It seems that to own a condo these days is mix of joy and pain. Joy that you have an asset that may also bring you income if you treat this as an investment. Pain that you are paying so much to maintain it to acceptable standards. Once you decide to sell the condo, you would have to find the best way to dispose of it without breaking your bank. Real estate agents are the usual way to go in getting your condo sold. How about getting it sold using your own efforts rather than relying on realtors? Would this work?
As house prices fell after the housing bubble burst, and the internet became more effective in helping individuals do more for themselves, the need for real estate agents in every housing transaction appears less and less crucial. Certainly a smart individual can successfully sell his property without help from realtors. Even persons with luxury homes for sale may find that online resources and marketing may be sufficient for a successful transaction. One consideration in your decision to use real estate agents, or not, is the cost of using them relative to the final price you will get for your condo in the current market. If you can post your condo on free online services and classified advertisements and get responses, why would you need to pay an agent to do that?
Since 2005 the prices of real estate including condos have fallen sharply and you would have to do everything to get close to the market price of your condo as possible. If you had bought your condo prior to 2005, don’t expect to recover anything close to what you had originally paid for it. The bright side is that with advanced planning and research, preparation and diligence you would be able to sell your condo and achieve savings in the process. One tactic you can use if you must rely on real estate agents to sell your condo is to use a discount broker whose fees are much lower than the typical realtor. This broker will list your property on multiple listing service (MLS) to achieve a wider coverage of potential buyers. You will find that listings such as Brighton condos for sale are also on MLS sites. Of course, you would have to have worked out the costs and benefits beforehand to inform your decision on whether to use even a discount real estate broker.
Since it may not be possible to recover the full market price for your condo in a “down” market, you must be contented with the next best thing, a final price that is close to the market price as possible. To hold as much of that value as possible, you would need to use low cost resources and services in your sales transaction. Your real area of savings also comes with your actual payments on real estate commissions. You can find yourself saving the entire 5-6% commission on the final price of the condo, when you choose not to use an agent; or saving a portion of that commission when you used a discount broker. Investing the time and effort into planning and researching your options for selling your condo would be well worth it when you realize the benefit of an effective sale after all.
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Please note the content is not intended to be, legal or investment advice. You should consult a licensed attorney or realtor for advice regarding your individual situation.