Many people feel that they can do as good a job selling their home as a real estate agent can or some feel that their house will sell easily because of where its located and the demand is strong in that area or subdivision. I’ll give you the lay of the land and let you decide which is best for you.
Pro’s of selling by yourself:
- You will save the commission: That could equal anywhere from 5-7% of the sale price.
- You may get more for your house if you attract an unsuspecting buyer who has no knowledge of the market and nowhere to get it.
- You are in control of your business
Pro’s of using a Realtor:
- You will have the entire real estate community trying to sell your home
- Statistics show you will sell your home faster
- You have someone familiar with the entire process of selling and protecting your interests
Con’s of selling by yourself:
- You will have to use a lawyer in most cases.
- The places you can advertise your home are limited
- You will not be able to show your home during the day if you work.
- You are not familiar with the normal practices of real estate
- You, do not have contacts in the industry
- Your weekends will be spent holding your house open
Con’s of using a REALTOR®:
- You will have to pay the commission
Interesting facts about selling your house by yourself
- The buyer will try to save the same commission you are. No real estate agent involved, no commission to pay.
- 80% of the contracts you put together will fall through because no one knows what to do when problems arise.
- The biggest problem for sale by owners have is the real estate community controls 95% of the buyers in the market.
- Almost all serious sellers (80+ %) list their house with an agent within 4 weeks of putting it up for sale themselves. They basically get tired of trying.
- If a person is working with an agent and wants to see your home, their real estate agent is going to call you and negotiate a commission with you. Almost all their clients are signed to a buyer’s agency agreement and cannot break it to buy from you by themselves; on top of that they realize the importance of having direction in this expensive transaction.
My recommendation: If you want to try and sell it yourself, combine advantages of both pro’s. Hire an agent with the understanding that the deal will work this way. You’re going to try and sell it and so is the agent. If you find a buyer, you will pay the agent a fee of say 2% to put the deal together for you and get it to closing. If the agent finds the buyer or another agent finds the buyer, you will pay them the normal commission. Put a FSBO sign and a REALTOR®’s sign in the yard and go for it. If you want some help or have questions email me via [email protected].