Are you looking to sell your waterfront property? Do you want to make the most of your investment? Is it time to move on to your life’s next adventure?
It can be tempting to consider the option of selling your home by yourself. In fact, real estate agents generally charge about 6% of the price you’ll sell your home for.
Selling your house yourself, however, could cost you money if you don’t have any experience or expertise.
Here’s why you shouldn’t place your waterfront property for sale by owner.
1. Pricing Your House Right
There are a lot of advantages to buying a waterfront home. The impressive views and fresh air make it an excellent investment for those looking to improve their fitness and lower their stress levels.
It can, however, be difficult to find properties that have sold recently and come up with an asking price that is both competitive and reasonable.
Your real estate agent has the software and know-how to locate comparable properties that have sold recently. They will need to make comparisons in terms of numbers of rooms and conditions. Experienced real estate agents have priced homes before and know exactly what to look for.
If, however, you try to price your own waterfront property, you could make some beginner mistakes. You may, for example, over or under-estimate its conditions. Or you may not know about strategic price points or value-based marketing.
An experienced real estate agent will price your home right at no additional cost to you, and without any investment of your time.
2. Setting Up Your Home for Sale
A professional real estate agent can help you set up your home for sale in ways you hadn’t thought of.
They may, for example, recommend quick or inexpensive repairs or replacements that will make your home more appealing to buyers. Or they may suggest rearranging furniture to make your rooms appear larger and more welcoming.
Part of the fee you’ll pay your agent includes professional photography. If you try to sell your house by yourself, you will either need to take your own photos or hire a professional on your own.
Real estate photos are more involved than typical pictures.
You’ll need to know how to angle the shots so that rooms appear spacious and everything can be seen. You’ll need to know which rooms should get photographs and which ones you shouldn’t display.
More importantly, you’ll need to have a knowledge of where to list your home online, and how to get permission to list your home. Your agent fee includes access to multiple listing sites and other popular real estate platforms.
As a homeowner, you’ll need to apply to gain access to these websites. You may also need to pay a fee. And you’ll need to know how to market your home online in a way that will make it stand out from similar listings.
If you have no experience with these things, you could end up costing yourself money because you will end up dropping your home price significantly in order to sell it. A realtor’s fee could be well worth the expense in the end.
When you do begin to get offers on your waterfront property, you’ll need to know how to negotiate. There’s a tricky business to knowing when to hold out for a higher offer, and when to begin the negotiating process.
And negotiating itself requires some experience. It needs to be handled with tact and assertiveness.
An experienced real estate agent will handle the relational aspect of negotiating for you. If, for example, you’re unwilling to accept an offer, an agent can calmly explain your reasoning and maintain a positive, professional relationship with the buyer.
If the conflict of negotiating makes you uncomfortable, a real estate agent can take the pressure off by speaking for you until a deal is made.
4. Contracts and Closing
When you’ve accepted an offer you’re happy with, the work of selling a home is not done. Documents need to be signed, inspections need to be performed, and closing needs to get scheduled.
At the closing, there is a lot of paperwork that has to get signed in order for the sale to be legitimate. If you’re selling your home yourself, you’ll need to go online to find all the necessary paperwork and read through it. You’ll have to determine what you need, and if there is anything about the sale that needs addressing before it’s complete.
Your buyer will also need homeowners insurance and title insurance. They’ll need documents from the bank they’re getting a mortgage from if that’s applicable.
If you hire a real estate agent, all of this work will be handled for you. Your agent will have performed many closings and know exactly what to expect, and what you should be looking out for.
An experienced agent will also be able to recommend a real estate lawyer that they’ve worked closely with during other closings. These professionals read through all of the documents and can pinpoint any potential hold-ups. You can be confident that the sale will be legitimate and professional.
The Problem with Waterfront Property For Sale by Owner
Complicated paperwork, serious negotiations, and other requirements are some of the reasons why a qualified real estate agent is the best person to handle a home sale. Speak to a professional before you consider selling your waterfront property for sale by owner.
For more information on agents in the Haliburton area, contact us today.