Are you considering selling your home? Are you considering selling it on your own? Without an agent? There are over 100 variables in the home buying and selling process, do you know how to manage them all? Here’s 7 reasons why selling your home without an agent is risky….not to mention, most for sale by owners sell for 15% less than if they would have had an agent.
1. Inaccurate Knowledge
Anyone in the world can get an estimate on their home’s value with just a click of the mouse. Is this value accurate? Have you been in most of the area homes that have sold or are on the market? If not, it is very hard to compare, not to mention, if it is your own, you might be a little biased! Do you know how the average buyer compares one feature to another? This information is extremely important and if you do not have accurate knowledge of the market, the price that you think your house will sell for could be extremely above, or below market value.
2. Running into Problems / Liability
When you get a laundry list of things from an inspection, are you going to be prepared to negotiate those items? Or an appraisal reveals to you that your home is worth significantly less that you thought? Do you understand what is required for FHA, USDA, and VA loan appraisals? Maybe an old lien, that you knew nothing about, shows up on title…..now what? Most agents have something called errors and omissions insurance, so if a lawsuit would arise from something you forgot to address during the sale, are you going to have this coverage? How to you know if the people you are letting into your home are actually preapproved? What is your plan to solve these problems and keep buyers from running for the hills? Real estate agents deal with these problems frequently and know exactly how to handle them.
3. Ineffective Negotiation skills
Most home owners do not know what to do if they receive a low offer on their homes. There can be counter offers and rejections. Negotiation can get complex, and a third party is a good idea to separate emotion from facts during this time. Not working with an agent is like going in to a big court case without an attorney.
4. Lack of Social media and marketing skills
Although you might think that marketing your own property would be easy, but it’s a lot harder than it seems. An expert agent will be able to market your home on multiple platforms that will target the correct audience and reach hundreds to thousands of home buyers. An agent would also have access to a trained photographer, and tons of marketing strategies. The agent will what works, and what doesn’t. Not marketing it in MLS or on all the public websites often results in less buyers, less competition, and less money.
5. Questions and Advice
Real Estate agents will have answers to any questions you may come across, How to fill out all of the forms accurately (These are legal documents). He or she will also have access to a countless amount of professionals that can help.
For sale by owner properties on average take longer to sell. If you don’t want your home sitting on the market for months, you may want to work with an agent who might already have interested buyers waiting for your home. Do you have time to respond to all the questions and showing requests in a timely manner? If not, you are leaving money on the table.
There are pages, and pages of legal documents that go along with selling a home. One tiny mistake could land you in court, or cost you thousands of dollars. To avoid this expensive mistake, simply let a real estate agent handle it for you.
I could go on and on. Most people go for sale by owner because they don’t want to pay a commission. If you hire the right agent, and are realistic about your property, there should be no reason why they can’t get you the money you are looking for, even with commission. Did you know that you still have selling expenses without an agent? Would you do surgery on yourself to save money? Let a friend work on your teeth because you don’t’ want to pay the dentist? Why on earth would you go through such an important and high dollar transaction and try to do it yourself?
Amy Hopfinger and Co are here to help. If you are interested in how we can list your property and still net you top dollar, contact us at 920-29-3013 or get a free home value consult by going to www.wihomeprices.com