While legally you are certainly able to sell your home without a real estate agent, should you? Of course, it may save you some money, but it can also cost you in more ways than one.
One of the most important factors to consider is that you will be responsible for knowing and following all the steps and laws associated with your home sale. That in itself can be a huge burden. And while you may not be legally required to hire a real estate agent, some states require that you have an agent to handle the paperwork associated with the closing of the sale. It’s important to know what your state’s laws are.
If you’re thinking of selling your home without an agent, here are some things you may want to consider first:
Do you know your home’s value?
Pricing your home too high can leave it sitting on the market too long, making potential buyers lose interest. And pricing it too low can cost you money. There are many factors that go into determining the right price for your home. You’ll need to consider the other home sales in your area as well as other factors about your home. Do you have a garage? A finished basement? A good ratio of bedrooms to bathrooms? Does your home need improvements or have you recently made improvements? What school district is your home located in? All of these, and more, go into determining the best price for your home.
Not knowing how to properly price your home can cost you money in the long run and can keep your home from being sold.
Buyer’s Agents May Not Show Your Home
Buyer’s agents may not be willing to deal with the hassle of working with someone who is not a real estate agent so they may discourage their buyers from looking at your home or making an offer. They may also feel it’s risky to try and close a deal with someone who’s not represented and isn’t familiar with the laws surrounding real estate deals.
And what about commission? There’s no guarantee they’ll make their commission if you’re not working with a real estate agent. A buyer’s agent may require you to sign a contract before they’ll show your property in order to guarantee their commission.
It Can Be Emotional
Dealing with packing your home, getting ready for a move, and keeping your current home in order for potential buyers can be stressful enough. But what happens when someone is brutally honest about why they don’t want to buy your home. Without an agent, there’s no one to cushion the blow and help you take care of the issues that are keeping your home from being sold.
You may also make decisions based on your emotions. Like refusing an offer because you think it’s too low and you’re offended. Or accepting an offer too quickly because you’re desperate to sell.
A real estate agent can help you keep your emotions out of the equation and help you see the pros and cons of an offer to determine if it’s the right one.
Marketing Your Home Can Be a Full-Time Job
Unless you’re retired, you’re going to have to make some adjustments to your lifestyle to sell your home on your own. Can you leave work or walk out of a meeting when someone wants to see your home? Do you have the experience to market your home? Do you even know where or how to market your home in addition to placing a “for sale” sign in the front yard?
Real estate agents not only have the experience to market your home well, they also have a large network at their fingertips. They can take the hassle out of listing your home on all the online sites by doing it for you but they can do so much more. They have a network of other agents with buyers looking for homes just like yours. They can hold open houses for other agents as well as potential buyers to get more people looking at your home. And, they can weed out the people who are just curious from the ones who are qualified buyers.
You can certainly sell your home without a real estate agent, but be prepared to do a lot of work. Not just in the listing and showing of your home, but also in the research you’ll need to do to gain the knowledge you need to sell your home for the best price. If you want to sell your home for the best price while still being able to live your life and not have your home sale consume you, your best bet is to hire a real estate agent.
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