WHETHER BUYING OR SELLING – CONSIDER THE FOLLOWING:
The thought of placing a “For Sale by Owner” out in front of your property and doing the job yourself is appealing because of potential savings from cutting out the real estate broker. But, be careful before taking this huge step with your biggest financial nest egg. There is more to the process of selling or buying a property successfully. As far as selling a property, it entails more than sticking a sign out on the lawn. The headache and work involved may not be worth the savings. Consider the following areas our team of professionals will undertake and what you would need to know should you decide to buy or sell a property on your own.
- Exposure – Getting the word out. Real estate brokerages utilize networks to market your home outside of the city or town thereby increasing the probability of a sale. The longer your property stays on the market there is an increased likelihood for the sale price of your property to be reduced and reducing your profit margin.
- Market Information – The real estate market is ever-changing and always in flux, with prices moving constantly, sometimes quickly. It is very important to correctly gauge the market’s direction and speed. Failing to assess your property’s correct value will effectively render the property “out of market” resulting in selling at a low value or overpricing it and waiting. Real estate agents have access to home sales information and our team at Alpha Realty of Central Florida, LLC can generate comparative market analysis pricing, a process that takes subjectivity out of the equation and provides a selling range given any particular market’s dynamic parameters.
- Negotiating Ability – The ability to negotiate may be the most overlooked part of the do-it-yourself (DIY) process, and should not be taken lightly. Do you trust your ability and do you have the skill set necessary to successfully negotiate the sale of one of your most valuable possessions? Can you effectively manage the selling process all the way through to a ‘closing’ against a seasoned broker or real estate lawyer? If you have never been involved in serious negotiations with professionals, then you are at a serious disadvantage. The lack of experience could translate into negating the benefits of having done the transaction yourself.
- Legal Issues – Arguably, the most dangerous aspect of selling or buying a property involves contracts and closings. You will need to have advocates on your side when negotiating terms and who can steer the process to a legally sound conclusion with the assistance of an attorney. Our team utilizes title companies who have attorneys on staff to deal with legal matters before and during closings to avoid problems. This is definitely the part of the selling and buying process that you do not to undertake without professional assistance or access to an attorney.
- Value Added Services – As technology evolves, real estate agents are deploying this technology to sell homes faster and provide buyers with imagery and virtual walk-throughs of properties. The use of drones and imaging devices that scan the interior of homes is a growing trend. These services are offered by Alpha Real Estate of Central Florida, LLC. Research has shown that videography and imagery can increase the probability of a sale by 40%!
- The Eccentricity Factor – Some prospective buyers will be apprehensive about engaging a “for sale by owner” property simply because it’s not the standard approach in selling a property. As such, prospective buyers will likely be apprehensive and anxious about engaging with a “for sale by owner” property and steer clear from visiting the property altogether.
- Your Time – Selling a property on your own is possible but you will need to be prepared and committed in order to sell a property successfully. Consider how much time do you have to spend on marketing your property, what methods you will use or have to learn to determine how much your property is worth, and what your personal time is worth. Ultimately, determine whether your investment of time and energy will be repaid by the commission you save.