Here are eight valid reasons to use a CIREBA trained Real Estate Professional to help sell you Grand Cayman Real estate property. Avoid going the FSBO route. FSBO = For Sale By Owner!
One word that sums it up, RISKY. FSBOs jeopardize time, money, and most importantly, a favorable outcome. In fact, in the North American and we can apply it as well to the Cayman Islands, research shows that FSBO listings sell for about 5.5% LESS than comparable properties sold through the MLS. Some sellers reason if they do-it-themselves they can save the commission, big mistake!
Sure you can educate yourself on anything, there are thousands of books on real estate. However, full time experienced successful CIREBA trained real estate agent’s experience is priceless. Real Estate Agents understand what the internet cannot give a seller the whole story.
Everyone’s time is valuable, but do you have time to attempt to play the real estate agent role? Are sellers available to show their home safely, and is it accessible when the buyer wants to see it? How will sellers handle showings when they are on vacation for a week, and there are cash buyers in town? Do they time to schedule and manage showing appointments? Feedback from potential buyers is vital to moving forward, will the sellers know what questions to ask? As Real Estate Agents we are not emotionally involved in the selling process, so if a purchaser says they dislike the green wall, we won't take offense.
First impressions are so important in everything but especially when it comes to real estate. You never get a second chance to make a first impression, and the same goes for putting a property up for sale. Do sellers know how to prepare their home for sale adequately, and do they know what it needs or doesn’t need? Can they stage it without emotion? Can they do professional photography, drone, video, and virtual reality?
How will sellers start to market their property? Put it on ecaytrade or ecayonline and hope a buyer is out there. Do they know the buyer demographic in Cayman that fits their home and district? Or perhaps they will take out a full-color ad in the Compass newspaper and cross their fingers. What about predictive analytics which helps Engel & Volkers agents to know how to promote the listing to other CIREBA agents in the community and on social media? Will they be local buyers or overseas buyers, how will a seller advertise in James Editions or Luxury Real estate markets.
5. Negotiation experience
Engel & Volkers Realtors are mediators; we are matchmakers, we get the seller and buyers to meet in the middle. We have this time and time again, and that is why we are skilled Realtors. What if a buyer low balls an offer to the seller, what next? How do they respond? Do they have an Offer to Purchases agreement? In our seller's market, how will a seller deal with multiple bids and a bidding war? What about the conditions of the offer? What costs typically do the seller pay?
Home inspections are one of the trickiest parts of a real estate transaction, even for real estate professionals. If there is a significant repair needed for the a/c system for example, who pays for that? Who do they hire in Cayman to do a home or condo inspections? What repairs are usually done by a seller?
7. Transaction administration
Paperwork is something that Realtors typically do not like doing because it is boring, but it is vital they keep up with all the deadlines and requirements, so nothing falls thru the cracks and kills the deal. At Engel &Volkers Cayman Islands we have a useful checklist that we follow so we can advise the seller and purchasers of their next steps. We recommend lawyers in Cayman to handle the closing for you.
8. Closing Skills
Do sellers know what the closing protocol is in their market and what the expectations are? When do sellers have to be moved entirely out of the house? How do they handle unexpected, last-minute issues that may arise before closing, that is where a realtor steps in to save the day?
The perceived savings can come back to hurt the sellers regarding uninformed decisions and costly mistakes that. Money that ends up costing sellers more than if they would have used a CIREBA agent to help them justify their home’s value in the first place.
Heidi Kiss, Broker, License Partner and Advisor