Wednesday, July 20, 2016 / by Cody Ford
Top Dollar. It’s what every homeowner desires when selling their home. So, it only seems reasonable that deducting another 5-7% for a realtor doesn’t make sense to your bottom line. After all, if the housing market is as brisk as everyone says it is, selling your own house should be a quick and simple task.
The problem is, being your own realtor isn’t often as easy at it sounds. When it comes to the art of negotiating price, repairs, appraisal, financing and contract preparation are you really prepared for all the details and obstacles you may meet along the way?
If you are considering selling your own home and hope to save some money in the process by marketing it yourself, here are five draw backs that just may make you think again.
Agents Aren’t Aware Your House is For Sale
Even though you may list your home on Zillow or Trulia and have FSBO signs throughout your neighborhood, realtors with a slate of eager and eligible buyers don’t know your house is for sale. Since agents generally pull their listings from the vast Multiple List System (MLS), your home and it’s specifications are not readily available to most realtors and therefore, your market shrinks to about 13% of people who do buy a home without a realtor.
Objectivity is Difficult
Selling your home is an emotional process. Having an agent helps keep you one step removed from the process and makes you less likely to make careless mistakes, such as overpricing your home or refusing to counter on a fair offer.
By eliminating an agent, you will deal directly with rejection every time a buyer’s agent doesn’t express an interest in your property. When buyers do provide feedback, you will be the one who directly hears the blunt comments made about your house such as, “that wallpaper is horrible,” “It’s very dated,” “the décor is ugly.” Agents take the sting out of the rejection and put a positive spin on negative feedback by often instigating the process of improving derogatory comments.
It’s Time Consuming
If you are working a full-time job, do you have time to run home every time someone wants to see your house? Can you excuse yourself from soccer practice or abruptly leave the grocery when someone calls to come by? Are you ultimately ready to take advantage of every possible opportunity to market your home to potential buyers? Do you have the expert knowledge to answer any questions potential buyers might have? Is there an encroachment in the back yard? Are there any liens on your title? Are you prepared to answer these questions? If not, consider giving this job to someone who does it full-time and knows how to handle these critical questions.
You Don’t Have Huge Networking Potential
You can list your home on Zillow, Craigslist and even the Multiple Listing Service, but will that be enough? Do you have a huge professional network of people who are willing to share and communicate the fact that your house is for sale? You probably don’t have relationships with other agents or a real estate agency that will bring the largest pool of potential buyers right to your door. With a smaller pool of potential buyers, there is a very good chance your home will sit on the market for a much longer period of time.
Negotiating Is Tricky
Even if you have vast sales experience, you don’t have experience negotiating the sale of a home. When you don’t know how to walk through the negotiations properly, you may lose valuable dollars from ignorance. Inexperience when coupled with emotions can equal irrational and poor decision making at the critical deadline. Agents know the pulse of the market and what drives demand. That gives them a huge advantage by knowing what terms are worth negotiating for and which are worth letting the other party win. Agents in the closing process are also helpful in explaining and preparing their clients for which fees need to be paid, including transfer taxes and closing costs. Mistakes on the sellers’ disclosure or any other legal paperwork involved in selling a house, could cause legal liability for you.
Unless you are looking for another full-time job when selling your home, one loaded with research and knowledge of current laws, the Trish Ford Real Estate Team provides professional guidance for you and your family when buying or selling a home. We walk you through the process without hassle and prepare you to face all legal aspects that face you in the process. Although you may not want to give up a percentage of your home sale profit, in the long run, our experienced real estate agent will save you countless time, energy and money by creating a smooth and informed home selling experience, one that lets you keep your one full-time job and leave the real estate job to the professionals. We are here to help. Let us know we can help ease your transition in the housing market.