Is Hiring a Real Estate Agent Worth It When Selling a Rental Property?

As a Pleasant Ridge rental property investor, it can be complicated to ascertain whether or not you should hire a real estate agent to help sell your property. On one hand, an agent could assist you to sell your property, freeing up all the time you’d spend on the task. But remember, on the other hand, real estate agents regularly charge commission fees, which can eat into your profits. Given the positives and negatives of hiring a seller’s agent, it’s significant to weigh your options heedfully before ever deciding if an agent is excellent for you.

Pros of Hiring a Real Estate Agent

The main selling point of hiring a seller’s agent is that they provide a level of expertise and access that several people don’t have. Experienced real estate agents are well informed in local real estate laws and regulations, so they can make certain that all legal requirements are met during the sale process. They may equally have access to exclusive listings and contacts in the industry which could give rise to an effortless, faster sale for rental property owners. Real estate agents who specialize in rental properties, specifically, may be able to connect with Pleasant Ridge property managers who certainly know the value of an income property and who are prepared to pay a fair price.

Another excellent benefit of hiring a seller’s agent is that they can help you save time. This is, in particular, really helpful for busy rental property owners because managing the sale process for an income property can be extremely time-consuming. The right 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 way more of your time should you try to do it yourself.

Cons of Hiring a Real Estate Agent

The main disadvantage of hiring a real estate agent is the cost. Agents repeatedly charge commission fees based on a percentage of the sale price, which can decrease your profits. Naturally, that commission buys you needed expertise and time saved, so for many property owners, it’s worth the cost. Having said that, it’s imperative to keep in mind that some real estate agents charge additional fees for marketing or other services. Therefore, get a full list of commissions and fees before hiring.

Furthermore, rental property owners should perceive that some agents are not that qualified or experienced in rental properties in particular. This implies they may not understand the complexities of rental transactions and could cost you time and money instead of saving it for you. Conclusively, 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 often an element of risk when hiring one. But still, though, several agents only get paid if they close the sale, so these risks are relatively small.

For Sale By Owner – What to Expect

If you consider not hiring an agent, you’ll be tasked with managing the sale yourself. This indicates marketing your rental property, handling contract negotiations, and handling inspections with potential buyers. You must even secure that all rental property sale transactions are legal in your state/jurisdiction. If you go this route, carefully research rental property rental laws and regulations just before listing your rental property for sale.

All in all, hiring a real estate agent can help rental property owners who need more time or expertise to sell a rental property independently. Hence, it’s vital to completely weigh all the pros and cons before deciding.

If the reason for selling your Pleasant Ridge rental property is that you do not fancy tackling the hassle of property management, you might want to reconsider. Hiring Real Property Management Advantage for professional property management could make owning rental properties a really easy and appropriate or efficient way to build long-term wealth. To learn more, contact us online.