Most Common Mistakes Made Without a Property Agent

Posted by Ananya Nair on August 26th, 2022

Managing to buy or sell a property on your own is considered an easy deal. But as you get involved, it turns out to be an ordeal. In case you avoid the agent route, you are likely to commit some common mistakes.

At the core is the idea of saving the commission. But dealing with property matters turns out to be agonizing. Derive a host of benefits by signing up with a genuine, verified property agent who guides you throughout the process.

1. Fixing the Sale Price

You have no idea what the ongoing market rate is. A professional real estate agent quotes an achievable target for your property. As a seller, you want to get the best price and the right agent never deludes you in this regard. He informs you whether the price you are expecting can be realised in the present market.

2. Assessing Affordability

Good homes are high-priced and the agent shows you the properties once he knows your budget. If you venture on your own, you are unlikely to rein in your desires and end up exploring options beyond your capacity. This leads to emotional turbulence and wastage of time.

3. Exploring Multiple Mortgage Options

When you search property on your own, you consider what your own bank offers. In case you have a property agent, his resources fetch the best rate. He deals with many banks and gets you a lower interest rate.

4. Not Thinking About the Future

The future is unpredictable but you need to chalk out your plans for the next five years. You should share the goal of buying a house and the property agent advises whether it is better to buy a small flat or a bigger one if you plan to raise a family. A property agent acts as an advisor who saves you from taking an impulsive step.

5. Ignoring Inspection

When the agent is involved, he ensures technical inspection of the unit. He updates you on the physical condition. Sometimes he tells you not to buy in a particular locality because of poor infrastructure or high incidence of crime.

6. Facing Agent from Other Side

Even if you decide to deal with real estate matters on your own, the other party goes with an experienced agent. He is savvy and can identify your weak points. They get the best real estate inputs but you depend on whatever little you know. At the stage of the final negotiation, you find it tough to hold ground.

7. Agents Do Not Show For Sale by Owner Properties

Property agents do not include properties put on sale by owners when they discuss inventory with clients. As there is no incentive, your listing is not included. Those who deal on their own are considered unrealistic and unreasonable. As a result, not having an agent isolates you in the market.

8. Not Your Full-Time Job

Buying or selling a house is a full-time commitment. It is not feasible to rush from the office every time a client shows interest. During the weekend, you have to relax but you cannot do that either. Property matters keep you hooked all the time. Save yourself from such hassles by hiring an agent to manage these affairs.

9. Find Flaws in Your Property

Because you have sentimental value, you do not see the defects in the property. But a property agent pinpoints the flaws and asks you to put things right in order to ensure a quick sale. He is an expert on what makes a house sell and points out the required changes in a helpful, informed way.

10. Legal Assistance

There are several aspects involving legal documentation, property record search, and paperwork. The agent knows more than you about the latest laws. He offers advice to ensure you do not get caught in any legal battle. When you proceed on your own, you do not assess the legal implications and are likely to overlook important disclosure norms. If you intend to buy or sell a property, hiring an agent is the primary need to navigate the murky waters of the real estate market.