If you are trying to buy or sell real estate, you can handle the process on your own or you can work with a real estate agent. Wondering if you should tackle the transaction on your own? Here are five signs you might want to.
1. You Already Have a Buyer or Property Lined Up
If you are buying a property and you've already found the perfect property, you don't necessarily need an agent to show you around. You can simply finalise the sale. Similarly, if you are selling real estate and you've already found a buyer, you don't necessarily need to work with an agent.
2. You're Dealing With a Favourable Market
If you don't have a buyer or seller in place, you will need to do a little bit of work to find the right property or the right seller. A real estate agent can help with both of those issues. However, if you want to handle things on your own, you may want to make sure the market is favourable for you.
When you're selling, a favourable market is one where property sells quickly. If you're buying, a favourable market is where there are lots of options for competitive prices.
3. You Have Experience With Marketing
This only applies to sellers, but even with a favourable market, you may need to do some marketing. Generally, when you hire a real estate agent, that individual markets your property and puts it on the multiple listing service. That helps it get seen by as many potential buyers as possible.
If you are going to handle the transaction on your own, you need to be able to list your property on for-sale-by-owner sites or get attention for it in other ways.
4. You Have Bought or Sold Homes in the Past
If this is your very first time dealing with a real estate transaction, you may want to work with a real estate agent. They can guide you through the process. However, if you have already gone through the process multiple times, you may feel confident about tackling it on your own.
5. You Have a Solicitor or Title Agent to Help You
Even if you don't hire a real estate agent, it can help to have a professional in your corner. A solicitor or title specialist can help you make sure the title is clear and issue free. Additionally, an attorney can help you understand the terms of the contract and draft other documents.