The buying and selling of properties is probably the most lucrative business. Buyers and sellers, however, lie on different sides of the fence when it comes to home sales. The loss of one may be another one’s gain but eventually, they share the same ultimate goal.
As per statistics, at least 90% of sellers employ a listing agent. You might be wondering why sellers would opt to do that and give someone else a cut from their money. But what you probably don’t know is that a lot of effort and time goes into selling a house. If it was all that easy, why would sellers even consider a listing agent in the first place? Hiring a realtor to sell your house will surely make your life much easier. Here’s how a real estate agent can help you:
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It’s All About Money
Just like you, realtors are also all about the money. By money, we’re not referring to their commission but their impeccable instincts regarding the worth of properties. In case you’re opting for FSBO (for sale by owner), you obviously want to get as much money as possible, and you might feel like cutting out commissions will do so. However, a study indicated that when owners opted for FSBO’s, instead of agent listed properties, they earned 30% less. Think about this, you’re going to have to pay commission anyway in case your buyer is represented by an agent and there’s a 90% chance that he is. The commission of the buyer’s agent is mostly part of the deal.
Realtors Know Everything
You may be willing to compromise by selling your house at a lower price. However, if you hire a realtor, they won’t let you make that mistake. There are many prominent realtors in Myrtle Beach to help you. They will help determine a reasonable asking price for your house. They will give you information about your local real estate market in addition to the financing options and terms and conditions of competing properties. Your agent will view your property impartially and will also recommend any repairs or work to increase the chances of a sale.
Proper Documentation
Every real estate deal involves a lot of documentation. Unless you’re very experienced, you may not be able to review or comprehend documents involved in a real estate deal. Whether you’re buying or selling property, you need to be thoroughly aware of what you’re getting into. Purchase agreements have different document requirements such as federal, state and local. However, if you choose to go with an agent, they will be far more experienced and familiar with all the paperwork. A few mistakes or omissions from any of these documents can end up costing you as much as the commission you were so desperately trying to avoid. Apart from that, imagine all the work you will have to do to draw up the paper work and ensure they are mistake-free. A realtor already has drafts and a protocol to follow, making the process easier. Hiring a realtor doesn’t sound so bad now, does it?
Privacy, Confidentiality, and Fiduciary Duty
Whether you’re a buyer or seller, your realtor will always have your back. Real estate agents have what’s known as a ‘fiduciary’ responsibility towards their clients. According to this, they are legally compelled to put their clients’ best interests first. With this duty comes strict client confidentiality. In case you’re an FSBO, do you think buyers will be interested in sharing their intimate financial details with you, especially if you have no legal obligation to keep this information private? As a seller, your agent would be better aware of whether the information asked or being given to the buyer or their agent is reasonable or not.
Realtors Will Market Your Property
Marketing plays a great role in exposing your property to the mass public as well as to other realtors. Real estate agents do this by listing your property on a multiple listing service, through their own networks or open houses for agents. The Realtor Code of Ethics demands agents to utilize their cooperative relationships in order to benefit their clients mutually. A significant portion of real estate functions when another real estate agent brings a buyer for your house. A realtor is also aware of when, where and how to advertise your house, keeping the market in mind. You can use this marketing and advertising to your advantage by opening up to a larger audience.
Realtors Offer Security
When you handover any affairs related to your property to a realtor, you can relax about any security issues. You won’t be required to let any strangers into your house. Agents will research, prescreen and also accompany the possible prospects into your house or property.
Realtors Have Great Negotiating Skills
Realtors are negotiation sharks. Remember the fiduciary responsibility your agent has towards you? That responsibility makes it your agent’s job to get you the best possible price or deal for your house. Realtors are trained to be great negotiators, especially considering their line of work; you end up becoming an excellent negotiator with experience. Experienced real estate agents have their own tried and tested techniques and always have another trick up their sleeve to convince the other party. The most important factor that comes into play in negotiations is emotion. Since your realtor doesn’t have any emotional commitment in the outcome of the deal, their thinking will remain impartial. You might want to sell off your house at a lesser price, but your agent will prevent you from taking an unnecessary financial plunge.
The Bottom Line
Selling a house requires significant time, patience, knowledge and negotiation skills. So, even though eliminating the agent’s commission (around 6% of the sales price) might seem like a good idea, it’s not. You need to realize that a few thousand dollars are not worth your peace of mind. If you’re looking for any property for sale in Myrtle Beach, SC, you can find some great realtors there!
About Author:-
Briggs Dickerson works as a broker-in-charge with Sands Realty Group, Inc. – a prominent REALTOR in Myrtle Beach who helps you find the best properties for sale in Little River, Myrtle Beach, Conway & other areas of South Carolina. He graduated from the University of South Carolina in 1998 with a finance and marketing degree. His work experience includes managing a Myrtle Beach landmark for the past 17 years, Peaches Corner. He also has had his General Brokerage license since 1999.
