Making profit from real estate investment is not only about sound buying and doing the right things if you are renovating for profit, you can also increase your profit by saving on costs when selling the property.
Most people use real estate agents to sell their properties and you can negotiate with various agents to get better deals so that you are not paying too much in commissions and advertising.
Another way to increase your profit is to sell your property yourself, without engaging the services of an agent at all. Depending on where you live, this saving can be quite large and can increase your percentage profits that you make on your real estate investments.
However, make sure you consider all the steps involved in selling your own house before embarking on doing so, as if you do not do this correctly, you may lose out in the end by either not selling your house within an acceptable time frame, or Getting a lower price than what the property could have acquired with an agent. Here are some of the points to consider:
1. Do you have the time to sell your own property. If you have a full time job that is not flexible on time, and if your family or other commitments limits your after work hours, you may not have any time to sell your property. Selling your own property can be time consuming as you need to do open houses, answer phone calls from prospective buyers, conduct your advertising and marketing, conduct negotiations with prospective buyers and then complete the necessary paperwork and contracts once you have a buyer;
2. Do you know what to say to potential buyers when they come to inspect the house. You need to know how to deal with them and what to say, as this can make or break the deal;
3. Can you make your house look good? You need to make your property attractive to the buyer – this will help you get the best possible price and sell in the least amount of time;
4.What are you like at negotiating with buyers? Can you negotiate with buyers, even really difficult ones that might criticize your house and then offer a ridiculously low price. If you are the sort of person that gets emotional in negotiations and does not like confrontations, you may want to take this into consideration as there are many people out there who are not the nicest when purchasing property. They are all out to get the best deal possible and not to make friends with you. You will also run into a lot of time wasters, which can be very frustrating and tiring for you. Make sure you take this into account.
5.Can you conduct research into the local property market? Your potential buyers are going to know the local market and what property is worth. You need to have this kind of information on hand when dealing with buyers otherwise they can try to pull the wool over your eyes or they may lose confidence in you as a seller
6. Can you prepare a marketing plan? In order to compete with the other properties on sale in your area, you need to market your property just as well as the people including doing property plans, brochures, listings on internet sites etc.
The potential is definitely there for you to save thousands of dollars by selling property yourself. The good news is that there is a lot of information available on the internet that can help you sell your property without an agent and take you through all the steps in doing so – helping you avoid the pitfalls and traps, and how to sell your property For the best price in the shortest space of time.
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Source by Colin Lim