FAQs: Sell Damaged Property Without Agent Commission [Christchurch]

  • By Hadar 15th Oct, 2020
    Selling Damaged Property Without Agent Commission

    Property owners often ponder about selling a earthquake damaged property in Christchurch directly without the assistance of a real estate agent. Indeed, it is possible to sell damaged property without agent commission if you consider the below aspects. The prospect of saving a lot in terms of agent’s commissions is quite real. Most property sellers in Christchurch who are new to selling a property without professional brokerage for assistance can benefit from the answers to the following FAQs (Frequently Asked Questions).

    Why should you consider selling your damaged property in Christchurch without the help of a real estate agent?

    Yes, hiring a professional real estate agent does certainly have the appeal of having someone with experience in the real estate field win over the most well-paying buyers for you. Unless there was a way you could arrange for the buyers yourself and save yourself a lump sum amount in agent’ commission; because with an increase in the market value of properties over the years, agents have either chosen to retain their already-lucrative commission rates or hike them even further!

    How much can you save by not opting for a real estate agent?

    The percentage of commission that a real estate agent can charge you depends on a lot of factors. For instance, the location of the property alone can spell a different commission rate,  So, let’s assume you wish to sell a property for $500,000; the commission for that would be quite substantial. If the property is located in the prime areas, the commission rate might vary between twice or thrice that rate- all in all, a hefty sum to give away!

    Are there any other overhead expenditures I can save?

    Most professional real estate agents ask you to cover expenses for listings and advertisements in various mediums when you hire their services. If the property is being listed for an auction then there are possible costs of professional-grade photographs, and even minor renovations to help pitch the property on its auction campaign. Most agents charge an additional marketing package depending on the scale you are looking to spend to advertise your property for sale.

    Do agents always fetch the best price for your property?

    Saving your overhead expenses for a professional broker is not the only incentive to sell property without an agent. Levying a decent asking price for your property is the next step  after you are in a position to manage the process. If you are looking to sell a damaged property via an agent, then chances are they will look at the transaction as a personal sales target only; hey may try to offload the property to the first buyer who shows up, even if the latter low balls badly- just to fulfil their sales target. Alternately, some agents will try to overshoot the asking price just to get you in their clientship, alienating buyers with an unreasonable price tag in the process.

    Also read: How To Sell A Damaged House Fast 

    Also, a professional real estate broker or brokerage handles multiple sales besides yours; even though the onus is on them to provide follow-ups, communication gaps about the deal status are common. Most brokers manage deals in ways that profit them more because after paying the agency, the broker keeps only a subsidized portion of the full commission.

    How can I tune onto the right asking price by selling independently?

    When you sell independently, you have the option to negotiate the deal and maneuver it as you please; for that:

    • Do the due diligence and conduct thorough research on asking prices for your property category, inspecting other (damaged) property sales, and market data available online;
    • research how other sellers are pitching their assets, optimize your own pricing strategy by empathizing with the buyer;
    • organize/oversee appointments with potential buyers, and learn on the job from their feedback, etc.

    How to advertise and sell damaged property without commission?

    When you hire a professional real estate agent, they play hard and fast with your money by advertising your property on marketing channels that are outdated. A good 90% of property sales occur from online advertising- something one can handle on their own, including arranging photographs; consulting how successful sales have been advertised on internet listings can help you advertise and sell property without agent better.

    Considering, you do not even need a license to sell your own property, it is certainly a task worth committing by yourself; using professional assistance only when it comes to handling the buyer assessment, legal documentation, overseeing the initial deposit, et al.

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