Selling your home without the assistance of a real estate agent is one of the options you have when you decide to move. However, it may not be as easy to do as you believe. Unless you have the knowledge and skills needed to sell a house, you may find yourself wishing you had chosen the traditional path of listing your home with a real estate agent. Before you make the decision to list a “For Sale by Owner” property, take a look at the issues surrounding this task.
1. You Realize a Smaller Profit on the Sale of Your Home Than if You Had Signed with an Agent.
Tackling the job of selling your home without a real estate agent allows you to save on commission fees, which typically range between five and six percent of the sale price. The actual amount you save depends on your home’s selling price.
Unfortunately, the money you save on commission fees may not be enough to make up for any loss associated with a lower selling price. According to the National Association of REALTORS®, agent-assisted sales typically deliver higher prices, giving home sellers a better return on their initial investment.
2. When You Sell a Home without an Agent, You Increase the Stress Associated with This Task.
According to a survey provided by the National Association of REALTORS®, most homeowners attempting to sell a property on their own eventually decide that it isn’t worth the extra work simply to save on commission fees. Most sellers discover they have a lot to learn about this process, adding even more stress to this scenario. Without a real estate agent handling necessary tasks, the seller has to do it all. These tasks include everything from marketing the property to signage to legal paperwork.
3. It Is More Difficult to Reach Buyers without a Real Estate Agent.
Most agents won’t show a home being sold by homeowners to potential buyers because they aren’t going to make a commission on the sale. Therefore, you need to advertise through as many channels as possible. Some of the marketing options you have include postcards, print advertisements, internet ads, yard signs, and word of mouth. It is important to use as many advertising strategies as possible if you want to encourage a fast sale.
4. You Can List Your Home on a Multiple Listing Service.
It is possible to list your home for sale on a Multiple Listing Service for marketing purposes. Some websites allow you to do so for free, while other sites charge a small fee.
5. A “For Sale by Owner” Property Is a Good Choice If You Already Have an Interested Buyer.
Selling your home without a real estate agent is easier if you already have a buyer. You won’t need to market the property, saving you time, money, and frustration. You can use a real estate attorney to complete the paperwork, ensuring the sale is legally binding.
Opting to sell your home without a real estate agent may not be worth the time and effort required to do so. Without professional training, you may find it difficult to market and sell your property. Fortunately, you can always hire an agent to take over for you at any time.