solo could end up being more costly than a commission in the long run.
Why shouldn’t you discard the notion of hiring an Agent just yet?
1. Better access/more convenience
An Agents full-time job is to act as a liaison between buyers and sellers.
2. Negotiating is tricky business
Assuming that both the buyer and seller are reasonable people who are able to get along, this isn’t hard but that isn’t always an easy relationship.
3. Contracts can be hard to handle
You can be sued by the other party if the contract is not written correctly.
4. Real Estate Agents can’t lie.
Well OK they can but they are bound by the law to act in their clients best interests, and rely on referrals and repeat business to build their business so it doesn’t work for them to be dishonest about a property.
5. Not everyone can save money
Many people go it alone to save money, but keep in mind that it is unlikely that both the buyer and seller will reap the benefits of not paying commissions. For example, if you are selling your home on your own, you will price it based on the sale prices of other comparable properties in your area. Many of these properties will be sold with the help of an agent. This means that the seller gets to keep the percentage of the homes sale price that might other- wise be paid to the Agent.
However, buyers who are looking to purchase a home sold by owners believe they can save money and make an offer accordingly. Human nature.
So while there are certainly people who are qualified to sell their own homes, taking a quick look at the long list of frequently asked questions on most ‘for sale by owner’ websites suggests the process isn’t as simple as many people assume. And when you get into a difficult situation, it can really pay to have a professional on your side.