Some might ask, “Why use a realtor when selling when I could do it by myself?” Many people who are selling their homes underestimate the difficulty of the sales process, the time commitment, and the negotiation skills necessary to sell for the best terms and price in a timely manner. Even if the seller eventually succeeds in selling the property, he or she will likely have lost time due to inaccurate pricing and ineffective marketing, causing the seller to regret the decision to sell the house without a realtor.
Here are a few reasons that answer why use a realtor when selling:
For Sale by Owner
“For sale by owner”, also known as FSBO, is a phrase frequently used in the real estate industry. A lot of owners who market and sell their homes without professional help from a realtor usually end up getting frustrated with the selling process to the point that they eventually hire an agent.
Performing a Market Analysis
One reason that many FSBO properties fail to sell quickly is that their owners set prices too high, probably because they want to avoid losing money or because they didn’t perform an accurate property market analysis. A market analysis, which real estate agents usually perform for free, compares one’s home to other similar homes that have either been sold or have failed to sell.
Preparing the House for Sale
For sale by owner sellers typically fail to appraise the value of their properties and ignore significant details such as clutters in the house, curb appeal and other eye sores that can give buyers a negative impression. Real estate brokers work with sellers, advising them to be cautious of cleaning the house and making changes and repairs before they affect the price and the sale.
Marketing and Showings
In comparison with previous years, FSBO sellers now have more marketing venues available to them. One example is the internet, which allows an owner to expose his or her property. However, most buyers still hire realtors to find a home suitable for them. If a house isn’t listed on the multilist, it is very likely that it won’t be seen by a large number of buyers.
The Inconvenience of Showings
When potential buyers want to view a FSBO house, the seller may not always be available since he or she is responsible for personal concerns first. This might result in the loss of many opportunities to sell. Because of safety and security concerns, FSBO sellers cannot simply leave the house open to buyers if they are not home. So why use a realtor when selling? To ensure that agents can properly handle the business for the seller.
Understanding the Sales Process
Written contracts, negotiations and counterproposals, title companies, home inspections, closings and the whole sales process in general can be very intimidating if a FSBO seller is not familiar with it. When a seller is listed with a realtor, the agent will be there as a source of guidance to ensure that the property is sold at the best price with the least hassle. This is why one should use a realtor when selling.