Using a Broker to Sell: The Pros and Cons
Most people don’t think twice about using a broker. They have the selling experience and the contacts needed to sell your property. But getting their help can have drawbacks. A broker will manage all of the little details involved in selling a home. But they will also take a percentage of the sale price as commission so it is a good idea to consider the benefits of doing it yourself.
Here are the pros and cons of using a broker to sell your property.
BENEFITS OF USING A BROKER
Experienced and well-connected, brokers are well placed to get a great price for your property. So here are some good reasons to hire one.
1. Brokers Save You Time and Hassle
What’s your time worth? What else could you be doing if not spending hours in the sale process?
Selling a property is a tedious task. So it is worth considering the above questions carefully. Selling a property requires setting up the marketing campaign, researching the property price point, meeting with potential buyers, completing the viewings, following up those potential buyers, and then going through the legal process of the sale.
Engage a broker and you will be able to spend your time on more important things.
2. Brokers Have Better Sales Skills
When you hire a broker you are paying for their experience, their contacts and networks of buyers, and their knowledge of the local market.
A good broker will tell you how your property should be presented for selling and advise on the best marketing campaign. And a good broker can also help you avoid common selling problems as well as work out who are the time-wasters and who are the serious buyers.
3. Potential Buyers Can Contact Them More Easily
It is the brokers job to be available when most potential buyers need them, which is most often when you are not available due to work and other commitments.
In fact, your limited availability could result in a lot of leads going cold and buyers losing interest.
4. Brokers Understand Property Values Better
There isn’t much point in saving a few thousand in brokers commissions if you lose five to 10 times that amount because you don’t know the true value of your property. Which is a common problem of owners who try to sell themselves.
Pricing the property is obviously vital. Price it too low and you will lose money. Price it too high and you won’t sell it.
BENEFITS OF SELLING YOURSELF
So using a broker seems like the logical idea, but what about trying to do it yourself? The main benefit of selling without a broker is that it saves you paying commissions. But doing it yourself is complicated and time consuming, so it only suits people with a lot of time on their hands as well as a
good level of business understanding.
You need enough time to market the property yourself, hold viewings, and complete the negotiations directly yourself, which can be tense at times. Negotiating requires a calm demeanour and a business mind, so you should make sure that you have these skills before going it alone.