You can be your own sales agent.
Are these the questions that run through your mind when contemplating on doing the selling of your estate entirely on your own?
- How will I go about it?
- Isn’t it too messy? The paper works?
- How much should I ask for this piece of property?
- Why not just get an agent?
First, better make sure that your property is not just cosmetically ready for scrutinizing eyes of potential buyers but also useable. If it is a house or an apartment, check everything from the lawn to the ceiling. The grass, faucets, furniture, décor, should be appealing but most importantly have the value of utility. Real estate clients usually check and try on the things included in the sale, making sure that they will get their money’s worth.
If it is a farmland or raw land, be prepared with markers for the boundaries and for inquiries about the applicable plants, animals that can be sown or domesticated in the place.
Second, ask a lawyer to draft the legal documents. It is a standard cost you cannot escape and is there for your own protection. Your task at this juncture is not too difficult to do. You have to put some effort in research about what local office handles what document. Afterwards, pay those offices a visit. The civil servants will be there to assist you. Some people shy away from this task due to the difficulty of finding a free day in their schedule but if you have the time to spare, do it yourself. This will do you a lot of good because you will also be getting an education in the process. It may be a great addition to your skills and may end up doing it for a living.
Third, know the market value of your property. This is the realistic approach since the pricing will be based on the comparative worth of other properties within the district or your neighborhood. How to do this? Ask around for those who have already disposed of their estate or go to the local assessor’s office and check the current valuation of the properties in your area. Afterwards, do the simple math by adding other items in assessment like the cost of improvements and your projected income from the sale. Of course, when investing in real estate, you should not expect full return of your investment due to maintenance costs and because real estate may also suffer deprecation due to use, condition, and the state of the market.
It is as simple as this…
The other properties similarly situated or constructed as yours have been sold for $500,000. That could be your starting point. Anyway, you make your computation and the result should at least be in proximity with $500,000. The logic is that those other property owners also spent money on the maintenance and improvement of their real estate and still managed to sell at that amount. That means that price includes profit for the owner after taxes and deduction of other costs which include the commission due to their real estate agent.
Lastly, why not just handle everything yourself? No one knows your property better. Only you could make the best sales pitch believable being fully aware of the corners worth showing the client. Besides, the money saved in commission will be a great addition in your finances in case you choose to go on another real estate investment.
investing in real estate