Several columns ago we examined what real estate professionals do to earn
their money, focusing primarily on the small business aspects of realtor's
jobs. The conclusion was pretty much that, as a profession and like many
other professions, real estate is a potentially lucrative field - but that,
more often than not, one has to wade through hours and hours of potential
sales leads and grunt work that may or may not ever come to fruition.
Similar to many other jobs, this is one you can be at home in provided you
actually love to work and enjoy the challenges of working with people.
Still, if the truth were told, I've always sort of admired those signs
outside some houses that say "For Sale By Owner Even knowing what I know
today, when I see one of those signs, I think that some brave and hearty
rouge must live inside that castle, someone who isn't afraid to turn her or
his back on the advice and knowledge of realtors and real estate agents. A
warrior willing to go it alone, to sell their home with their own bare
hands.
In fact, going it alone does take guts and is the road less traveled for
most people who want to sell or buy a house. This isn't because you can't do
it (theoretically, people do it all the time) and it's not because greedy
realtors don't want you to do it. These days, real estate agents and brokers
are kept quite busy enough, thank you very much, than to go around worrying
about people who want to take the chance to do it alone.
There are, however, some very real and practical reasons for not going it
alone. Among them is that it's difficult, and time consuming, and
potentially dangerous, and ... well the list goes on and on.
Speaking of lists, in fact, here's a partial one of some of the things
you'd need to do all by yourself or that can go wrong during any real estate
transaction. Look it over carefully and see if you're up to the task of
going it alone.
- If selling, you'll have to decide the best sale price for your home.
If buying, you'll have to try to get the best deal on a new house.
- If selling, you'll have to write your own legal contract - without
loop-holes or surprises. If buying, you'll have to negotiate a contract
to get the best deal from the seller (regarding points, cash back,
etc.).
- You'll have to represent yourself at settlement.
- You need to locate the (non-real estate) professionals who are
necessary to complete a real estate purchase or sale. These include, but
are not limited to, a lender, a settlement attorney, a home inspector, a
termite inspector, surveyors, and appraisers.
- You may have to contend with a buyer who won't deal with you because
you don't have an agent.
- If necessary, you'll have to know what to do in order to work out
the agreement in the case of a rent-back situation (where you rent the
house back to the seller after
closing). What, you don't understand? Your real estate professional
would know what to do in this case.
- You might have to deal with a seller or buyer who becomes emotional
during the transaction and makes things difficult.
It's plain to see that using a professional makes more than common sense.
For the price of whatever commission they charge, your agent or broker will
routinely smooth out the wrinkles of the transaction, deal with irate buyers
or sellers, negotiate agreements that favor you, and handle all the other
nitty-gritty day-by-day stuff that would otherwise land you in a rest home.
A home, yes, but certainly not the one you're hoping to secure.
|
Are you thinking about making the leap into home
ownership? Or maybe you want to put your house or condo on the
market? If you have questions about buying or selling a home, or
whether buying a home is the option for you, send them to
realestate@metroweekly.net MW |
- 30 -
Return to Index of Writings by Michael Walker
