You may be tempted to save on the brokerage fees when putting your home on the market, but beware: this is not as simple as finding a buyer for your old cross-country skis gathering dust in the garage!
Real estate transactions can be complicated, risky, or ineffectual for those who lack the necessary knowledge. Here are five situations you could encounter if you decide to go ahead on your own.
1- Wasted Time
Selling your residence without the guidance of a professional means you may have to dedicate more than a few hours a week to the process. Indeed, agents are typically responsible for conducting viewings, managing the visiting schedule, or responding to the many phone or email messages and recurring questions. Moreover, they have the experience needed to screen potential buyers and eliminate those that aren’t serious about purchasing a property. Therefore, handling the sale of your home on your own can eat up a lot of your time.
2- Poor Market Visibility
Agents have access to dedicated networks they are very familiar with and which they know how leverage to ensure your listing attracts the right people and contains all the relevant information. Using online or newspaper adds, your property’s detailed page and social media marketing, they can reach a wide buyer base. Alone, it will be nearly impossible for you to access such a large pool of individuals.
3- Misinterpreted Official Documents
The real estate sector is highly regulated, and one must be familiar with its ins and outs not to overlook any details. Working with a real estate agent is the safest path to a successfully completed sales process. Image being in the notary’s office and realizing that you have forgotten documents! Or that two years down the road, a real estate transaction oversight has resulted in litigation! The advantage of dealing with an agent is that they are accountable for the transaction and have liability insurance coverage.
4- Inappropriate Asking Price
A thorough understanding of the market is required to properly assess a property’s value. Undervaluing equates losing money; overvaluing may drive away some potential buyers. A real estate agent will be able to set the right price for your house upon listing it on the market.
5- Mishandled Negotiations
Just because you know how to get what you want in everyday life does not mean you will be a master negotiator when it comes to your property. This kind of transaction concerns large amounts of money, and the rule book is different. It is not uncommon for homeowners to feel guilty about the home’s minor defects and give way too quickly when buyers start lowering their offers. An agent will remain objective.
If you decide to conduct the sale of your residence yourself, stay vigilant to avoid these pitfalls! But if you prefer support and peace of mind, call on the expertise of a RE\MAX agent!