Let me guess. You’ve noticed the commission fees associated with working with a realtor to sell your property.
Now you’re wondering: is a real estate agent even worth it?
Selling your home without a realtor, or “for sale by owner” (FSOB), might sound like a decent way to save thousands, but is it the smartest choice for you?
The home-selling process can be a nightmare going at it alone. There’s a good reason why real estate agents are worth the commission costs and fees – hours upon hours of time, research, effort, and professional skill are required when selling a house.
A sale with this much at stake might not be best to DIY, especially if this is your first time selling a home.
So, would you be able to handle it all by yourself? Here are five things I would suggest all my Langley real estate clients consider before deciding whether or not to sell their equestrian property themselves.
Research
Real estate professionals do far more than a simple Google search to determine the current housing market, buying conditions, potential clients, and pricing when selling a house. Mess this stage of the home-selling process up and you could hear crickets after listing your property.
That’s because a lot goes into positioning your property so that people want to buy. Realtors generally have years of professional experience in the industry and understand which factors are most crucial to successfully selling a home.
Think about it this way: if you were in court facing substantial charges, would you want the headache and risk of representing yourself, or would you gladly pass it on to a lawyer who successfully litigates these charges every day?
Sure, there are legal fees, but if a professional can experientially handle your case (which could cost you far more than the fees if you lose), why would you take the chance?
Similarly, selling your property ‘for sale by owner’ may save you some out-of-pocket costs. However, without the proper research and knowledge, you could be left with a property that never sells, or worse when you factor in the matters concerned with closing, transfers, disclosures, and other highly litigious areas of the transaction (more on this below).
Marketing
Marketing is perhaps one of the most difficult stages of selling your home. Not only is there a lot of misinformation circulating around the best practices, but deciphering which ones are most effective for your property is also challenging.
The real estate market is hyper-specific, so what works for one FSBO listing could be the worst suggestion for yours.
But knowing the theory behind marketing your home won’t be enough to sell either. Do you know how to implement the strategies and process that goes into marketing?
Do you know how to make your property listing visible to potential buyers? How about getting your home onto an MLS? Do you have knowledge of and connections with buyers in your area? Do you know how to obtain a comparable market analysis (CMA) to determine your property’s worth? For example, if you were listing your equestrian property in Langley, BC for sale, would you know how to market your home well for the area? Marketing is one of the most important steps because no one will buy your property if no one knows about it. Leveraging a realtor, like myself, in your local area can give you access to marketing resources and a leg up on the competition.
Not only that, but professional photography, videography, and virtual tours are currently essential in the successful showing of a home.
Presentation
They say presentation is everything. This is especially true in the real estate market. When selling your home yourself, you are responsible for staging your home so it appeals to your prospects. While you can certainly DIY this stage, a realtor will be able to tell you exactly what works and what doesn’t. You won’t have to spin your wheels figuring out what makes for quality presentation. So often, I have saved sellers from investing a lot of money into something they thought to be essential to selling the home, which likely would not have been considered an asset by a potential buyer. Likewise, I’ve been able to advise sellers on a few cost efficient updates that make a big difference for list price. Knowing what attracts buyers to actually view the property (and then make an offer), instead of scrolling past to the next listing is everything.
Legalities
Did you know that when you go the FSOB route, you take on the legal responsibility and liability associated with selling your property? You must take extra precautions to write up sufficient legal documents, have appraisals and inspections done, and avoid any potential lawsuits. Normally, your realtor is responsible for all these things and is liable should anything be amiss. However, if you choose to list your home For Sale By Owner, this falls to you.
One mistake or misstep could at best cause the loss of the sale, and at worst, result in hefty additional costs to resolve the errors, and major (and I am talking MAJOR lawsuits).
Selling
Finally, the element of selling. Are you confident you can close a deal with buyers and/or their realtors? Are you comfortable making and negotiating offers for your property? How about when it comes to closing? Are you familiar with making the process as smooth and hassle-free for both parties? Inexperienced sellers may also run the risk of being taken advantage of in the selling process. Objections that could have easily been addressed by a professional might cause potential buyers to walk away from the sale. A real estate agent understands the ins and outs of this process so you can have the best chances of getting your property sold. It can be very difficult to remain objective and not take anything personally (or worse, get defensive) when involved in such a personal transaction. A professional real estate agent is trained in negotiations and will always have your best interest as their primary focus.
Final Thoughts
Ultimately, the choice of how you choose to sell your home is up to you. And your decision doesn’t necessarily have to be so black-and-white. You may choose to sell your property as For Sale By Owner, but that doesn’t mean you can’t hire outside professionals to fill in the gaps of the home-selling process. Alternatively, you can give FSOB a go and see how it works out for you. If you successfully sell your property, great! But if things end up being more complicated than you anticipated, you can always choose to move forward with a realtor.
I, of course, have seen too many FSOB’s go south. I’ve seen many home sellers lose out on sales or earning potential by not understanding how much their home is worth, struggle to find the right contractors, appraisers, and inspectors on their own, and barely make a dent in the competition when marketing their property. I’ve seen countless other clients who have come to me after being burnt out by paperwork, negotiations and legalities.
That’s why I’m able to confidently advocate going the professional route and working with a realtor like myself. I’m able to walk you through the easiest and smoothest process, so you don’t have to worry anything else but your end goal: selling your home ASAP.
There’s no reason this should be more difficult than it has to.
What questions or concerns do you have for me about the home-selling process? Send me an email!