Pros & Cons of Selling Your Home on Your Own
The main reason someone may consider selling their home themselves is to save money by cutting the real estate agent. However, it’s important to keep in mind, that one or two mistakes putting your home For Sale by Owner or FSBO could wipe out any money you may have saved.
In the age of DIY home improvement shows and all other things do-it-yourself, you may be wondering if you should work with a realtor to sell your home or put it up for sale by owner. There is a lot to consider going into the process of selling your home
If you are ready to put your home on the market but are struggling with doing it yourself or working with a realtor, consider these pros and cons. If you still have questions, give us a call, we would be happy to go over the process with you.
You May Save Some Money
You don’t have to pay for the help of a real estate when you are selling your home on your own. Since real estate agent may charge a percentage fee based on the sale price, you could save some money depending on the value of your home.
The problem, however, is making the sale without a real estate agent, which can be easier said than done. According to The National Association of Realtors, over ninety percent of all FSBO fail and end up hiring a realtor.
You Control the Sale
When you are running the show, you are in total control of the sales process. You do not subject to anyone’s opinions about how you will market the home, how you negotiate, how you will price it, how you prepare the house for sale or any of the other decisions that go into the process. It’s all up to you which, of course, can be good and bad. While you may be the boss, you’re losing the invaluable advice and expertise of a real estate professional.
It’s Your Primary Focus
A good real estate agent will have other clients than you. But when you sell your own home, you can devote all your available time and energy to the sale. However, if you work during the day or evening when potential buyers want to see the home, and you can’t meet them it’s going to be even more difficult to sell for sale by owner.
Financial Savings My Not Be Much
While you will not have to pay a real estate agent, you are not likely to get as high as a price as you may have working with a professional. An experienced real estate agent knows how to market your property to the right buyers, negotiate and price it competitively based on the facts on your home. Keep in mind, the biggest reasons an FSBO fails is the wrong asking price for the home. Without the direction of a qualified real estate agent or appraiser, pricing the home accurately can be extremely difficult.
Marketing Isn’t Easy
It doesn’t take much effort to list your home online. But that also means everyone else is doing it too. A good marketing strategy makes sure your listing gets noticed and noticed by the right buyers. True, a realtor will list your home online. But they will also get the word out across a network of agents working for buyers in your area.
Inviting strangers into your home over and over carries risks, just like putting all your personal information on the internet puts you at risk. Realtors have a process for ensuring both their clients and their own safety, but you will be on your own when working with the public. You need to be extra careful about what you put in your listing, and particularly about how you show your home. Don’t show your home alone, ask visitors to sign a guest book and show id, and hide all your valuables before showing.