Real estate agents are equipped with plenty of experience and local area knowledge, have an abundance of contacts and a broader reach of exposure. But it still begs the question for some. “Do I need an agent to sell my house?” The honest answer is no, you don’t need an agent, but it would be in your best interest to consider one. Here are some reasons why:
Greater access to a pool of potential buyers
Real estate agents talk to house hunters on the daily. Even if these people aren’t actively looking or ready to make a purchase just yet, agents will most likely have their details on file and have an understanding of what they’re looking for in their next home or investment. Opting to list with an agent gives you the advantage of having a pool of buyers just sitting there waiting for that right property to pop up. Active property hunters may already be working closely with an agent to buy their next house before it hits the market, in an off-market sale. This generally works in the seller’s favour, as they can avoid marketing and advertising fees.
Experience, expertise and local area knowledge
Researching the real estate market, reading the guides, tracking local sales and discussing the property market with friends doesn’t compare to the experience a sales agent has. Let’s face it, agents are the experts in the field and they have the local community knowledge, combined with real estate training and processes to be able to more accurately predict how much the property is likely to sell for.
Agents also have the expertise to navigate all of the legal and regulatory requirements that come with selling a home. Along with the sales and negotiation training in securing the best price for their sellers and the resources to get your property noticed, like media attention, social media advertising, boards and brochures and window inserts at their offices.
Save on the agent commission, but miss out on a bigger sale price
Although it may seem tempting to avoid paying the agent’s commission, what you may not have considered is the bigger sale price you could be missing out on.
Sales methods such as auction or tender-style negotiations create competition among a pool of buyers. These types of methods create pressure situations, the urgency ultimately compels buyers to make a decision. The likelihood of the selling price exceeding expectations heavily relies on the competition.
There is also the safety net of the reserve price protection at an auction, meaning the property will not sell unless bidding reaches a pre-agreed level.
Finally, sellers wishing to undertake their own sale may not have considered time. Allowing time to answer phone call inquiries, set up inspections, get the property into a good enough condition for it to perform well on the market, photo shoots, online advertising, and the list goes on.