As a landlord, it is natural to want the maximum amount while selling a home. While the method of finding customers, selling your house, and taking care of the documentation becomes that much simpler and easier with the help of a real estate agent or a realtor, the second thought that few people have is saving the fee paid to the realtor by facing the difficulties and challenges of selling a home on their own.
So, let us discuss this subject!
Five Important Challenges of Selling a Home without a Realtor in Pakistan
Selling a home without a realtor or real estate agent in Pakistan has its own drawbacks, and for most people, it might come off more like a challenge. So, just for your support, here is a list of things you must be aware of before selecting on this task on your own:
- You cannot meet a real estate agent’s experience
- You need to be more careful
- You are the only one negotiating
- You are not entirely familiar with the local market
- You will require more time than estimated
You cannot meet a Real Agent’s Experience
As a fact, a real estate agent’s knowledge and experience are perfect. They have been in the game for so long that selling a home is nothing but a routine for them. Though, for a real estate novice like you, it may be very challenging to sell a house without prior knowledge and experience. Further, a real estate professional can reach a more extensive network of buyers in a way that is far more convincing and compelling than anything else. Thus, accumulating that experience may take you a little while; but in the future, you will understand the Pakistan real estate market.
It would Help if you were more Careful
It seems pretty obvious that inviting strangers into your home or any property carries risks, particularly when you do not have a third party, such as a real estate agent, involved during the process. We know for a fact that realtors have a thorough process of assuring both their own safety and the safety of their clients. So, if you are working on your own, you need to be more resilient, careful, and diligent about what information you put online and who you let inside your home, especially if you are living alone. As an additional layer of security to be more careful, you can ask the visitors to bring their CNIC card and sign a register with their personal information, including a contact number and home or office addresses.
You are the only one Negotiating
Negotiation is one of the significant parts of selling a home without a real estate agent or a realtor. Typically, sellers think that attracting a buyer is an ultimate achievement, but the truth is quite the opposite. Many sellers do not know that seeking a buyer at your asking price is the most significant step towards making a successful deal. At times like this, working with a professional can save you from a lot of emotional trauma. But if you are feeling brave enough, you can change this weakness into a strength in a few easy steps:
- Focus more on what the buyer is interested in seeing rather than what your property has to offer. Always bear in mind that your ultimate goal is to impress the buyer.
- Give a flexible payment timeframe to the buyer and do not push them into paying. As much as it helps in cutting down the negotiations, it can also help both buyers and sellers in securing a better relationship.
- Keep a realistic price, slightly higher than what you really want. And obviously not lower than the market price since lower costs can make buyers suspicious.
You are not entirely Familiar with the Local Market
No one will tell you this, but what you do not know can, and most probably will hurt you. The same goes for the challenges of selling a home without a real estate agent in Pakistan, which means if you are not familiar with the ways of the local property market, you may end up in an undesirable mess that may take a little more time to clean. To evade such situations and save some cash when selling your house, you should consider taking the right approach to handle your major assets.
Additionally, a successful and quick sale, all depends on how well you market your property. And take our word for it, good marketing is one way to assure that your listing is noticed by buyers that are a good fit for your property. Be sure that your marketing strategy is sufficient enough to get the word across a network of real estate agents who are working for customers and property seekers in your neighborhood.
You will Require more Time than Estimated
One of the most common challenges of selling a home without a real estate agent in Pakistan is that you do not have control over the local market conditions and rules. While local market rules directly affect your property, you need to be conscious of the fact that the longer the property is on the market, the lesser it draws customers.
Therefore, if you do not want any red flags on your house or any property, you need to give a significant amount of time doing your homework for sale. For example, get your house repaired or inspected, and if need be, get it professionally photographed for online listings.