By Adriaan Grové
There are many things in life that one could – theoretically, and with some online guidance perhaps – do yourself. Things like cutting your own hair or redoing the electrical work on your property. But unless you’re qualified to do so, it may also not be a good idea to draw up your own will, service your own car, or a myriad other things.
Of course there are exceptions, but generally speaking the rendering of certain services is simply best left to the professionals. Selling a property is one of those things.
Technically – and with some research and planning – anybody can sell a property, but I strongly advise against it.
Property transactions, particularly the sale process, carry significant legal obligations, considerable financial risk and inherent emotional complexity. As such, the most prudent ways to mitigate risks and simply make the process far easier to work with a trusted property professional (or an estate agent, in more informal terms.
Ultimately, working with a property professional is the best way to ensure efficiency, improve financial yield, ensure regulatory compliance and, most importantly, give you peace of mind.
The time factor
Managing a property sale, which is often a singular event for an owner occurring perhaps once a decade, differs dramatically from the daily practice of a professional agent. This constant engagement ensures agents operate with superior speed and efficiency, possessing comprehensive knowledge of industry systems, processes and a robust network of contacts.
What’s more, agents are expert negotiators which means they can secure a sale at the highest possible price in the shortest possible timeframe.
Too many property owners assume selling involves little more than listing on an online portal and waiting for the buyers to stream in. The substantive work such as liaising with prospective buyers, coordinating appointments, conducting viewings, managing inquiries, preparing initial documentation, and facilitating negotiations is the “invisible” work agents do to ensure a timeous sale.
Maximising financial returns: The commission question
The primary reason owners consider selling a property themselves is to eliminate commission fees but it is not that simple.
A trusted, professional agent will actually help increase the profit for the seller because they understand how to effectively negotiate and take the nuances of the transaction into consideration to ensure the value is fully realised.
Property agents render a professional service, not unlike a financial advisor, lawyer and doctor, and should be compensated accordingly. Property professionals have access to industry-specific resources and comparative market analysis that ensures properties are priced appropriately from the outset.
Accurately priced properties achieve a faster sale and realise a final price much closer to the initial asking figure compared to those that enter the market overpriced, which is reason enough to work with a professional.
Our stats also show that most properties will receive the bulk of their views on online platforms in the first week. It is super critical to price it right, from the start, to get the attention of buyers.
Legal and financial complexities
Given their far-reaching financial and legal implications, property transactions are necessarily governed by extensive documentation. Property agents understand the specifics in this regard, including potential pitfalls and regulatory nuances in the financial and legal paperwork that could cost you in the long run if not well understood from the start.
A single mistake or oversight on a signed contract could result in substantial long-term costs, but working with an agent whose mandate it is to guide the seller through the process, eliminates this risk almost completely.
Give and take
An agent’s success is intrinsically linked to the successful outcome for their client, which means they only “win” when the client is happy.
The right agent is one that gets you the best deal, navigates you through the paperwork and works to ensure that the process of selling a property is as pleasant and stress-free as possible.
Adriaan Grové is the Founder and CEO of MyProperty and Entregral.
