When it comes to selling your house, the temptation of ditching an estate agent is really high. Many of us don’t want to go through the process of looking for estate agents in Faversham. We might simply not have time for it to go find Kent estate agents or want to save some money that we have to pay agents in the form of commission. Hence, if you decide to take matters into your own hands and decide to sell your own house, there are certain downsides of the process you should be aware of before taking the plunge.
Let’s have a detailed look.
Risk of an emotional sale
Our house is not just a property with a roof and four walls. When it comes to selling our own house, it is a home where we might have spent a significant time with our family and loved ones. There are a lot of emotions that are typically attached to our homes. The process of selling it will be an emotional one as well. This is where a homeowner tends to make mistakes like overpricing, refusing to consider lower prices or caving in too quickly when there is a deadline for selling in place.
This scenario can be completely avoided if you choose an estate agent as they are objective about the property in question. Moreover, when you as the homeowner go through the process of selling a house, you will be potentially dealing with rejections when your buyer’s agent informs you that their client is not interested in the property. Having an agent would instead help you to take the criticism in a positive light.
Selling a house is time-consuming
You might not realise it, but finding potential buyers and taking time from your work every time someone wants to see your house is quite impossible. Moreover, ask yourself whether you would have the energy after a long workday and show around your property to potential buyers? Do you have experience in selling houses?
In most of the above-mentioned cases, your answer is mostly ‘no’ which is a huge disadvantage for you as a seller.
Not having access to large networks
Successful real estate deals are largely based on networking by estate agents. But normal people do not have access to such large professional networks where people will be genuinely interested in the property you are selling. Even if you have a large personal network, people simply won’t be invested in spreading the word that your house is up for sale. This directly translates as a longer waiting period for you to sell your house and losing out on significant profit in the process.
Kent Estate agents on the other hand have ready access to a huge pool of potential buyers who are genuinely interested in investing in real estate. The word will spread quickly and the number of potential buyers will be significantly larger.
Identifying unqualified buyers
When you are selling a property you want to weed out any unqualified buyer because there are many- someone who simply wants to take a look at your property or a curious neighbour. But these showings almost never lead to a sale.
Estate agents however are professionals who begin the process of selling by asking qualifying questions that help them determine how serious a buyer is and the motivation behind a prospect.
Skills to negotiate a price
Let’s say that you are experienced in sales. But unless you are specifically experienced in house sales, negotiating the price will be a huge hurdle. In more than 95% of cases, the buyer’s agent will end up succeeding in the negotiation- meaning less money in your pocket as the seller. Estate agents are professionals who know the signs of a nervous buyer or seller and they use them to their own advantage. It is all a part of their process.
Selling a house involves an outrageous amount of paperwork. And common people are mostly unaware of the minute details when it comes to the legal aspects of a sale. Hence, you can run into lawsuits and have no means to protect yourself.
Estate agents too might make mistakes but they have insurance that helps them solve such cases without losing their license or ending up with a huge lawsuit.
Selling a house on your own is a big decision. If you decide on doing this on your own, we hope this blog helps you in understanding the downsides of trying to sell your own house in Faversham.