The Potential Risks of Selling Your Home Alone
Do you want to sell your property as a For Sale by Owner (FSBO)? If that's the case, realize that it will take a lot more time and experience than you think. While doing things all by yourself may sound appealing, it is critical to realize the problems you may encounter if you do it all by yourself. As a recent article from Bankrate explains:
“Choosing the right price, crafting a compelling listing, marketing to potential buyers, coordinating showings, preparing paperwork: All of these are tasks that, in the absence of a real estate agent, you will have to do yourself.”
Here's some more information on a couple of them, as well as how you can miss out if you don't utilize an agent.
You May Not Price it Right
Pricing your home correctly is critical to a successful sale. Real estate brokers have firsthand knowledge of the property market and know how to price a home to sell today. Unfortunately, many homeowners who sell on their own lack this crucial experience. This might result in one of two outcomes: overpricing or underpricing the residence.
An article from Nerd Wallet offers this advice:
“If your home is overpriced, you run the risk of buyers not seeing the listing. . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”
Don't take this chance. Instead, work with an agent to ensure that your home is priced at current market value so that it attracts the attention of potential purchasers. This will position your home to give the greatest first impression possible.
You Don’t Have as Much Experience in Marketing a House
In this digital age, online marketing has become a real game-changer, especially when it comes to selling your house. A recent report from the National Association of Realtors (NAR), explains:
“Among all generations of home buyers, the first step taken in the home search process was to look online for properties.”
When you work with a real estate agent who understands how to use internet marketing tools and resources, you'll be able to reach out to these tech-savvy home buyers, increasing your chances of a successful sale. However, if you try to sell your property on your own, you may miss out on the full impact of internet and social media methods.
You May Not Be Comfortable Handling All the Back-and-Forth
When you decide to sell your home, you are not just looking for a buyer; you are also entering a world of negotiations. You'll need to work with a number of people, including the buyer, buyer's agent, inspection firm, appraiser, and others. Every step counts in this dance, and the skill of a real estate agent may make all the difference in keeping these talks on course and closing the purchase.
As NerdWallet says:
“Your listing agent will also, of course, be on your side throughout negotiations. They'll double-check paperwork that comes through, communicate with the buyer's agent and other parties to the sale, and generally stay on top of things through to closing day.”
If you're thinking about selling your home and considering doing it alone, make sure you think it through thoroughly. Let's talk about how a real estate agent may relieve you of all that tension.