Zack Childress0 Comments
Buying a real estate property is one of the most important things in a person’s life. Real estate is the most crucial asset of life. When sellers sell a real estate property, they incur other costs related to the housing property. Real estate fees, listing fees and so on are some of the expenses in the list. In this article, Zack Childress, a real estate investor, author and speaker gives tips to reduce the real estate expenses.
When a seller hires a real estate agent, he will do so with an interview. During these interviews, they ask for reduction in the commission. To be able to convince him regarding this, they should do some careful renovation and repair work. It’s not enough to present the home beautifully to the buyer but the seller also has to present it neatly to the agent. A lot depends on the seller’s home price range also. The agent has to feel that the home will sell easier and he will reduce his fees if he senses that.
Some brokerage firms voluntarily offer reduced fees. They keep the buyer’s commission unchanged and then decrease the seller’s commission. This can reduce a big chunk in the seller’s overall real estate costs.
These are agents who work for a flat fee. They offer restricted services. The seller’s home will get listed initially and if it does not sell within the limited duration, then it will not get listed again. With flat fee agents you can arrange a fee beforehand.
This is not a very good idea since selling off season will make the process hard. Still, it increases the chances of pulling off reduced realtor fees since the real estate agent is in need of work. He finds it hard to find work in the down market season.
If they are ready to put in a lot of hard work and time, then they can sell their homes on their own and thus obtain reduced expenses. Such deals are called as FSBO’s (For sale by owner). The seller has to take care of everything – researching the market, checking out on similar properties, determining prices, reading up on market updates and staging tips and so on. He can hire a lawyer to look after the paperwork. Selling on their own can be very hazardous for sellers.
Dual agency is a scenario in which the agent represents both the buyer and the seller. So, the agent who works with the buyer may sell the seller’s property to the buyer. In this case, the seller can ask for a discount in the fees since the agent is going to get both the honorariums. So the seller can select a dual agent to work with.
Sellers often want a reduction in the commission that they have to pay to the agent. This helps them save quite a lot. These Zack Childress tips will be really useful to home owners.
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