Selling a property on your own may seem like a great way to save thousands of zloty. After all, the standard commission of a real estate agent is a few percent of the transaction value. Given the size of this fee, you might think that selling a flat, house or land without using a realtor would certainly be worth the savings. Here are eight reasons why you should consider working with a real estate agent.
1. Real estate agents may not offer your property to potential buyers
A real estate agent working with in-demand clients often relies on property listing databases within the real estate office or through inter-agency cooperation, such as in MLS systems. Such listings are usually checked in a number of aspects, including legal, so that he is confident that the offer he can present to the client is factually correct.
Another reason is the uncooperative attitude of some owners of privately placed offers. Usually, such real estate agents present private offers only in two cases: when there are no other offers on the market or the price is extremely attractive.
2. Real estate agents avoid emotional sales
Selling a flat is usually an emotional process. Working with a real estate agent makes it less likely that mistakes will be made, such as overpricing a property, being reluctant to make a counter-offer because you are offended by an offer that is too low, or agreeing too easily to a lower price.
A real estate agent can contact a potential buyer without communicating a sense of urgency or desperation. When a seller repeatedly contacts a buyer, he is signalling, rightly or wrongly, a willingness to accept a lower price.
If you resign yourself to working with an estate agent, you also have to deal directly with rejection every time a potential buyer or their agent tells you they are not interested in buying. As a property owner, hearing some of the comments from buyers and often their agents can be quite upsetting.
The real estate agent can alleviate rejection and give a positive direction to any negativity. It is more difficult for the seller of a property to keep emotions out of the sale, as there is no third party to talk to about the various thoughts and doubts that can accompany the process of selling a property. For example, if an advert is on the market, the homeowner does not know the reason why interest in their listing is low.
Emotions will always be present, but constructive criticism can be easier for the seller to digest when it comes from a real estate agent who is on their side and trying to get the best for them.
3. Real estate is a full-time job
Can you leave work early every time someone wants to see your house? Can you excuse yourself from a meeting every time your phone rings with a potential buyer? Do you have the energy at the end of a long day at work for more property presentations? Do you have the ability and energy to take every opportunity possible to promote your home? Are you an expert in marketing homes? Do you have any experience in this?
Your answer to all these questions is probably ‘no’. The real estate agent’s answer to all these questions is ‘yes’. In addition, by working with an agent there will be an opportunity for them to show your flat, even when you are not there.
4. Real estate agents have access to large networks
You can list your house on Otodom, Olx or other portals. But is this enough? Even if you have a large personal or professional network, these people are unlikely to be interested in spreading the word that your home is for sale.
You don’t have relationships with clients, other agents or real estate agencies that can bring the largest possible pool of potential buyers to your home. A smaller pool of interested buyers means less demand for your property, which can translate into waiting longer to sell your property and probably not getting as much money as it is worth.
5. Buyer selection
A real estate agent can find out whether someone who wants to view your home is really a potential buyer or just a dreamer or a curious neighbour. It’s a lot of work every time you have to take the time to make your property look perfect at a presentation. It’s worth limiting this fuss to the presentations that are most likely to lead to a sale.
Real estate agents know how to ask selection questions to determine the real interest and motivation of a potential client. They also know how to advise buyers as to why your property will suit their needs. They can thus make an interested party decide to buy. Private sellers often lack this experience.
A potential buyer often feels uncomfortable when the seller is present during a property viewing, rather than their agent. When the seller is present, most buyers run through the property and don’t notice or remember much of what they saw because they don’t want to make an issue and take up the seller’s time.
6. Price negotiation requires skills
Even if you have a background in sales, you don’t have specialist experience in negotiating the sale of a property. An agent representing a buyer, on the other hand, has, so they are more likely to be successful in negotiations, which means less money in your pocket. An experienced real estate agent may have negotiated hundreds of house purchases and knows all the ploys and warning signs of a nervous or insincere buyer.
Not only do you not have this experience; you probably also approach the process emotionally and – without your own agent to point out when you might be acting irrationally – you are more likely to make bad decisions. Instead of a resentful seller reacting emotionally and inappropriately to a buyer’s offer, an agent will say something more professional, such as: ‘The seller declined your initial offer, but made the following counter-offer’.
Sellers who go solo are usually not familiar with local customs or market conditions. Agents know the pulse of the market and what drives demand, which gives them an advantage because they know which terms are worth negotiating and which are worth letting the other party negotiate in return.
7. You ignore the flaws in your home
Real estate agents are experts in what makes properties sell. They can walk through your property with you and point out changes you can make to attract buyers and get the best deals. They can see flaws that you don’t realise because you see them every day – or simply don’t see them as flaws. They can also help you identify what potential buyers think you should act on after you put your home on the market to increase its chances of selling.
Professional property preparation, including Home Staging, will help to assess the current condition and then increase the marketability of the home. Sellers should also clean the home thoroughly before putting it on the market. A good cleaning will help to remove any distinct odours, for example of pets, which residents cannot smell because they live with them on a daily basis.
8. Legal risk
There are a number of legal formalities associated with the sale of real estate, which must be completed correctly. The seller of the property is obliged to disclose any facts that materially affect the value or attractiveness of the property. The buyer can make use of the warranty regardless of whether he purchased the property from a private individual or a company. He may enforce his claims under the Civil Code within five years from the date of the transaction. The basis for the claims is Article 556 of the Civil Code.
Added to this are the issues of drafting a correct and beneficial sales contract. Real estate agents have prepared many such contracts, hence the likelihood of making a mistake is low. However, agents can also make mistakes, but they have professional errors and omissions insurance.
Summary - why you should sell your flat with a real estate agent
Learning how to sell your home without a real estate agent is a daunting task – and selling your property is likely to be one of the biggest transactions of your life. You can try to do it yourself to save money on commission, but hiring an estate agent has many advantages.
Real estate agents can gain wider exposure for your property, help you negotiate a better deal, spend more time on the sale and prevent emotions from sabotaging it. An estate agent brings knowledge that few private sellers have to a complex transaction with many potential financial and legal pitfalls. Contact us today and we will help you through the entire sales process.
