If you’re thinking about selling your home, you’ll have to consider how you’re about to sell it. If you’ve never sold a property before, you might be confused about what should you do next. Is selling your home as easy as calling a real estate agent and let him or her take it from there? How do you find the right real estate agent? Do you even need to hire a real estate agent?
The answer to most of these questions regarding the sale of your home is “it depends”.
- It depends on the following factors taken into consideration:
- How quickly do you want to sell your home?
- How much time you have to devote to the sale of your home?
- How much you want to sell your home for?
- How much of that sale price are willing to pay to your agent?
- And others
In many cases, hiring a real estate agent in the best interests of home owners. But not all of them. In all stages of home selling, it should a priority to understand all the advantages and disadvantages of hiring a real estate agent.
The advantages of hiring a real estate agent:
Although there aren’t many advantages of hiring a real estate agent. Here are some that can be mentioned. They are as follows:
The avoidance of a lot of paperwork and red tape: An educated agent will be will be able to sort through dozens of pages of mostly fine print make sure your sale is absolutely done by the book. You are less likely to worry about errors and omissions: if they do occur a licensed real estate professional will have insurance to cover them, minimizing your risk.
Saving a lot of time and energy: Hiring an agent will relieve you of the time that you need to organize tours of your home, also for staging of your home to make those tours worth it. You could save yourself from these trouble by hiring an agent.
Not having to coordinate repairs and upgrading efforts on your own: A well experienced agent will have a network of contacts inspectors, attorneys, landscapers, contractors, and other agents, to call if necessary to get your home into sellable shape.
Disadvantages of hiring a real estate agent
As we learnt above the pros of hiring a real estate agent, now we’ll analyze if it’s really worth it to hire a real estate agent by learning its disadvantages. They are as follows:
Having to pay commissions: Hiring a highly experienced, full-service agent is always really expensive. Prepare to pay about total 6 percent of the total sale price not whatever profit you make on the sale. You can reduce the commission you have to pay by hiring a discount broker, but you’ll most likely lose some of the benefits mentioned above.
Being just one of many clients: Depending on how busy your agent is with other clients; your home may not get the attention it needs. You need to be sure that your agent will work diligently on every stage of selling process. The busier your agent is, the more likely you will experience the frustration of not having your calls returned in a timely manner, deadlines being missed and deals falling through.
Having at least one middle man: Depending on whether your prospective buyer is also represented by an agent, you will have to go through two intermediaries. This could work out a deal, or cease its progress, depending on how skilled the agent or agents involved are.
Being at the mercy of someone else's timeline: It may happen that your goals may or may not match your agent's goals. If your does not commit the required time and effort, your house may stay on the market longer than it should be. If your agent is eager to release your home for any particular reason, it would conflict with your goals to be able to sell it faster.
Unfortunately, people don’t realize that they’ve chosen the wrong agent until they’re deep into the home selling process. That’s why you cannot base your decision on whether you want to hire an agent or not based on his or her pitch to you. Remember agents know how to sell themselves, no matter how they provide your service.
Of course, you may determine that you don’t want to hire an agent at all. In such cases, as selling it on your own or selling it to a cash buyer.
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