If you’re selling real estate in Mt Laurel, New Jersey, consider this: in business, it’s all about your return on investment (ROI). This return on investment is essentially the value or benefit returned to an investor in exchange for the commitment of resources. Conventionally, ROI is expressed strictly in terms of financial gain. However, there are other metrics; time, or more specifically time savings, is also a quantifiable return on investment. Enlisting the help of a New Jersey real estate professional to buy or sell your home will bring a substantial ROI in both time and money relative to completing your real estate transaction. Here’s a more in-depth discussion on this return on investment and how to optimize your success when partnering with a realtor.
Don’t be Fooled by Perceived Savings
Many people have the false opinion that there’s a substantial savings to be earned by forgoing the professional services of a realtor for buying or selling. While it’s true that agents – both for buyers and sellers – receive % of the sale price as a commission for services, the work invested getting to the transaction can be challenging, highly technical and requires a substantial investment on their part. In variable, people to decide to buy or sell on their own later report problems with the process, undisclosed issues with the property, or other headaches which might have been prevented or mitigated by a professional. Major expenditures are too important to take the risk. Plus, if you’ve ever had the misfortune of a sour solo real estate effort, you likely won’t make that mistake again.
ROI of Time
While you are working alongside your New Jersey real estate professional -- particularly in the beginning -- they will continue to work for you even when you cannot spend the time due to other commitments. Your realtor performs a market analysis, checks comparable homes, scouts other properties and reaches out to their real estate colleagues, prospective buyers and existing clients to perform the outreach critical to your success. Whether buying or selling, a realtor invests the time into securing your transaction, saving you valuable time in the process. From buy/sell agreements, appraisals, inspections and repair estimates, your realtor will put in the long hours necessary to get you to closing!
Additionally, realtors are planning open houses, showings, going through your property and making suggestions on best marketing options and how to showcase the best attributes of your home. They can make suggestions regarding small improvements which can dramatically affect sales price. If you’re looking to buy, your realtor is doing the hard work of combing through listings, touring neighborhoods and screening properties to narrow your search to those properties that fit your needs. They are looking at prospective properties with a discerning eye and exploring options for negotiations on price associated contingencies. This, in turn, saves you the time of looking at properties you are not interested in. Again, these are small details which add up to huge time savings and efficiencies throughout the process.
ROI of Money
The commission a good realtor receives for their professional services can provide a substantial financial ROI in the form of better negotiations on price, thorough home inspections and review of disclosures, time spent on document preparation, assisting with financing and completing the real estate transaction. Real estate agents are professional negotiators, experienced in home repair, and knowledgeable about trends. They are able to synthesize this data into useful information that will aid you in making a solid purchase or sale in today’s competitive real estate market.
Working with your New Jersey realtor can have a significant impact on getting the best price for your property. There are many different factors that should be considered when establishing the value of your property. Your realtor will seek to get the greatest value by thoroughly evaluating your property, conducting a market analysis, and comparing similar properties sold within the previous year to come to a favorable figure that will result in a sale. Setting the price too high will result in poor response; too low and you’re leaving money on the table. This is where your realtor can make or break your real estate transaction.
Think of your relationship with a realtor as a long-term investment for the future. While your contractual obligations will cease after the sale closes, consider maintaining ties for future needs. Additionally, if you’ve received excellent service, be generous in your referral of a qualified realtor to friends, family and colleagues. Building this relationship creates trust and establishes valuable groundwork for future endeavors. Whether you’re looking at flipping a home, purchasing a summer vacation cabin, or simply buying and selling to get into the property of your dreams or build your financial wealth, sustaining a relationship with a trusted real estate professional will continue to yield high ROI well into the future.
Getting a Great Realtor
Maximizing your ROI with a realtor is dependent upon working with an expert. When you’re looking for a realtor, ask for certifications, references, and other performance indicators. Great performers will have no problem providing information on their credentials and aptitude. Interview prospective realtors just as you would interview a job candidate, health care provider, day care or other important professional. Investing the time in finding a great realtor will pay dividends for every real estate transaction. Beyond great skills, the best realtor is the one you connect with and that is committed to understanding your needs and working with you toward a successful outcome. Getting to closing is a complex process requiring professional expertise, entrepreneurial skill and persistence. Choose a realtor who embodies these qualities and has the desire to work hard to help you achieve your goals.
New Jersey’s real estate market is dynamic, highly competitive and presents immense opportunities. Working with a great realtor creates a powerful alliance from which to make sound investments, capitalize on property appreciation, explore options for growth and plan for the future. Working as a team, you will maximize your ROI for time, money and other invested resources as you work to achieve your real estate objectives.