If you are thinking about selling your home, would you consider to sell it on your own or go to a property agent? Before decide any one option, you ‘ll have to consider carefully all the pros and cons of selling a home on your own.
While saving on agent commissions can be save a lot of money for you, but also can be a lengthy and complex process for you. Therefore, the more you can educate yourself at the beginning , the better you’ll be prepared to handle all the transaction and/or decide to go for a property agent.
Let’s start with the Pros first;
The Pros Of Selling A Home On Your Own
➊ You can save money
The primary reason why most sellers decide to sell their home on their own is to save themselves from the traditional 2% to 3% (of the home’s sale price) agency commission. Don’t underestimate this number, it can be a really big number if you pass over your home to a property agent. Let’s assume that the property selling price is RM 500,000, and what is the amount of 3% agency commission,? That’s right, RM 15,000! And, don’t forget a 6% of GST!
➋ You can control the entire transaction
The pros of selling your home by yourself is that you can control throughout the entire transaction. You will be able to decide the selling price of your home, when to put it on the market, when it’s available for showings, when to withdraw the sale and more. Besides of that, you will also be able to screen potential buyers prior to showing your home. When you and buyer enter the room of negotiation, you are directly involved and can set/ discuss all terms and conditions by yourself.
➌ You can offer more property details
The buyers may have a hundred-and-one questions about the home itself, and you have direct and complete information about the neighbors, crime rates and so on. The potential buyers can get the answers immediately. As the owner, you are better equipped to advice and even convince buyer to make the purchase.
The Cons Of Selling A Home On Your Own
➊ Time consuming
Selling a property can take time, energy, and require a lot of patience. You will need to research the market, learn the legal stuff, financial details surrounding the transaction, advertisement, schedule/ show the house, negotiate contracts and a lot more.
Depends on your job, the ability to show your house to potential buyers at their convenience may not be amenable to you. This could lead to you missing out the best deal.
➋ You may can’t handle this job
Although it seem like an easy job, but you will need to be familiar with appropriate property knowledge and the entire selling process at first. While if you are lack of experience in selling home, you could be fall prey to scammers and unqualified buyers that waste your time as well as your money.
Besides, if you need to sell your home fast for some reason, those veteran property agents are most likely have a good pool of client and leads. But for you, you need to put a lot of effort and time to find potential buyers.
➌ You have to deal with buyers appropriately
If you’ve went through an agent before (buy your first house, maybe), it’s quite likely that the experience of dealing one-on-one mattered somewhat to your decision.
Did the agent trustworthy and hardworking or would you have to do all the chasing? You can expect that the potential buyers will put you through the similar situation and it might affect their decision to purchase if you can’t satisfy their requests and settle the documenting promptly.
Selling home is a large transaction. The laws and requirements of the housing industry are constantly changing. But, if you do your homework, educate yourself as much as possible, and have lot of free time and energy, the process of selling home on your own can go smoothly. It’s not something to enter into lightly, so consider of all the pros and cons and make the best informed decision as possible, Be sure to take a look at our other articles for tips on selling a home.
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