The first question individuals ask when selling or looking for a home to buy is “do we really have to involve a Real Estate Agent.
Well, nothing prevents anyone from buying or selling a property without the help of a professional assistant. You can do your own due diligence, scour around for homes, arrange your own showing, and even haggle down the price on your own.
But one thing you must accept is that no matter how natural you excel at this, only a professional has the experience to choke out the best deal – 3cre.com/commercial-real-estate-cincinnati-ohio/.
You might skip the services of a real estate agent in the hopes that you’ll be pocketing the commission yourself instead of “throwing it away.” It’s however important to keep in mind that there are serious risks involved in taking this route, and when they eventually crawl back to bite you, the loss suffered might be more than you can handle.
Here are some of the dangers you’re likely to face by not involving a real estate agent in your home-buying-or-selling business:
The first thing to ask yourself before you decide to be your own real estate agent is whether you’ve got the time for it.
Are you in position to show the property to hundreds of potential buyers? And will you be available on a moments notice?
Let’s say you’re on vacation and there’s a cash buyer in town. Will you leave what you’re doing to go show them the property? What if they end up not buying?
Read this keeping in mind that every opportunity in real estate counts. That one buyer you choose to ignore simply because you’re indisposed at the time might be the only buyer willing to get you the best deal out of the property.
Every potential buyer or seller you meet will have a series of questions to ask. If you can’t respond to them appropriately, then you risk scaring them off or heading home with a loss in the process.
Real estate agents have been trained to aptly respond to all kinds of question property buyers and sellers are likely to ask. They know how to address their concerns and objections, and more importantly, crush their doubts and seal the deal.
How are you planning on reaching potential buyers?
Real estate agents can access predictive analytics. They also have the technical know-how to strategically promote their properties to other real estate communities and the social media.
So unless you’re willing to hire a marketer to handle that on your behalf, the kind of marketing you’ll be doing isn’t anywhere close to the sort of marketing expected from a real estate agent.
Also worth noting is that real estate agents have a vast network. The only difference between your property selling the next day or three years down the line might be the phone call they’ll be making.
Let’s say you’ve finally managed to convince a buyer into signing a contract. What next?
How are you planning on closing the deal? What follow up strategy do you have?
Worse is when the buyer’s mode of financing turns out to be shaky, and you have to deal with that without putting yourself at risk.
Challenges abound. For instance, the property may fail to appraise after the contract sales or derails following inspection issues.
A buyer gives you an offer. What next?
You must know how to respond, convince the buyer to spend the most money they can afford on your property.
The terms and conditions brought to the table must be favorable to both the buyer and seller. You also must be aware of the kind of cost to avoid.
It’s also important that you remember to negotiate in a manner that will keep the buyer interested. In other words, you have to tread carefully to strike a balance between protecting your interest as a seller and keeping the buyer interested enough so as not to chicken out.