Hiring An Agent in Miami: Costs and Drawbacks

You’ve decided it’s time to sell. But have you spent any time considering your answers to the following questions?

  • Do you want to hire an agent to sell your house in Miami, Florida?
  • Do you want to pay large commissions?
  • How long are you willing to wait for an offer?
  • Do you know long it will take to close?
  • Are you prepared to spend money on repairs?
  • Can you keep the house clean and tidy 27/4 ready?
  • Are you available to show your house with 24-hour notice, or less? 

Everything You Need To Know About Hiring An Miami Agent.

Commissions and Fees

Real estate agents earn a commission-based wage that’s relative to the sale of your house. Commission fees typically run around 6%. This means that if you sold your house for $400,000, you would pay $24,000 in commissions alone. To make matters worse, this doesn’t consider marketing costs, advertising fees, admin expenses, repair costs, and other unforeseen expenses associated with working with a real estate agent.

Waiting Time Frame

Real estate agents will list your home for sale on the MLS (aka multiple listing service). This may sound great, but how long will it sit on the market? How fast will your property gain traction? Depending on the market, you could be waiting months before a buyer makes a viable offer. All the while you’re paying thousands in holding costs, utility bills, insurance, taxes, and more.

Plus, traditional house purchases usually require qualifications from banks, which involves inspecting the property before approving the buyer for a loan. It’s not uncommon for retail buyers to back out at the last minute because their bank refused to finance a loan.

Inspections & Repairs

For retail buyers, an inspection of your property is non-negotiable. These days sellers are even opting to pay for an inspection before putting the property up for sale. This is so they can be prepared ahead of time for the long list of repairs, issues, and problems that inspections tend to bring to light. For many sellers, inspections are a pain to deal with since buyers often use the results as justification for negotiating a better deal (in their favor, of course).

Professional house buyers in Florida will usually purchase houses AS-IS. As a seller, this means you can forget about repairs and any other costs associated with cleaning the property before moving out. There are even some companies that do not require a single inspection, making it truly an AS-IS transaction.

Showings

Dealing with viewings and open house events is simply a part of the agent-selling route wherever you are. Retail buyers will expect a thorough tour of your home, and agents will insist your property is clean and clutter-free to ensure the viewing is successful as possible. Obviously, this means keeping your home tidy 24/7 but also changing your plans at the drop of a hat to accommodate potential buyers.

To find out more about the downsides to working with a Miami real estate agent, call our office at (305) 916-3328. A member of our team would love to speak with you.
Or, click here to fill out our short form.

Did you enjoy our post? Follow us on Facebook and Twitter for articles and information about real estate in Miami, Florida.

David Veras

David Veras was born in Hialeah, Florida and has been involved in Real Estate since February 2019.

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Get Your 100% No Obligation Free Cash Offer Now...

We buy houses in ANY CONDITION in Florida. There are no commissions or fees and 100% no obligation whatsoever. Start below by giving us a bit of information about your property or call (305) 916-3328...
  • This field is for validation purposes and should be left unchanged.