Putting your property up for sale can be an overwhelming process. There are lots of factors to consider, such as the appropriate price and the legal documents you have to file. Moreover, you also have to invest time in giving potential buyers a tour around your home.
Real estate agents are professionals who specialize in selling properties. You can enlist their help, and they will assist you during the entire process. Their earnings also depend on your agreement with them. Some accept a fixed price for their services while others collect a commission on the sale.
It’s tempting to go through the endeavor yourself because you get to bring home all the money from the transaction. However, it may be more sensible for you to contact these experts, especially if you’re a first-time seller.
These are some reasons why you need to find top real estate agents when selling your property:
1. Pricing Knowledge
The real estate industry is a complicated one. It takes specialized knowledge and years of experience to understand its inner workings, especially with the market price.
Several factors affect the value of a property. You can’t just slap a price tag on it without mulling over the different aspects of the market. Top real estate agents know that the supply and demand, interest rates, economic growth, demographics, home improvement, and location all influence the worth of your home.
Here’s an in-depth look at each of these factors:
- Supply and Demand – When a lot of people are looking for houses to purchase, and there are few properties available, you have room to increase the price of your home. However, if the opposite happens, then you will have to settle for the average value or even go below the standard if you want to mark off the listing quickly.
- Interest Rates – During periods when interest rates rise, banks and other lenders also raise the price of real estate mortgages, which may discourage people from looking into purchasing homes.
- Economic Growth – With economic growth comes higher salaries, which people can use to buy their own homes. The higher the number of individuals who can afford real estate properties, the bigger the demand will be. This has a significant impact on the price, as mentioned above.
- Demographics – Demand is also affected by demographics, specifically with its changes. For instance, if a particular area has a high divorce rate, more single people may be living alone, which increases the demand for residential properties.
- Home Improvement – The renovations that you did on your home can boost its value. This can be precarious, though, because not all remodeling projects can increase the selling price of the property. Real estate agents can help you determine which improvements can give you a more significant return on investment (ROI).
- Location – It’s a well-known fact that your neighborhood and the value of other homes in your area can have an immense impact on the worth of your property. Realtors have valuable market data for your location, which they can use to help you determine the right selling price.
2. Design and Staging Expertise
Home staging is a crucial process in selling real estate property. The exterior of your residence is a critical factor in a potential buyer’s decision to push through with the purchase.
Their first look at your home from the outside can help them determine if the property is the best place for them. Real estate agents pay attention to details that you may have otherwise overlooked, such as an unkempt lawn, cracks on the pavement, dirty walls, and cluttered furniture on the inside.
People don’t want to purchase a home that still requires renovations unless it’s for a meager price. Realtors can aid you in beautifying your property without adding to your expenses.
If you’re looking for the right agents for the job, check out this video to find the best specialists to help you sell your property: https://www.youtube.com/watch?v=aHWA8pRz8kQ&t=20s.
3. Extensive Buyer Network
Real estate agents have all sorts of information about the market, including the most crucial one in the process: the buyers. Not only do they have a list of individuals or families who are looking for residential properties, but they also have contacts that can refer to potential buyers.
Plus, they do the tedious process of weeding out the serious customers and determining their budget. You no longer have to keep following them up to complete the sale.
4. Negotiation Skills
Aside from having the technical knowledge, realtors are also very adept at negotiation and creating counter-offers. Because their fee is closely tied to the selling price, especially if they’re working on a commission basis, they try their best to elicit considerable offers for your property. They won’t settle for anything less than the average market value of your home.
5. Professional Paperwork Filing
A lot of people think that selling their homes without a real estate agent can save them money. However, it may come at the cost of legal issues that would have been spotted immediately by property experts.
There are lots of laws to consider when selling a house. You have to think about the terms of agreement with the buyer, as well as the documents that you need to file to transfer ownership. Moreover, rules differ in various states, so it’s prudent to look for realtors who are familiar with the regulations in your area.
6. Fiduciary Responsibility
Real estate agents are obligated by law to put your interests as a client first. Their loyalty must lie with you, and they are required to disclose material facts that may affect the sale of your property. Moreover, they must obey your instructions as long as your requests aren’t illegal, unethical, or contradictory to the terms of the contract.
Other aspects of their fiduciary responsibility are to keep any information about you confidential, create accurate accounting reports on your funds, and exercise reasonable care when dealing with transactions on your behalf.
Even if you have to pay a real estate agent for their service, you actually end up saving money, time, and effort. You can take advantage of their industry knowledge, especially with pricing, as well as their proficiency in designing and staging your home for viewing.
They also have a prepared list of potential buyers who are looking for properties similar to yours. Plus, they have a legal responsibility to acquire the best offer for your home, as well as exercise reasonable care when filing your paperwork and the like.