Better outcomes from an agent
The process of selling and buying real estate can be overwhelming and stressful especially when considering the amount of paperwork and preparation involved with these transactions.
Currently, around 13% of the homes for sale in Hawkes Bay are listed privately. This has increased in recent times, and the main reason is a larger number of people “giving it a go” to “save the agents fee”. However, only 7% (of the 13%) of those selling privately actually end up selling. Over 65% of those who try to sell privately eventually choose an agent. Most of the remainder do not to sell.
Clearly, the overwhelming majority of sellers rely on real estate professionals to sell their home rather than selling privately. Reasons vary, but most home owners know that a real estate professionals adds value in the following ways:
- Providing up-to-date information on what is happening in the market;
- Helping to price their home competitively;
- Advising on how to improve the value of their home;
- Advising on how to better present their home for viewing;
- Marketing their home efficiently and effectively to attract potential buyers;
- Finding the right buyer for their home; and
- Facilitating the negotiation process and taking care of the paperwork involved.
Based on the current data around 15% of the total number of homes for sale with agents sell each month. herefore the chances of selling with an agent (15%) are more than double those selling privately (7%).
Purchasers generally prefer looking for property with a real estate professional because rather than viewing just one property, they are likely to be able to view several in their price range.
In addition, purchasers are much better protected when purchasing with a real estate professionals. They have the protection of the Fair Trading Act 1986 and the Real Estate Agents Act 2008. Neither of these acts apply when buying privately.
The Fair Trading Act protects consumers from misrepresentations made about the property or failure to disclose important facts about the property. In these cases, a complaint to the Commerce Commission could result in an order for compensation for any loss suffered. Under the Real Estate Agents Act 2008, remedies are available including compensation paid for the loss suffered by complaint when dealing with agents licensed under the Act.
Whilst there is nothing wrong with “giving it a go”, employing a trustworthy agent is likely to deliver a much better outcome.
If you want commonsense advice about selling your home call 835-4321 for a FREE copy of the booklet “Get the HIGHEST PRICE For Your Property”.
