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

An agent and a property seller sitting down at a table looking at documentsAs a St. Peters rental property investor, it can be quite difficult to determine whether or not you should hire a real estate agent to help sell your property. From one point of view, an agent could support you in selling your property, freeing up all the time you’d spend on the task. Though on the other hand, real estate agents normally charge commission fees, which can eat into your profits. Given the benefits and burdens of hiring a seller’s agent, it’s necessary to weigh your options conscientiously before making a decision if an agent is great or right 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 many people don’t have. Experienced real estate agents are completely well-informed in local real estate laws and regulations, so they can make it a point that all legal requirements are met during the sale process. They may moreover have access to exclusive listings and contacts in the industry which could make for a worry-free, faster sale for rental property owners. Real estate agents who specialize in rental properties, mainly, may be able to connect with St. Peters property managers who know the value of an income property and who are likely to pay a fair price.

Another attractive benefit of hiring a seller’s agent is that they can help you save time. This is all the more useful for busy rental property owners because managing the sale process for an income property can be unusually time-consuming. A top-notch 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 plenty 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 mostly charge commission fees based on a percentage of the sale price, which can decrease your profits. Obviously, that commission buys you useful expertise and time saved, so for many property owners, it’s certainly worth the cost. Then again, it’s vital to know that some real estate agents charge additional fees for marketing or other services. Hence, get a complete list of commissions and fees before hiring.

Aside from that, rental property owners should be aware that some agents are certainly not necessarily qualified or experienced in rental properties, particularly. This denotes they may not completely understand the complexities of rental transactions and could cost you time and money instead of saving it for you. In the end, 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 typically an element of risk when hiring one. All the same, many agents only get paid if they close the sale, so these risks are relatively small.

For Sale By Owner – What to Expect

If you choose not to hire an agent, you’ll be the one in charge of managing the sale yourself. This points out marketing your rental property, handling contract negotiations, and handling inspections with potential buyers. You must equally make certain that all rental property sale transactions are legal in your state/jurisdiction. If you go this route, completely research rental property rental laws and regulations before listing your rental property for sale.

Normally, hiring a real estate agent can be helpful to rental property owners who need more time or expertise to sell a rental property independently. Although, in actuality, it’s critical to thoroughly weigh all the pros and cons before ever deciding.

If the reason for selling your St. Peters rental property is that you don’t ever want to handle the hassle of property management, you might want to reconsider. Hiring Real Property Management Endeavor for professional property management could make owning rental properties completely manageable and the best thing to build long-term wealth. To learn more, contact us online.

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