A majority of those who sell real estate usually take up the services of a qualified real estate advisor. They are professionals who guide individuals through the required processes and help bring their homes in front of a large audience of potential buyers. Traditionally, a real estate advisor’s ability to get interested buyers cannot be compared to that of the property owner. Selling a property requires effective marketing of the estate through taking photographs, leading contract negotiations, networking, and building trust with buyers. There are also high chances of owners being defrauded due to their lack of knowledge of the real estate market and methodologies. Continue reading to understand the comparison between real estate advisors versus owners selling properties.
Real Estate Advisors versus Owners
Pakistan’s real estate market has only recently begun to formalise data collection through real estate advisors and brokers. For a long period of time, the real estate market of Pakistan has mainly remained informal, with many people often using real estate speculatively to make high profits. However, one can take numbers from established real estate markets to understand the relationship between a real estate advisor selling a property and an owner selling one. According to a report published by Zillow, 89% of all sellers sell-through and real estate agents. Moreover, 36% of sellers attempt to sell their properties on their own but eventually take the services of agents. Furthermore, only 11% of sellers sell their homes without a partnering agent.
Although every real estate market will differ in dynamics, the overall difference between the two approaches can be understood. A majority of those who wish to sell their property on their own do so because they believe that it will save time and money. As they would not have to give commission to the advisors, they will also benefit from a higher profit. Some individuals also believe that they know their property better than anyone, and therefore, they are best suited to sell it. Past negative experiences with real estate advisors also increase their distrust. Consequently, it is necessary to understand the risks and opportunities in selling a property through real estate advisors or selling it in a personal capacity.
Benefits of Selling with Real Estate Advisors
A real estate advisor who helps a seller sell his property is called a listing agent. They are responsible for helping the seller through the listing and closing of the final deal. There are several services which a property advisor can provide to their clients, such as providing clients with local housing market experience, marketing of the listing, handling negotiations, and easing of selling processes. A real estate advisor has access to multiple properties in an area and is also well aware of all the comparables in the surrounding areas. This can help calculate a reasonable value of the property. They are also mindful of the current market conditions and, therefore, strategize the best possible way to sell the property, earning the highest return on the sale. Furthermore, experienced real estate advisors are aware of all housing codes and can point out any red flags which may cause the value to go down. In doing so, they can also suggest the best possible improvements that will help achieve the maximum potential of the sale.
Real estate agents are also better in terms of the marketing of a property. As they are more aware of the market and how to entice potential buyers, they can offer recommendations to sellers in terms of staging their homes. They also hire professional photographers to take great listing photos and can help bring out the features buyers are looking for. Real estate agents also host open houses, physically showing home to potential buyers. This allows them to buffer the seller and all potential buyers by fielding calls, answering questions, and scheduling showings. A real estate advisor may also network with other real estate agents who prefer to buy from them to get a commission from the sale. Lastly, real estate agents ease the selling process. Selling a home involves a lot of paperwork, and professional advisors help their clients identify any legal loopholes or unusual requests. In a multiple offer situation, they will also advise their client on the best possible option.
Selling a property involves many tasks. Real estate advisors offer their services in each area for a streamlined process, from marketing the property on multiple listings, handling different offers, networking, negotiating, and filing paperwork for the final transaction. Most owners believe that they are better equipped to sell their property as they have the most information on it; however, they lack the expertise and knowledge of the market required for making a proper valuation while also being more vulnerable to scams by other professional property agents. Therefore, selling a property through real estate agents and advisors is the best course of action for people.