With so much information online, some people might prefer doing by themselves what could have been done by real estate agents. The question they often ask themselves is “why should I hire someone else when I can do it by myself?”
Even though it is possible, the probability of closing a successful DIY deal is minimal compared to hiring someone to represent you. Real estate agents play a critical role in real estate transactions. They play a representation role and are required by law to act in the best interest of their clients.
According to Reuben Kimani, Username Investment Founder, investors who buy through an agent tend to have a smooth transaction process and are shielded from bad deals.
Before you consider doing the transactions yourself, you need to consider this information:
You May Lack Selling and Buying Knowledge
What do you know about real estate? Do you understand the required documents? How is the verification done? These are important to know.
Also, professional real estate agents understand how to sell, buy, and negotiate deals without emotion. Real estate is a financial decision but is often highly emotional. Besides, professional real estate agents undergo extensive real estate pre-license training before acquiring their license. Which makes them even more competent.
Professional agents are skilled in handling any of your concerns without negatively impacting the deal. Why then not hire someone more experienced and knowledgeable than you?
You May Lack Time to Attend to Every Prospective Client
With tight schedules, you probably need someone on standby to attend to potential buyers of your property.
Customers tend to be more likely to buy when someone is available to show them the property. Besides that, agents can tell if someone is serious about the property or not, saving you precious time.
If, for instance, you are selling a piece of land, customers typically ask to see the piece of land before making an offer on the property.
Neighborhood Knowledge
Real Estate agents know when there are available plots or pieces of land for sale where you want to buy. They understand the zoning regulations, amenities available in the area, crime rate, and many more crucial factors that you might not be able to determine just by looking at the area.
Price Guidance
Real estate agents know the prices of most real estate properties in their area. They often do price comparisons when negotiating for a deal, and you might not be privy to this information. And because they understand other conditions related to the neighborhood, they will know how to negotiate the best price for the property.
Negotiation Skills and Confidentiality
Real Estate agents are excellent negotiators. They know how to best present your case to the potential seller or buyer without mixing emotions with the actual transaction.
If you do it yourself, you might spoil the whole deal by over-criticizing a fault in the property, instead of simply obtaining a concession from the seller.
All these and more, your agent will negotiate for you while maintaining an ethical responsibility to protect confidential information from your direct competitors.
Handling Volumes of Paperwork
There is a lot of paperwork when doing real estate transactions, and a small mistake can cost you a lot of money which the agent’s fee could have otherwise covered.
Purchase deeds and sales deeds need someone keen on details and who understands the technical jargon used in real estate.
With some exceptional cases, you might need a lawyer.
You should have come up with some new ideas after reading this essay. More ideas can be found on this page: Why Choose A Real Estate Agent To Sell A House?
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