Welcome back to the Becoming Wealthy podcast! I’m your host, Sophia Bosch, joined by my co-host, Michelle Bosch. Today, we’re diving into the process of selling a property and the key decision: should you sell it yourself or hire a realtor?
Selling the Property Yourself
Pros:
1. No Realtor Commission: One of the most significant benefits is that you keep the full sale amount without having to pay a realtor’s commission.
2. Control Over the Process: You handle the listing, create the pictures, and manage all aspects of the sale, giving you complete control.
Cons:
1. Time-Consuming: The process can be lengthy, requiring you to stay on top of leads and buyer interactions.
2. Lack of Expertise: You might not be well-versed in the area or know the best marketing strategies, which can impact the sale’s success.
If you were to sell the property yourself, you could list it on platforms like Landwatch, Facebook Marketplace, and Zillow using a brokerless MLS.
Finding the Right Realtor
Given that Sophia is balancing school and other commitments, we decided to seek the help of a realtor. Here’s how we approached finding the right realtor for our property in Arizona.
1. Use Land ID: I logged into my Land ID account, entered the parcel number, and located the property in Maricopa County.
2. Research Listings on Zillow: I searched for similar properties in the area and analyzed the sold listings from the past 24 months. This helped identify active and successful realtors in the region.
3. Identify Top Realtors: By noting the listing and buyer’s agents on the sold properties, I compiled a list of the most frequently appearing names. I then cross-referenced these names on LinkedIn to find their contact details.
Key Questions for the Realtor
When calling potential realtors, here are the questions to ask:
1. Experience: How many pieces of land have you sold in the last 12 months?
2. Time to Sell: How long does it typically take you to sell properties?
3. Price Estimate: How much would you estimate selling our property for, both for cash and with seller financing?
4. Marketing Strategy: What strategies will you use to market the property? Are there buyer lists or specific outreach methods you employ?
Non-Exclusive Agreement
Consider negotiating a non-exclusive agreement with the realtor. This allows you to continue marketing the property independently while the realtor also works on selling it. If you find a buyer yourself, you can still involve the realtor to handle the transaction details and pay them a commission, ensuring they remain motivated and invested in the sale.
Choosing between selling your land yourself or hiring a realtor depends on your availability, expertise, and willingness to handle the sale process. Hiring a knowledgeable and proactive realtor can potentially lead to a quicker and more profitable sale, especially if you have other commitments.
Thank you for joining us on this episode of Becoming Wealthy. We hope this discussion helps you make an informed decision on your land sale journey. Stay tuned for more episodes, and happy selling!