Selling a home without a real estate agent - is it a good idea?
Putting up a house for sale on your own sounds great on paper. Under a for sale by owner arrangement, acting as your own agent will help save you money on a real-estate agent’s commission. However, in your haste to save a few pennies, here are a few factors that you may be overlooking:
- Remember that your buyers are usually represented by real estate agents, who will have a professional edge over you. These agents secure the best deal for their clients while you are left to fend for yourself.
- Not having a professional agent to oversee the transaction can discourage interested buyers as the owner has the final say about giving up the property.
- A professional real-estate agent can accurately gauge the price for your property. The right way to value your property is by comparing it with other recently sold properties. An established real-estate agent is privy to local listings and software to pull comparables.
- Selling a house is a time consuming process. Clients may wish to examine the property, or start negotiations at hours that might not be convenient for you.
- Spreading the word about your property can prove difficult when you are in charge. Your online listing might be buried under countless other similar offers. By limiting yourself to your network, you miss out on the expansive list of potential buyers that real estate agents pride themselves on having. This could lead you to compromise on your expected sale amount and cause a delay in the sale.
- If your home needs repair and maintenance, real-estate agents can tap into their network to provide you with multiple cost friendly options to improve your house and enhance its market value.
- The legal process of selling a house is cumbersome and complex. Disclosure laws are stringent and can result in heavy lawsuits if not followed thoroughly.
- Having a real estate agent means not having to worry about buyers who intend to take out loans to purchase your property. You can also rest easy about state contracts, which specify on title claims, insurance, and other costs.