The market is so hot, why not just sell your house yourself and save money on commissions?
I can understand why homeowners think selling their home on their own is a great way to save money. However, the market has shown that For Sale By Owners (FSBO’s) make less money on their home sale compared to listing with an agent. And it isn’t always just about the money. It takes a lot of time and coordination to put a home up for sale and navigate the process.
GREAT AGENTS MAKE THE PROCESS LOOK EASY
Maybe a FSBO didn’t have a great experience in the past with an agent and they think they can do it better themselves. However, an agent with great processes and experience will make the entire process so much easier and less stressful than you taking it on yourself.
BEFORE YOU GO FSBO, CONSIDER THE FOLLOWING:
– What are buyers looking and willing to pay for? What paint colors, fixtures or updates will yield the highest and best offers? Agents that show homes to their clients or have listings on the market get regular feedback from potential buyers. We turn this feedback into enhancements that a seller can do to make their home more desirable to yield the highest offers.
– What is the fair market value of your home? An appraiser will be using the most recent sales in your neighborhood to determine the fair market value of the home, not a Zestimate. If the home does not appraise for the contract value, then the buyer can void their contract and walk away. Part of an agent’s value is their understanding of the market, and putting a pricing strategy in place so that it mitigates the risk of the home not appraising for the contract price.
– How will you show the property? Are you prepared to handle numerous phone calls from potential buyers hoping to walk through your home? Do you know if the buyers are even qualified to purchase a house? Are you comfortable leaving the house while this person walks through your house without a licensed agent? How will give them access to the home?
– Are you familiar with the Residential Sales Contracts? Do you have negotiation experience? How will you determine if the buyer is financially qualified to purchase and that their lender will be able to get to closing on time? As a seller, what are you legally obligated to disclose to a potential buyer?
– How will you market your home to potential buyers? If your home isn’t going to be in the MLS how will you advertise it to get the most exposure and attract the perfect buyer to your home? Serious buyers that have been prequalified for a loan are working with an agent that will send them properties from the MLS. If you are just posting your home in Zillow, you are missing out on reaching hundreds, if not thousands of potential buyers.
– Are you comfortable negotiating home inspection repair lists? What is a reasonable repair list and do you even need to fix items that the buyer is requesting?
– Do you want to oversee the title company and the lender to make sure that everything is on track for closing? What do you do if issues come up?
There are so many more things that go on behind the scenes of a real estate transaction. And like I said before, a great agent will make it seem easy and painless. Do yourself a favor and sit down with a recommended agent in your neighborhood to see how they can make the process so much easier for you, and make you more money in the long run.