As a homeowner, it is natural to want the maximum sum while selling a house. While the process of finding buyers, selling your home, and taking care of the documentation becomes that much easier and simpler with the help of a realtor or real estate agent, the second thought that some people have is saving the commission paid to the realtor by facing the challenges of selling a house on their own.
We had previously discussed how to calculate your home’s resale value, and it was then that we realised the importance of throwing some light on the challenges of selling a house without a realtor. So, here’s our take on the subject!
5 SIGNIFICANT CHALLENGES OF SELLING A HOUSE WITHOUT A REALTOR IN PAKISTAN
Selling a house without a realtor in Pakistan has its own drawbacks, and for most people, it may come off more like a challenge. So, just for your convenience, here’s a list of things you should be aware of before taking on this task on your own:
- You Cannot Match an Agent’s Experience
- You Need to be Extra Careful
- You’ll Need More Time Than Estimated
- You’re not Familiar Enough with the Local Market
- You’re the Only one Negotiating
YOU CANNOT MATCH AN AGENT’S EXPERIENCE
No bones about it: a real estate agent’s experience and knowledge are inimitable. They’ve been in the game for so long that selling a house is nothing but a routine for them. However, for a real estate entrant like you, it might be really challenging to sell a house without prior experience. Moreover, a real estate professional can reach a wider network of buyers in a way that is far more compelling and convincing than anything else. So, accumulating that experience might take you a little while; however, you can use our recently published guide on selling and transferring property in Pakistan and get to know the necessary nooks and crannies of the property market.
YOU NEED TO BE EXTRA CAREFUL
It sounds pretty obvious that inviting strangers into your property carries risks, especially when you don’t have a third party, such as a realtor, involved during the process. We know for a fact that realtors have a thorough process of ensuring both their own safety and the safety of their clients. So, if you’re working on your own, you need to be extra careful, diligent, and resilient about what information you put online and who you let inside your home – particularly if you are living alone. As an extra layer of security, you can ask the visitors to bring their CNIC and sign a register with their personal information including home and office addresses, and a contact number. Additionally, you can also hide your valuable things within your home on the dates you’re expecting visitors.
On a side note, we’ve worked out the easiest ways to secure the boundaries of your abode and developed an effective list of home security ideas, including using smart gadgets.
YOU’LL NEED MORE TIME THAN ESTIMATED
One of the most common challenges of selling a house without a realtor 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 aware of the fact that the longer the property is on the market, the lesser it attracts buyers.
So, if you do want any red flags on your property, you need to devote a considerable amount of time doing your homework for the sale. For instance, get your house inspected or repaired, and if need be, get it properly photographed for online listings.
On the other hand, if you need more help with speeding-up your property-selling process, head over to our blog now.
YOU’RE NOT FAMILIAR ENOUGH WITH THE LOCAL MARKET
Nobody will tell you this, but what you don’t know can, and most probably will hurt you. The same goes for the challenges of selling a house without a realtor in Pakistan – which means if you’re familiar with the ways of the local property market, you might end up in an undesirable mess that may take a little more time to clean. In order to avoid such situations and save some money when selling your house, here’s a list of things to anticipate before hitting the local market:
- Check how other sellers are marketing their properties.
- Make sure your property is listed on Sarfrazhamid.com – Pakistan’s largest property portal.
- Sort appropriate print media for the property once you’ve digitally printed it on our property portal.
- Make your property market-ready for sale using our recently published guide on property staging.
Additionally, a successful and quick sale depends on how well you market your property. And take our word for it, good marketing is one way to ensure that your listing is noticed by buyers that are a good fit for your property. Make sure that your marketing strategy is strong enough to get the word across a network of real estate agents who are working for buyers and property seekers in your neighbourhood.
YOU’RE THE ONLY ONE NEGOTIATING
Negotiation is one of the most crucial parts of selling a house without a realtor. Usually, sellers think that attracting a buyer is an ultimate achievement but the truth is quite the opposite. Most sellers do not know that pursuing a buyer at your asking price is the biggest 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’re feeling brave, you can change this weakness into a strength in a few easy steps:
- Keep a realistic price, slightly higher than what you really want. And obviously not lower than the market price since lower prices can make buyers suspicious.
- Focus more on what the buyer is interested in seeing rather than what your property has to offer. Always remember that your ultimate goal is to impress the buyer.
- Give a flexible payment timeframe to the buyer, and don’t hurry them into paying. As much as it helps in cutting down the negotiating, it can also help both sellers and buyers in maintaining a better relationship.