Why You Need an Estate Agent

The information in this article is courtesy of Realestateweb (Big reasons not to sell your own home – 26 November 2008)

Private property sales are becoming more and more popular as homeowners try to save on commissions. According to Lanice Steward, managing director of Anne Porter Knight Frank estate agency, her experience in the industry has shown that these private sales can be disastrous.

Steward pointed out that there is a misperception of the role of the estate agent in some cases. This stems from ignorance of what the agent does and a lack of appreciation of what he or she can bring to the negotiation and sales process. This, according to Stewart, is somewhat surprising seeing that people don’t try to diagnose their own ailments, and they certainly don’t try to service their own cars, buy yet they think that they are qualified to market and sell their biggest assets.

The biggest mistake made by DIY home sellers is often made while investigating prices in their region. Show houses are almost always overpriced and when sellers use that price as a guideline they often overprice (or sometimes under-price) their own property.

DIY sellers often find that the advertising cost is higher than they bargain for and that possible buyers pray on their inexperience and downgrade their price by pointing out drawbacks and defects. When a serious buyer do come around the sellers often lack the legal and negotiating skills to get a good deal.

When using a trained agent these issues are often totally excluded from the selling process; the seller benefits from the agency’s large-volume advertising and the agent will have a potential buyers list, which is a good start. A professional agent will recognise the pitfalls and traps to avoid in the all-important negotiation process and all other deed related issues would be handled with precision.

Steward thinks it is important for all homeowners to note that, although an agent’s commissions might sometimes be high, the reality is that paying an agent will almost always get you a sooner and better deal.

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