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Specializing in These Chicago Streeterville Condo Buildings:

Reasons to Hire a Broker

Are you getting ready to put your Lake Point Tower or downtown Chicago condo on the market? Before you do, it’s important to decide how you want to sell your condo. You can try to sell the condo on your own, or you can hire a broker. In this guide, we will discuss the advantages and disadvantages of each option.

For Sale by Owner

The Pros
The bottom line when selling your condo on your own, you will put more money back in your pocket. Rather than paying a commission to an agent (typically 6%), you can use that money for a down payment on your new condo, or invest it in other ways. If you go this route, you need to be certain you have the skills necessary to market the property well and you’ll need to be able to highlight the benefits of the property to prospective buyers.

Selling your own home gives you complete control over everything. You will set the asking price, schedule times to show your Chicago condo and you’ll do all the negotiating with buyers. Depending on the interest people show for your condominium or house, you can decide whether to hold firm on your price or accept a lower bid if you aren’t receiving many offers.

The Cons
You will have far less exposure when selling a property by yourself. Without the assistance of a broker, you won’t be listed in MLS and buyers may feel less comfortable when a professional broker is not involved in the process. Most buyers want to see multiple properties in your area, which you will be unable to help them with.

In all likelihood, your condo will sell for less than it could otherwise. Studies have shown that condos sold with a broker sold for much higher median prices than those for sale by owner. Most buyers think they can negotiate more when buying directly from the owner since they’re saving on the commission.

Traditional Brokers

The Pros
A traditional broker can get great exposure for your condominium by using MLS and by contacting other agents they know have buyers looking in the area. A good agent will do all the hard work for you from start to finish. They will find prospective buyers, negotiate the final asking price with your input and everything in between.

The Cons
Brokers can be expensive. They typically charge a 6% commission for their services, meaning a lot less money in your pocket. An agent may not have your best interest in mind, as they use every opportunity to find prospective buyers to sell other properties, and not necessarily yours. The broker is also in control of negotiations, so you’ll have to trust they are providing you with accurate information and not simply trying to sell as quickly as possible so they can move on to their next sale.

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