Do I sell my home myself or use a Real Estate Agent?
The main reason people choose to sell their own home is to save money on the commission that would usually be paid to an Agent on a successful sale. By selling your home yourself, you would think you would be saving money. However, doing so could cost you more money than if you had hired an Agent. Selling your home below market value or neglecting your career or business if your efforts to sell it could cost you. So, before deciding whether to sell your home yourself or use an Agent, weigh up your options first.
Selling your home yourself
Deciding to sell your home yourself is a challenging task especially if you don’t have any know-how in real estate. The advantage, of course, is that you would be saving the money intended as commission. However, since you would be doing all the work an Agent would normally do, selling your home yourself would require your time and effort, lots of it.
Disadvantages of Being Your Own Real Estate Agent
Here is a list of the disadvantages you would face should you decide to sell your own home:
- Time-consuming. It will take plenty of time to effectively market and sell your home. And time, is what you may not have especially when family, school and/or career compete for your attention.
- Costs. If your choice to sell your house yourself is to save money, think again since marketing and advertising costs may become expensive.
- Risk of underpricing or overpricing. Being inexperienced, you would not be able to easily set a fair and competitive price for your home, thus, decrease the odds of making not only a fast sale but also one with the highest possible profit.
- Effort-consuming. Selling your own home yourself demands lots of effort since you will be doing everything yourself from marketing your home to entertaining possible buyers and settling negotiations.
- Getting lost in all the paperwork. One of the most daunting tasks in selling your home is completing the paperwork and complying with legal requirements. If you are not an expert in real estate transactions, you might delay in getting the needed documents and requirements done, thus, also delay the completion of the transaction.
- Emotional attachment. As owner of the house, you will not view the transaction objectively being high in emotion during the process especially if you’ve personally made improvements on it or lived in it for a long time. The inevitable task of showing your home to strangers, most of whom are just looking around, would definitely not help.
Using a Real Estate Agent to Sell Your Home
If you are sick, you get an appointment with a doctor and if you have a legal problem, you seek the advice of a lawyer. The same applies in real estate transactions – if you need to sell your home, you hire an Agent.
Hiring an Agent will allow you to sell your home faster than you could because let’s face it, selling real estate is an Agent’s business so he or she knows more than you do in this department. An Agent also has a large contact of prospective buyers, has professional ideas how to make your home more marketable, has mastery of legal requirements and documentations, and has all the time in the world to entertain home buyers and get your home sold.
If your considering selling your own home but would like to get an obligation free opinion first please give me a call or if you do decide to go ahead and sell your own home, good luck and welcome to wonderful world of Real Estate.