Are you thinking about selling your home on your own to bypass all the fees? Though this may sound appealing to some people, there are quite a few reasons why you shouldn’t sell your home without a realtor. There are three main reasons people are drawn to the idea of selling their own house and doing away with the whole real estate agent thing, and they are: to avoid paying commissions, to have complete control of the sale, and to have a feeling of confidence in their knowledge of the property, making them capable of selling their home successfully on their own. Seems pretty simple, doesn’t it? The most common mistake in going this route, is that the time and amount of stress you will take on selling your own home, definitely surpasses the amount of money you would have spent hiring a realtor to do the job for you. The benefits of listing as a for sale by owner actually aren’t so beneficial after all, and here’s why.
Realtors are experts in the field, having completed an extensive course of study, plain and simple. We have a passion for the business and we have chosen these positions as our careers, based on that passion. Realtors truly work for the client and will do everything in their power to ensure 100% satisfaction. Sure, maybe you think you’ve moved enough times in your life that you know the ins & outs of the process (maybe you do) but it’s probably safe to say that a realtor is more experienced than you are, having dealt with many more properties, and has dealt with many more buyers/sellers.
ON YOUR SIDE
Whether you are buying or selling a home, your real estate agent will act as the middle-person for you. If you’re a buyer, your agent will ensure that the seller is not “taking advantage” and will be there to protect you from bad deals and unworthy properties. If you’re a seller, your agent will filter through the calls and emails and only present you with serious offers and solemn buyers. Often, people will tour an open house just for fun because they’re curious; your agent will understand the difference so that you don’t have to.
You could bring this back and relate it to education and experience, however, the reason here is, it relates to their knowledge of the neighbourhood. Agents either possess intimate knowledge or they know where to find the industry buzz about your neighborhood. They can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics. You may know how much a home down the street sold for, however, you may not know how long it sat stale on the market or what upgrades it has that your [prospective] property may or may not have.
THE PRICE IS RIGHT
Contrary to what some people believe, agents do not select prices for sellers or buyers. Agents will help to steer their clients in the right direction. Selling agents will ask buyers to weigh all the data supplied to them and to choose a price. Then based on market supply, demand and the conditions, the agent will devise a negotiation strategy, and vice versa. If you’re a buyer, again, the agent will protect you and make sure the price is appropriate in relation to the market as well as your needs.
Real estate agents have access to the most recent, up-to-date knowledge of the market conditions, which will govern the buying/selling process. There are many factors that will determine whether the market is ready for you or if you are ready for the market. There is so much data available to agents, for example, the average cost per square foot of similar homes, median and average sales prices, average days on market and ratios of list-to-sold prices, among other criteria, will have a huge conduct on what you ultimately decide to do.
Real estate agents are in fact professionals who are trained to present their client’s case in the best light and agree to hold client information confidential from competing interests. Agents negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction. It’s part of the job description. Good agents do not simply act as messengers, delivering buyer’s offers to sellers and vice versa, finding the right agent that understands the client’s want and needs and fights for them, is the epitome of the business, and probably the most important reason to hire one.
AGREE TO DISAGREE
Figuratively not literally. Today’s purchase agreements can run approximately 10 pages or more. One little mistake or omission could land you a large headache or end up costing thousands, if you don’t have it reviewed by a realtor.
As an agent, our dedication to the client does not end at the closing. Many questions can pop up that may have been overlooked in the excitement of closing and it’s our duty to stand by our clients, ready to assist. While doing the work yourself can potentially save you the standard commission rates many real estate agents charge, but for many people, taking on this process yourself may not be the way to go–and could end costing more than the realtor’s commission in the long run. Buying or selling a home is a major financial (and emotional) undertaking, so try not to be so quick to discard the notion of hiring an agent just yet.
Feel free to contact me today to discuss your options and how else a realtor can benefit you!
Wondering the difference between a REALTOR VS Real Estate Agent? Check out my post Real Estate Agent VS REALTOR® to clear things up.