Should You Hire a Real Estate Agent?
It is a known fact to every vendor that they can sell their property without using a real estate agent. With so much free information and services available online, vendors may wonder if they need to hire a real estate agent at all. Why not skip paying a commission for selling their property and keep that money for themselves? The reasons to put your trust in a real estate agent are actually quite convincing.
So what are the merits of having a real estate agent?
Selling property is a complex process that has direct ties to financial and legal matters that can affect the vendor and the buyer. Real estate agents, because of their day to day engagement with such processes, have a deeper understanding of these concepts. This gives them better experience in handling all aspects of the selling process in order to benefit the vendor.
Another value that often encourages vendors to hire real estate agents is the market and neighbourhood knowledge that an agent brings to them. Such domain knowledge governs the whole process and often makes a considerable difference. Consider pricing, for instance. Overpriced or emotionally-priced property does not sell in a reasonable timeframe and attracts more marketing costs. Similarly, underpriced property causes the vendor to miss out on maximising the financial benefits. Agents can guide the vendor to figure out the correct price and help to choose the suitable sales method.
Real estate agents also act as buffers when it comes to dealing with the buyers crowd. They identify and filter out any ungenuine leads and focus on serious buyers. Additionally, real estate agents work on behalf of the vendor to obtain the best deal that maximises the value for the vendor. Buyers are also more comfortable dealing with a professional representative. This generally means that there is more chance of coming to the expected outcome for the vendor.
Negotiation is undoubtedly one of the key ingredients of every sales activity and real estate is not an exception. Negotiation is an art and can easily break the deal if it is not well-managed or it gets into emotional territory. Real estate agents are trained to negotiate professionally and effectively for the benefit of their vendors.
Relationship management with other parties involved in property marketing and sales transactions is another value that real estate agents bring to their vendors. Such activities are often time consuming and require focus and precision to ensure accuracy.
Vendors can potentially sell their property by themselves if they do enough research on the sales process. However, as Henry Ford once said: “When you hire people who are smarter than you are, it proves you are smarter than they are.”