There comes a time when every homeowner is faced with an important decision: do I sell as a private individual or hire a real estate agent? The first option, selling on your own, is certainly tempting as it presents us with the possibility of saving on agent commissions. And it’s a reasoning that, in principle, makes sense: if I spend less, I get more out of the sale. But the reality is often very different: the success rate of direct selling is usually quite low and the owner ends up spending more.
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Three Reasons to Hire an Agent
1.
The first reason to hire a real estate agent has to do with the speed of sales and an almost magic number: 90. It is not a question of cabal or superstition but of facts contrasted with reality. If you don’t manage to sell your property within 90 days, no one will buy your property at the starting price. Experience shows that in direct selling, this time limit is often exceeded.
You have to think that the best chances come in the first few weeks. In addition, you must consider that people smell bad when an apartment does not sell, you will give them reasons to lower their offer. It is imperative to have the necessary instruments and trading skills to sell when it is time to do so.
2.
The second reason to hire a real estate agent and why the owner usually spends more if he sells as a private individual is mistakes. There are a whole series of systematic errors that end up leading homeowners to spend more than it would cost them to hire an agent. These errors are incorrect determination of the price of the property, forgetting to catch up with one’s own debts, not giving importance to the image of the property itself, not highlighting the strengths of the area where the property is located and not handling the necessary documentation well to carry out the sale.
As you already know, the price of a house or an apartment is a critical factor in the sale. You may have a deep understanding of the real estate market and, based on objective criteria, be able to determine the real price of your home. But this is not common and one of the reasons why people decide to hire a real estate agent is the inability to sell a property after having gambled with incorrect prices.
3.
The third reason to hire a real estate agent is to avoid setting the wrong price for a property: it is quite common to hear things like “I ask for 4 crores because it is an inheritance and we have to divide it among 4 brothers”. “I’m asking for 6 crores because my neighbor is selling, (or sold), for 5.5 Crores and my house is better.” Reasons like these will lead you to failure and justify them by thinking “That’s what I’m asking for and if you don’t agree, well… so friends,” is a big mistake.
It’s not about you selling at a low price; The idea is that you can sell your apartment directly, or through an agent, at the best possible price but at a fair price. Remember that if you put a high price on your home you will be helping to sell to other owners in your area. We fully understand that you have carried out a renovation or improvement in your apartment, but that does not justify an arbitrarily higher price.
Before continuing with the explanations about the advantages of hiring a real estate agent, we remind you that at MillatEstate we do not deny advice to anyone. If you need it.
Promote your property
Knowing how to promote a home has its technique, its protocol, and its work. It is necessary to know what means to use, how to describe a property with keywords on the Internet, how to select requests for information, and how to justify the price to the interested party, among other skills and knowledge. Hiring a real estate agent who knows how to carry out these activities will help you tremendously.
From experience, we know that many people who want to sell their property as private individuals end up going to agents when they see that their options have run out and that their strategy has not been correct. But when this happens, it’s too late to get things right from the start, to save, and to sell at the best price.
Finally, you should think that the potential buyers you attract will know that you are selling as an individual and that you are saving a commission. For the interested buyer, it means that they can pressure you to lower the price of your home by 5% or more.
Investing in a Real Estate Agent
And how much is it going to cost you to hire a real estate agent?
In Islamabad, a real estate agent can charge between 3% and 6% of the sale price of your property.
“This amount includes comprehensive advice, costs of preparing the property for sale, advertising costs, audiovisual material, online marketing costs, and after-sales advice.”
Considering all this… It’s a more than justified price that will save you time, money, and headaches.
A couple of tips
- If you decide to sell as a private individual, create a suitable strategy by arming yourself with patience and being attentive in the negotiation phase.
- If you hire an agent, don’t look for the cheapest, but the one who knows how to do their job well and gives you confidence.
Please feel free to contact MillatEstate for your property valuation.
