As a Yonkers rental property investor, it can be quite tough to figure out whether or not you should hire a real estate agent to help sell your property. On the one part, an agent could easily help you sell your property, freeing up all the time you’d spend on the task. But take note, on the other hand, real estate agents normally charge commission fees, which can eat into your profits. Given the advantages and disadvantages of hiring a seller’s agent, it’s imperative to weigh your options completely when deciding if an agent is appropriate for you.
Pros of Hiring a Real Estate Agent
The main selling point of hiring and working with a seller’s agent is that they provide a level of expertise and access that plenty of people don’t have. Experienced real estate agents are fully informed of local real estate laws and regulations, so they can easily make sure that all legal requirements are met during the sale process. They may furthermore have access to exclusive listings and contacts in the industry which could cause a hassle-free, faster sale for rental property owners. Real estate agents who specialize in rental properties, primarily, may be able to connect with Yonkers property managers who certainly know the value of an income property and who are ready to pay a fair price.
Another appealing benefit of hiring a seller’s agent is that they can help you save time. This is even more so valuable for busy rental property owners because managing the sale process for an income property can be exceedingly time-consuming. An excellent real estate agent will be able to market your rental property to potential buyers and negotiate on your behalf, all tasks that would take up too much of your time should you try to do it yourself.
Cons of Hiring a Real Estate Agent
The main impediment to hiring a real estate agent is the cost. Agents usually charge commission fees based on a percentage of the sale price, which can decrease your profits. To be clear, that commission buys you helpful expertise and time saved, so for many property owners, it’s worth the cost. In addition, it’s necessary to remember that some real estate agents charge additional fees for marketing or other services. Precisely why you have to get a thorough list of commissions and fees before finally hiring.
To top it off, rental property owners should also know that some agents are not necessarily qualified or experienced in rental properties precisely. This indicates they may not be aware of the complexities of rental transactions and could cost you time and money instead of saving it for you. Eventually, there is never any guarantee that an agent will be able to get you a better price (or any sale at all) for your rental property, so there is continually an element of risk when hiring one. But on the flip side, plenty of agents only get paid if they close the sale, so these risks are relatively small.
For Sale By Owner – What to Expect
If you decide not to hire an agent, you’ll be the one responsible for managing the sale yourself. This denotes marketing your rental property, handling contract negotiations, and handling inspections with potential buyers. You must additionally see to it that all rental property sale transactions are legal in your state/jurisdiction. If you go this route, closely research rental property rental laws and regulations before listing your rental property for sale.
Mainly, hiring a real estate agent can be of use to rental property owners who need more time or expertise to sell a rental property independently. But it’s important to conscientiously weigh all the pros and cons before coming to a decision.
If the reason for selling your Yonkers rental property is that you don’t like to tackle the hassle of property management, you might want to reconsider. Hiring Real Property Management DePenn for professional property management could make owning rental properties very easy and the best way to build long-term wealth. To learn more, contact us online.
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