THINK YOU CAN SELL YOUR HOME ON YOUR OWN?
There’s a reason 90% of homeowners use a real estate professional to market and sell their home.
Hiring a Licensed Realtor is not only the easiest way to sell your home, it’s also the smartest.
It’s natural to focus on maximizing profit when it’s time to list your home for sale, and selling your home yourself may seem like the easiest tactic. But in reality, the dollars you save on commissions are often a wash when you consider the higher sales price an experienced agent — with pricing expertise, negotiating skills, and market access — can bring to the table. Statistically, a home on the market listed “For Sale By Owner” (FSBO) takes longer to sell (and eventually sells for less) than its real estate pro–represented counterparts. There are numerous reasons you should employ the expertise of a real estate professional when selling what is often your greatest asset, but we at 1St Premier International Properties feel these are the Top 5 points to consider:
The fastest and most affordable way to sell your house is to price it correctly—the first time. Price too high, and you risk your home’s becoming a stale listing. Price too low, and you lose money. Experienced agents know the nuances of your local market and how to price based on those specifics. By hiring an agent, you’ll ensure you won’t make any emotional home seller mistakes when pricing your home.
A real estate agent can also play the bad guy in a transaction, preventing the bad blood between a buyer and seller that can kill a deal. Keep in mind that a seller can reject a potential buyer’s offer for any reason. An agent can help by speaking for you in tough transactions and smoothing things over to keep them from getting too personal. This can put you in a better position to get the house you want. The same is true for the seller, who can benefit from a hard-nosed real estate agent who will represent their interests without turning off potential buyers who want to niggle about the price. Bottom line: You need a skilled and objective negotiator on your side during these discussions.
You want your home to get the maximum exposure to the greatest number of potential buyers. Your agent will prepare all the marketing materials, coordinate the Internet marketing, host open houses, and network regularly with other agents who have interested buyers.
- Buyer perception
The vast majority of potential buyers are going to be represented by an agent of their own. FSBO deals can often deter those agents, who prefer to work with another real estate professional or who worry about not receiving their own half of the commission. And if, as the seller, you do plan to cover a buyer’s agent commission, you’re really saving only 3%, not 6%, on the sale.
- Smooth sale process
A professional real estate agent has the experience to work through the sale process efficiently, stepping in when there are financing problems, dealing directly with buyers’ objections and complaints, keeping everything on track, and facilitating the contracts and escrow to a successful, smooth close.
Quite simply, a real estate agent’s full-time job is to act as a liaison between buyers and sellers.
This means that he or she will have easy access to all other properties listed by other agents. Both the buyer’s and seller’s agent work full time as real estate agents and they know what needs to be done to get a deal together. For example, if you are looking to buy a home, a real estate agent will track down homes that meet your criteria, get in touch with sellers’ agents and make appointments for you to view the homes. If you are buying on your own, you will have to play this telephone tag yourself. This may be especially difficult if you’re shopping for homes that are for sale by owner.
Similarly, if you are looking to sell your home yourself, you will have to solicit calls from interested parties, answer questions and make appointments. Keep in mind that potential buyers are likely to move on if you tend to be busy or don’t respond quickly enough. Alternatively, you may find yourself making an appointment and rushing home, only to find that no one shows up.
While there are certainly people who are qualified to sell their own homes, taking a quick look at the long list of frequently asked questions on most for sale by owner websites suggests the process isn’t as simple as many people assume. And when you get into a difficult situation, it can really pay to have a professional on your side.
The proliferation of services that help homebuyers and sellers complete their own real estate transactions is relatively recent, and it may have you wondering whether using a real estate agent is becoming a relic of a bygone era. While doing the work yourself can save you the significant commission rates many real estate agents command, for many, flying solo may not be the way to go–and could end up being more costly than a realtor’s commission in the long run. Buying or selling a home is a major financial (and emotional) undertaking.
Furthermore, If you are working with a licensed real estate agent under an agency agreement, (i.e., a conventional, full-service commission agreement in which the agent agrees to represent you), your agent will be bound by common law (in most states) to a fiduciary relationship. In other words, the agent is bound by license law to act in their clients’ best interest (not his or her own).
At 1st Premier International Properties, we understand that every client, every property, and every transaction is different. We are fully prepared and highly experienced in all aspects of the transaction process. We are completely committed to getting you the highest possible price for your home, in a time frame that suits your needs, and with as little stress as possible. If you have considered selling, or would simply like to know the current value of your home in today’s quickly changing financial climate, please call upon our team of real estate professionals today at 941-706-0074.