A Real Estate Agent can help navigate these 5 stages of SELLING.
Pre-determining the fair market value of a property can be a significant challenge. Even when individuals have planned their sale well in advance and watched sale prices on homes in their area, they can never be an expert in setting price unless, like real estate agents, they see the interior, exterior, and neighbourhood of several homes per week. Even very intelligent people can be blind to factors that set their home apart or make it similar to other properties. In addition to their unbiased eye on home characteristics and experience in various neighbourhoods, real estate agents have a unique perspective that impacts their recommendations on price because they consider data on where the fair market is believed to be going and how that might affect a given sale.
Private sellers miss out on the specific advice real estate agents provide on readying a home for sale. They miss the advertising opportunities available to real estate agents through the online multiple listing system to which only they have access. Because price is driven by the market, it only makes sense that increased exposure impacts price and decreases the time it takes to achieve a successful sale. Then, private sellers are present for showings; they have to be, in order to protect their investment. While this might not seem like much of a problem (sellers might be interested to meet prospective buyers anyway), it can be an impediment to creating the right atmosphere for others to imagine themselves living in the house, which may in turn inhibit sales. In addition, it can be challenging for private sellers to receive good feedback because, while prospective buyers can be ruthless in sharing with their real estate agent (who will typically share with the sellers’ real estate agent when asked) their thoughts on what they like and do not like about a home, their perspective on the appropriateness of the list price, and how the home compares with other properties they have seen, they will often converse politely and sometimes dishonestly with sellers so as not to cause hurt feelings or engage in uncomfortable conversations. This can make it very difficult for private sellers to gauge interest in their home.
While some private sellers might consider themselves experts at negotiation, it is unlikely that they have experience in negotiating over something so emotionally significant as their home. Real estate agents can enter contract negotiations with regard for sellers’ personal attachments and priorities without allowing those matters to take over. Moreover, it is likely that they will result in a higher sale price because they are skilled in evaluating the information provided by the buyers’ real estate agent in such as way that they can advise their clients on when they believe buyers have offered their best price.
Private sellers often think their work is done when the contract is signed. But real estate contracts are typically written to be conditional on various matters, such as buyers obtaining mortgage approval, completing home inspections, etc. Without experience in real estate contracts, it can be difficult to know the typical amount of time to allow for each condition. Also, removing conditions on real estate deals is time sensitive, which means that missing deadlines threatens the enforceability of contracts. When the transaction is not documented properly, the deal is fragile. Again, real estate agents are trained to lead their clients confidently through the process and only real estate agents have access to the forms developed and regularly revised by the Saskatchewan Real Estate Association specifically for residential sales in Saskatchewan.
Once a conditional deal is finalized, real estate agents are available for the many questions that come to mind as sellers get ready to move. They provide the keys to the buyers agent when the real estate lawyer advises to do so, not before. In contrast, private sellers sometimes become so friendly with the buyers of their home that they feel pressured to provide the keys to the property before the scheduled possession date, which can leave them vulnerable should problems arise. Finally, if buyers do have complaints about some aspect of the property after closing, real estate agents often offer practical solutions and advice.