Going into the business of real estate requires money and energy. If you’re selling your home, you’d want to get the best price possible. Of course, to make this successful, you sometimes need to work with real estate agents and firms, which can be expensive.
The amount you pay for the real estate agent’s commissions can eat up your profits, and you might not get the best price from the property or what you’re expecting.
The good news is that some situations won’t require the help of a real estate agent. These are the following:
1. You’re Selling A House With Unpaid Mortgage Payments
If you want to sell a house before you pay off the mortgage, you shouldn’t hire a real estate agent.
The truth is that a vast majority of homeowners sell their homes before completing mortgage payments, and the profit they get from the sale are often used to pay off the unpaid mortgage value.
If you hire a real estate agent, you might not be able to make enough from your property’s sale. You’ll be forced to get another loan to pay for the realtor’s commission.
To avoid this, you need to sell your house yourself and get the maximum sale price of the property.
2. You’re Selling A House With Damages
Let’s say you have an old home with damages, but you still want to put it up for sale in the market. In this case, it doesn’t make sense to hire a realtor to sell a house with foundation damage or other damages that can reduce the property’s price.
With property damages, you can expect home inspectors to indicate a higher cost for repairs or replacement, which will lead to homebuyers negotiating the property’s price.
Since you’ll be selling the house at a lower price, it won’t make sense to hire a realtor because it will reduce the amount you receive from the sale.
Aside from that, many people are looking for fixer-upper properties so you won’t have a hard time selling one despite its condition.
3. You Are An Expert In Marketing
When you understand the many aspects of marketing a house, you wouldn’t need a real estate agent to help you find buyers.
Every house—from luxury waterfront estates to a run-down local apartment—deserves a unique marketing campaign to give it maximum exposure.
If you know the tips and tricks to marketing property, such as selling them during the hottest months of the year for an increased sales price, then you don’t need the services of a real estate agent.
After all, most people are looking to invest money in properties during this time because they think they’re more likely to appreciate in the future.
4. You Have Time To Work On Your Property
If you have all the time in the world to work on your property, then you don’t need to hire a realtor to tell you what you should do to improve its price.
Remember that your home’s value can be drastically affected by poor maintenance and poor design.
You don’t want to sell your property for less just because you neglected some aspects of your home that are attractive to buyers, like the interior and exterior aesthetics.
There are simple things you can do to improve the look of your property. You can paint the walls, change the windows, and even clean the whole interior.
If you have the money, you can invest in bigger renovations like changing the floor plan or improving the landscaping.
5. You Have A Direct Connection With Your Potential Buyers
When you have a potential buyer in mind, you don’t need to hire a realtor to talk to them. A direct connection means you know the person who wants to buy your house.
Since you already have that connection, you don’t need to pay a middleman to negotiate or make a deal.
6. You’re Already Familiar With Real Estate Procedures
One of the responsibilities of real estate agents is to provide guidance and direction to ensure that all the paperwork in selling the property has been completed.
However, they’re not responsible for handling legal documentation, so you still need to hire a real estate attorney to witness the sale and make everything official. If you hire a real estate agent, this will only add costs to selling your property.
If you’re not new to the processes involved in selling and buying a property, and already have an idea of the necessary steps to take, such as creating a contract, then you wouldn’t need the guidance of a real estate agent.
All you need to do is understand what you’re signing and make sure you understand all the fine print.
Hiring a real estate agent is undoubtedly an added cost in selling a property. If you have the time and energy, you can learn all the aspects of real estate yourself so you don’t have to pay for a real estate agent’s commission.
What’s important is you prepare your property so it will become appealing to your buyers.
Aside from that, if you’re knowledgeable about marketing, you’re likely already familiar with buyer psychology and strategies to make your property visible in the market.