When it comes to selling your home In Trinidad and Tobago most sellers do not think of hiring a real estate agent. Whereas, within the US and Canada, hiring a real estate agent is like that morning cup of coffee, you just can't get your day started until you have it.
We can get into a million and one reasons why persons usually don't think of a real estate agent first when they're considering selling their homes in Trinidad and Tobago. Some of these reasons include, trust in the agent, industry regulations, the additional "burden" of paying a commission, and the list goes on and on, however, I will expound on this at another blog post.
By practicing real estate over the years in Trinidad and Tobago, I have definitely seen the need to hire a real estate professional when selling your home. Below are 5 reasons why you should consider working with a real estate agent in Trinidad and Tobago.
The process of selling your home can be a bit overwhelming. A real estate agent can provide the right guidance and support throughout the entire transaction. Most sellers may have their deed at hand but not the other supporting documents as this may have been lost or misplaced over the years. A real estate agent can advise on what other documents are needed and direct you to the relevant offices to obtain them.
Additionally, a real estate agent can provide guidance and support regarding the desired goal or result of selling your home. At this point the agent will be able to inform you if the desired goal can be achieved or not.
For example, you may want to sell your home to migrate to the US or Canada. While this may seem possible, have you given thought about the funds you would receive from the sale? Will you be able to move the money from a local bank in Trinidad and Tobago to a bank in the US or Canada? Can this desired goal be achieved?
You may also what to sell your home to clear off a particular debt. Have you done the necessary home work to ensure the current value of your home is indeed enough to clear off that debt owed. Additionally, is the house currently mortgaged at this time? If it is, are you in a position to sell as the current deed will be a deed of mortgage which may or may not affect the potential sale.
You've guessed it!
These type of conversations are important to have with a real estate agent as they can guide and support you before, during and after the sale of your home.
We all know time is something you can't get back. Therefore we try to spend our time wisely by focusing on our top priorities through out the day. Imagine you have a hectic day at work, or you spent the day running errands while receiving calls regarding the sale of your home. This can be a bit overwhelming and time consuming knowing that ninety percent of persons were just calling to "inquire about the price and ask if it is negotiable?". Not to mention, you just did a showing of your well-kept home, to be told "we will get back to you", this can be quite frustrating and may not be the best use of your time as you can be focusing on other top priorities or task that really needs your attention.
A real estate agent can assist you with all the necessary tasks regarding the sale of your home this would include, receiving calls, conducting showings, negotiating and countering offers, liaising with the attorney and financial institutions, hosting open houses, drafting a marketing plan, etc. The right real estate agent will be able to assist you with all of this while providing you with timely updates so you will be informed every step of the way.
Please do not take this one for granted, a real estate agent can provide you with connections and resources in multiple ways.
A real estate agent always has a pool of potential buyers who are actively and aggressively searching for a place to call home. By listing your home with a real estate agent these potential buyers would be the first persons to be contacted by the agent. These persons would have toured previous houses, but just something about the houses did not give them the nudge to call it their home.
I will consider this list of potential buyers a a huge benefit of working with a real estate agent as this type of activity can also get your home sold without even reaching the open market.
Not to mention, the multiple connections a real estate agent has with other professionals within the industry, such as, attorneys, surveyors, valuation companies, contractors, plumbers, electricians, etc. This can be a tremendous benefit should you desire any of the other professionals during the sale of your home. These professionals would have been utilized in the past by the agent, therefore the agent can vouch for their level of work and professionalism.
I cannot begin to stress the fact that all of these benefits may seem simple and easy to get done however, within the heat of the transaction when emotions and sentimental values comes into the equation these simple things seem so insurmountable.
Another major benefit of working with a real estate agent in Trinidad and Tobago is their negotiation skills. However, before we take a closer look at the benefits lets all agree that the art of negotiation is a skill that can be learnt, practiced and developed with the right training.
The art of negotiation in real estate isn't only about the financial aspect of the sale, nor is it only about countering offers and getting the buyer as close as possible to the asking price. It also involves negotiating the terms and conditions of the agreement for sale, negotiating which attorney would hold the 10% deposit in escrow, negotiating the necessary work that should be completed on the property before the handover of the keys and the list goes on and on. You can practically negotiate anything.
Hiring a real estate agent to facilitate this aspect of the transaction is crucially important as I have seen countless cases where emotions got involved and the transaction fell apart due to emotional decisions within the transaction. Remember, the buyer will potentially see the house for what they want it to be, while the seller will see the house base on the memories created within each room.
I've saved the best for last as a real estate agent would be extremely knowledgeable about the industry an area to which they operate. This information can be so beneficial to the seller as they would be able to inform them of the current market trends, the best pricing strategy, which home was recently sold within the neighborhood etc. The agent will also be able to provide the seller with a bit of legal knowledge. An example of this is ensuring what type of interest in land it is, whether, freehold or leasehold as most deeds will usually say "fee simple" instead of "freehold", which is just a legal term for "freehold".
An agent will also be able to advise the average number of days your home should be on the market with the right pricing strategy and marketing efforts. This is where the agents knowledge of the area will come into effect along with their marketing expertise of selling a home.
So the next time you, or someone you know is considering selling their home in Trinidad and Tobago, feel free to share these five benefits with them and hopefully, just hopefully they will see how the benefits outweigh the disadvantages of not hiring a real estate agent to sell their home.
I hope this blog was able to provide some type of value to you.