Hey, what’s going on? This is John. Welcome back fellow real estate investors for Rei Wealth Academy. Going into the third week, we’re talking about negotiation in the context of sales overall. Before we get into all that and make sure you’re following us on Facebook, on twitter, the podcast that we got put out also reiwealthacademy.com. Check out the blog that we have there. All right, so let’s get into this real quick. So the question that I have is do you do a DIY or a done for you solution, a DFY? Which one are you going to choose in order to sell your home? Now there’s pros and cons to both and I kind of want to go through that, but again, I want to go through it in the context of negotiation before we can get there. Let’s talk about each one of those.
So DIY, so even with that, are you going to be the one that’s putting out your marketing and putting out all that stuff? Well, how long you actually have and how much time you’re willing to put into it is going to affect your posture. When you go to negotiate, because if you’re running up against timelines, if you’re still living in the house like I was now is the lesson I learned, I will never sell a house that I’m living in again. Like that was just a nightmare with two little kids, a five year old and a two year old and then a wife on top of that who is also working and having the babysitter come over. I’m not doing that again because that didn’t put me in the best posture necessarily. Now I still got still fetched a really good price for the home, a private home that ended up selling like that.
And I also used a listing service which really helped as far as the marketing actually went and I had to do some minimal stuff and had some things ready to go for the negotiation when it came in from other agents knowing that I was going to expect that. So there were some things that are positive about that experience, but also some things that were negative about it as well because, we also had to. We’re getting ready to move. We had movers that we’re going to come over at a certain point in time as well, you know, when did we want to apply to move into another house? So these were all the things that we’re factoring into my posture when I was trying to get ready to go into a negotiation, so not necessarily the most, the strongest point, and that’s something that I fully acknowledge.
I wrote down as lessons learned for myself to make sure that I know that. So on the other side though, on the done for you, obviously a listing agent, this is where they’re really going to make their money because they’re experts supposed to be at a marketing your property, putting on the MLS. Now if you get with a listing agent that really just isn’t cutting it, just fire them. Just you know you. Yes, you have a contract. Yes, you have to abide by it, but there’s a point where if they’re not, if you can document that they’re not doing it for you, man, just get rid of them. Because if they’re not doing the services they’re supposed to be doing, there’s better ones that are out there, but again, they have a premium for being able to do that and you’re kind of delegating a lot of the negotiation piece to it.
So you’re giving up some of the power there because you’re having to go through a third party in order to be able to have the transaction go your way because again, you still want your price that you’re looking for. But again, how your posture is between whether you’re doing a DIY or a done for you is going to matter a lot. So how did you put it up? Back enough money, enough holding cost, a way to be able to afford, the timeline that it might take, especially if you’re doing a for sale by owner. I’m like, I was, I was prepared to go a little bit longer and even if I had to, even though I still kind of living in the property, we still move. We still had money set aside. So that was definitely something that helped the posture, but it could also hurt.
And that can go for either way and the DIY or the done for you a portion. So are you going to do DIY or are you going to do a done for you solution? Now, what I would say is just ask yourself as an action item, is your call to action right down to how comfortable you think you feel about sitting across from a table from somebody, whether that’s an agent or whether that’s a buyer and say, how would I prepare to make sure I was in the best possible situation when I was getting ready to sell this property? What I want to have the DIY function that was there, or what I’d rather have the done for you. And a lot of people might choose the done for you solution and that’s fine, but write out some of the pros and cons for that.
I’ve listed some of the ones that I’ve had. So you go ahead and write out some of the DIY pros and cons and the done for you solution, pros and cons. So that’s your call to action for this video overall, make sure you’re following us on Facebook. The blog reiwealthacademy.com, if you’re in the Roanoke valley area, Roanoke real estate education group with Andy and his team, they’re putting some awesome stuff together out there, also doing some live training and, Keith and Roberta are going to be traveling out there as well. Make sure you’re connecting with them as well. And again, checks on the podcast. I love to see you there love to see your feedback on what we’re putting together. This is John signing off. I’ll see you on the next one.