If you have land you want to sell, you have a big decision to make: enlist the help of a real estate agent or sell it yourself. Both of these options come with advantages and disadvantages. Understanding both can help you determine which is the best choice for you. Some of the top pros and cons are listed below.
Choosing An Agency Means Doing Less Work
One of the biggest benefits of choosing an agency is that they’ll do most – if not all – of the work for you. They’ll list your property, market it, handle the advertising, do any showings, deal with negotiations, manage the paperwork, and most importantly they know your condition for eg if you selling land privately so they make their strategy according to your need.
They are also knowledgeable—so if you’re looking to buy real estate in Melbourne, for example, they will know the local market well.
This is definitely a convenience for many people, but it shouldn’t necessarily be the determining factor. If you’re willing to put in the time to learn how to sell land by owner and commit to managing all necessary tasks, there’s no reason you can’t do it on your own.
Some people live a long distance away from the land they want to sell, though. In such cases, it can be easier to let an agency handle it – unless you can travel back and forth when necessary. However, if you live close to the property, it’s often wise to try to sell it yourself.
DIY Lets You Keep More of Your Money
When you choose to sell land by owner, you get to keep all of the profits. A real estate agency will take a percentage if you go that route. In some cases, such as the one mentioned above when the owner lives far away, it is often more financially favorable to let an agency take care of it.
There is often the point made that a real estate agent can make you more money on your property than you can make yourself. In some cases, this is true. Often, if the property isn’t selling quickly enough, the owner will drop the price to attract more buyers. A real estate agent will typically hold at the asking price for longer.
Real estate agents also often list properties in more marketing materials than a seller does on their own. This, of course, can attract buyers willing to pay a higher price.
The truth is, though, that a seller can get the same price for their land as a real estate agent. However, to do so, you’ll need to be patient. And you’ll need to use as many marketing avenues as possible, adding a great description and quality images. If you’re willing to do those two things, you can stay much closer to your original asking price.
The bottom line is that the decision is completely up to you. It’s your land and there is no one way that’s better for everyone. Instead, you simply need to determine your goals, consider your schedule, and decide if you’re willing to put in the necessary work to sell it yourself. Doing so will help you decide the best route for you.