To use an agent or do it myself?

Posted on 29 October, 2013 in Tips, Selling Property

With the prices that are being achieved in our market it is no wonder owners are tempted to try and sell themselves in the desire not to pay any agent's commission.

Outsider views tell them that selling property is easy, when in reality they find out there is more to it than they ever thought, like setting the asking price, advertising, taking enquiry, open inspections, following up with buyers, negotiating a price and closing a sale. Buyers know from the start that the owner is not paying an agent's fee and expect to negotiate accordingly. As your home is your greatest asset it should be managed by a professional, no different to entrusting your finances to your accountant. It takes a lot of training before an agent is skilled in marketing and more importantly negotiation. It is hard for an owner to negotiate hard with a buyer because they have an emotional involvement in the property and lack of experience in negotiating and closing. Often owners will take their properties off the market when a verbal deal has been struck thinking they have it sold, only to find out later that the buyer was not qualified or shaky or in some instances finds another property. Inexperience combined with emotional attachment can often lead to owners pricing their properties incorrectly. Financial loss associated with underpricing is obvious while on the opposite overpricing which is common, can lead to targeting the wrong market and spending unwarranted time on the market. When the price is reduced the property can be stale in the market and when a sale is finally achieved the price can end up being lower.

An agents knowledge on pricing and skill in qualifying buyers will ultimately maximise the chances of achieving a good price in a reasonable time frame. Leave it to the experts as the saying goes.