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Title: Thinking about Being Your Own Realtor? Don’t.

19 Jan 2018, Posted by 1st Residential Funding in Selling Your Home

After two decades in the home mortgage industry and after working with thousands of home buyers and sellers, I have seen it all. I have watched happy families sell their home with the help of a qualified real estate professional and I have also witnessed the stress and misteps made as people try to save a few dollars by selling their home on their own.

Even now, as I drive by a house with a sign reading, “For Sale By Owner,” I just shake my head. This sign indicates a host of potential problems making their way to that poor seller.

Four Reasons You Need a Real Estate Professional:

You Could End Up with Less Money When the Sale is Complete 

While you will not have to pay a real estate agent, your home will likely sell for a lower overall price. A good real estate agent knows how to market your property to the right buyers, price it well, and negotiate based on the hard facts about your home.

Your overall selling price is generally lower when you sell by owner based on the fact that fewer people will see the home, and therefore the price will end up being lower in the end. Use the marketing expertise and network of a realtor. They will bring in the right buyers and drive the price up, more than making up for their commission.

FSBO Websites are Not as Successful as Realtor Sites

When selling a home that vast majority of buyers find homes by looking online. Unfortunately having your home on the most popular for sale by owner websites isn’t going to help you much. The For Sale by Owner sites only garner a fraction of the traffic sites do that market listed properties for sale.

Legal Implications of Selling a Home are Complicated

Each area has its own laws and regulations related to selling a home. You need to read up on what will be required of you as a seller, and you need to prepare all of the necessary paperwork for making a real estate transaction.

For example, does your state require a septic system inspection or possibly a smoke/carbon monoxide detector inspection prior to closing? There could be many other requirements of a seller as they vary from state to state. Wirthout understanding laws about disclosure, homeowners can end up in a lawsuit that zaps time, energy, and money. Plus, it jeopardized the salability of the home.

Your Home will Be a Target for Bargain Shoppers, Schemes, and Unqualified Buyers

Your agent takes the time to weed out the wrong shoppers. Real estate agents bring qualified, buyers who have hopefully already met with a mortgage loan officer for a pre-approval. They work in cooperation with a network of professionals, including lenders, inspectors, contractors, and more.

Selling a home by owner is not impossible, but in my experience, it does not yield the best overall sale in the lowest amount of time.

  • Ray Biechele

    Great advice! A shame that more people don’t understand the many pitfalls of trying to handle the biggest investment of their lives without a professional’s help!

    Reply
  • Charles

    Very good advice and great blog!!

    Reply
  • Carol Savchuk

    I agree with this blog post and with you, Ray. And NAR statistics prove that nationally Realtor® handled sales sell for higher prices and in less time than FSBO’s.

    Reply

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