Agent Vs. DIY: Property Transactions
While it's possible to sell or buy a home without an estate agent, it's good to know that property transactions are essentially legal affairs. As a homeowner who likely has a full-time job, trying to handle your property transaction without an agent can be a time-consuming and tedious process. Isn't it a smarter move to involve a real estate agent to sell your house at the best price in the shortest possible time?
If you choose to buy or sell your own house, understand that it's a process with many stakes involved, and the process is more complicated than you might think! Paul Stevens, CEO of Just Property, a leading real estate group in Southern Africa, has some serious concerns for those striking out on their own.
The first concern that springs to mind when I'm asked whether it's better to DIY the business of property issecurity. Firstly, the security of your investment. Property is usually the most significant investment South Africans make in their lifetimes – sellers need to know that they will realise the full value of their property, buyers have to be assured that they're paying a market-related price, and landlords need to know that their tenants have been vetted and are looking after the property properly.
Secondly, viewing homes without an agent, whether as a buyer or prospective tenant, can berisky. Apart from physical safety, there are numerous property scams. An experienced property professional will take steps to mitigate these risks, including:
- Meeting clients in public places for initial consultations
- Accompanying clients with property viewings
- Utilising technology such as video conferencing and virtual tours
- Having a clear safety protocol in place for managing viewing days
- Verifying the identity of all sellers, buyers, landlords and tenants
- Checking for any defects or liens on properties
- Doing entry and exit inspections
- Ensuring that all contracts are legally binding
- Providing guidance on how to avoid common property scams
Real estate agents also have access to a network of other professionals, such as lawyers and conveyancers, who can help to protect their clients from fraud.
AtJust Property, we are committed to providing our clients with the highest level of service and support, and we believe that using a real estate agent is the best way to ensure a safe and successful property transaction.
Other benefits of using a property professional
- Local expertise and market knowledge: Real estate agents have a deep understanding of the local property market, including pricing trends, neighbourhoods, and investment opportunities. This expertise can help clients to find the right property for their needs and budget.
- Time and stress savings:Buying, selling, or renting a property can be a time-consuming and stressful process. Real estate agents can streamline the process by handling all aspects of the transaction, from scheduling viewings to negotiating contracts or leases.
- Professional advice:Experienced property professionals can provide their clients with professional advice on all aspects of the property process, from financing to legal matters. This advice can help clients to make informed decisions and avoid costly mistakes.
- Tenant screening and selection:Managing agents have experience in screening and selecting tenants. They can help to ensure that landlords are renting to responsible and financially stable tenants.
- Rent collection and management:Letting agencies can collect rent from tenants and deposit it into landlords' bank accounts. They can also manage rent increases and other financial aspects of the tenancy.
- Maintenance and repairs:This can be a major headache for landlords - managing agents have access to pre-approved service providers and take on all the hassle for you.
- Dispute resolution:Managing agents can help landlords resolve disputes with tenants, which can help to avoid costly legal action.
- Help with home staging and marketing:Your agent can help you stage your homes attractively and market them effectively. This can help to sell properties faster and for a higher price/achieve higher rentals.
- Support after the sale:Real estate agents can provide their clients with support after the sale, such as helping them to find a removal company or to connect with local businesses.
- Assistance with negotiations: Real estate agents can help clients negotiate the best possible price for their property. They can also help to resolve any disputes that may arise during the transaction.
Using a real estate agent in South Africa offers several benefits, including protection from physical safety risks and property scams, local expertise and market knowledge, time and stress savings, and professional advice.
If you insist on the DIY route, Paul has some tips for you:
- Do your research: Learn as much as you can about the property process. This includes understanding pricing trends, legal requirements, and how to avoid fraud and scams.
- Get professional advice: Consider hiring a lawyer or conveyancer to help you with the legal aspects of the transaction.
- Be prepared to negotiate: You will need to be prepared to negotiate the price of the property and the terms of the contract.
- Be patient: It may take some time to find the right property or tenant or to sell your property for the best possible price.