Do you really need an estate agent?

Do you really need an estate agent?

Category Top Property Tips

Do you really need an estate agent?

The rise of online property solutions and digital media has many sellers thinking that they can save on agency commission, but is it really that simple?

Consumers often think that selling a house is easy and they don’t really understand the process and complexity of real estate transactions. A slew of new laws has added further to the complexity and more often than not, DIY sellers end up making use of an estate agent.

New market entrants, too, have attempted to disrupt the industry with a range of limited service offerings at a fixed, flat or low-fee, generally with limited success. The reality is that a well placed local agent invests years developing their experience and expertise in an area. They are on the ground and do the business and are best placed to facilitate real estate transactions.

While technology has innovated the industry and the way in which it operates, it is still estate agents who make the difference, they sell properties faster and achieve better prices, it’s that simple.

Why do you need an estate agent?

According to The National Association of Realtors® (NAR), more than 80% of buyers purchase a home through a real estate agent. Not using an agent could mean that you lose exposure to 80% of the buying population. What’s more, agents achieve on average 22% higher prices (market dependant).

In a seller’s market, it’s easier to find a buyer, but it becomes a lot harder during a buyer’s market as we are currently experiencing. When there are fewer buyers, it makes an agent's services worth even more.

If you go the DIY or low-fee option, you should also be prepared to handle the negotiations, which can be rather tricky at times. Then, there’s also the legal compliance matters, inspections and disclosures needed to close a deal.

What does an estate agent do?

Estate agents add a lot of value to a transaction and do much more than you might think.

They are skilled marketers and negotiators. They know the neighbourhood and the kind of buyers who will be interested in your property. They also know what is selling in the area and for how much. They can give you the right advice from the outset to ensure no time is wasted with guesswork.

Agents spend years honing their expertise and knowledge and network with their colleagues to leverage greater value for sellers and buyers. They know how to attract buyers and how to negotiate the best price for you. They also know what needs to take place in a property transaction, from which documents are needed to ensure that the buyer is qualified, and finance is available to attending to the necessary documents and compliances and briefing conveyancers to take the transaction full circle until the transfer of ownership is registered. Finally, they also see the new buyer into their new home.

Agents sell homes every day. Seeff’s agents have marketing materials on hand and proven selling systems and methods. They take professional photographs and even virtual tours. They list your property on property portals and other sites including MLS, where applicable. They have a wide network of potential buyers and colleagues for referrals.

They are professional home stagers and will guide you in terms of repairs or work that needs to be done to show your home in the best possible light. They take care of viewings and provide buyer feedback to ensure that the marketing is on track.

Seeff’s agents also use credible sources for sales statistics and will recommend a best practice pricing strategy. They qualify buyers to ensure that no time is wasted when it comes to offers. They will negotiate the best offer for you and attend to all the necessary paperwork including making use of the latest legal documentation. They have a network, which includes mortgage originators, conveyancers and a host of other service providers needed for a smooth real estate transaction.

Author: Gina Meintjes