So, you’ve decided you’re going to put your home on the market. Now, you’re faced with a couple of decisions about your approach to selling your home – should you hire a Realtor and pay them a commission, or should you take matters into your own hands and list your home as for sale by owner?
For some homeowners, it may be a simple decision, regardless of which route they decide to take. And for others, they may want to weigh their options before choosing whether to hire an agent or sell themselves.
Let’s be clear, there are a lot of steps when it comes to selling a home, including lots of paperwork and meeting with several individuals. It takes a great deal of knowledge and attention to detail when processing a transaction such as selling a home, and Realtors have made it their profession and possess the expertise to make the home selling process as painless as possible.
We take a look at why it may be in your best interest to hire a Realtor.
Price of the home
Realtor: Realtors have access to what is known as a Multi-Listing Service (MIS), which allows for thousands of prospective buyers to check out your home. Also, Realtors sell homes for a living and will be able to determine your home’s value based on many factors including size, features, location, etc.
For Sale By Owner: Unlike Realtors, private sellers do not have access to a Multi-Listing Service. This means these sellers are on the hook for marketing their home. As far as putting a price tag on your home, setting the price too high may lead to your home sitting on the market longer and on the other hand, you may lose out on thousands if you undervalue your home.
Time dedicated to selling the home
Realtor: A Realtor dedicates their time and talents in effort to sell your home in a timely fashion. This includes hosting open houses and being available to provide walk-throughs on short notice. Plus, Realtors tend to be very well connected with their community. It may be your luck that they might know of someone in search of a home just like yours.
For sale by owner: For sellers that work full time, have families, and/or other obligations, giving up enough time to sell a home may not be practical. This may lead to delays leading your home to sit on the market longer than you would like.
Negotiating
Realtor: There’s many things that must take place before handing the keys over to your home’s new owner(s). Realtors wear multiple hats, serving as the middlemen between buyer’s agents, escrow, and title companies. Regardless of whether it’s a buyer’s or seller’s market, you’re going to want a seasoned negotiator when it comes to scoring the best deal when selling your home.
For Sale By Owner: Whether you’re good at negotiating or not, the ball falls into your court when it comes to all negotiations. If you’re not up to par on a certain topic, it may lead to mistakes which could ultimately end up costing you more than what it would have cost you to hire a Realtor.
Legal help and advice
Realtor: Selling a home can become convoluted quickly due to unforeseen legal issues. Most Realtors, though not attorneys, are up to par on the legal ins and outs of a home’s sale. And, while they won’t be practicing law, they are likely familiar with the situation you might be facing and what to expect.
For Sale By Owner: Sellers who don’t know the legal ramifications of a home sale could be sued if something goes awry.
If you’re still left with questions about hiring a Realtor, give The Russell Company a call today at 765-497-0700.