Why your real estate sales should be handled by professionals
Updated: Dec 14, 2022
Selling a house typically requires paying a commission, split evenly between your agent and the buyer’s agent. If you prefer “not” giving away some of your equity, you might toy with the idea of selling your property without a professional. But if you don’t have a real estate background, finding a buyer might be harder than you think.
Before stamping a “for sale by owner” sign in your yard, here’s why it’s important to use a professional when selling a home.
Your Agent Can Price the House
The price tag of your house can determine how long it sits on the market. You've undoubtedly put a lot of blood, sweat, and tears into the property. In your mind, the house is perfect and worth top dollar. This kind of thinking, however, underscores a common problem with FSBOs.
If you don’t know how to properly price a home, there’s a tendency to overestimate the value of your home. And if you set the asking price too high, you’ll scare away potential buyers. On the other hand, real estate professionals know the market. They have access to comparable sales, and based on your home’s square footage, location, and condition, they can determine the most appropriate price point to attract the most attention.
You’ll Receive Honest Feedback
Creating a positive first impression is crucial when selling a home. But as the homeowner, you may have difficulty discerning your property’s flaws. This is where a professional comes in handy. Since your agent enters the home with a fresh pair of eyes, he or she is in a position to provide honest feedback and make suggestions. Remember, the goal is presenting your home in a way that “wows” potential buyers. Therefore, your agent may recommend staging the property, eliminating clutter, repainting the walls, and removing family photos.
Your Agent Coordinates Showings
The more showings you have, the sooner you’ll find a buyer for the property. With a FSBO, you’re responsible for meeting and following up with potential buyers and their agents. You’ll need to schedule open houses, answer questions, and be available when buyers are available. Realistically, you might not have this type of flexibility in your schedule, hence the value of using a professional.
Your Agent Handles the Negotiating
If you don't know the first thing about real estate transactions, negotiating a home sale is complex and overwhelming.
There’s no denying the benefits of a realtor working on your behalf. Don’t count on the buyer’s agent to answer your questions or provide impartial advice. Remember, this person is here to represent their client, not you. Your own agent, however, can guide you through the process. This individual can write up the purchase agreement, handle back-and-forth communication, and help you decide whether to accept an enticing offer from a potential buyer.
Contracts are Legally Binding
When you enter into an accepted offer, the contract is legally binding. It contains information that your agent will know and understand the implications of each term. Approaching the contract without in-depth understanding of those implications can be costly. Avoiding lawsuits in the future requires knowledge of the contract and how to navigate.
Agents Know How to Sell
Real estate is a form of sales. Agents have the skills and know-how to get a property sold for as much as possible. This is their full-time or part-time job, and since they handle these transactions regularly, they know what to say and do to lure buyers. This includes hosting open houses, engaging in heavy marketing campaigns, staying in contact with past clients, and using every other tool in their arsenal.
Appealing to the Masses
The more people that tour your home means the more chances people may want to purchase it, leading to a higher selling price. The best way to get as many people interested in your house as possible is to market it well. Multiple offers also gives bargaining power for inspections and such.
Navigating an inspection takes depth of knowledge about houses. If buyers do an inspection, a realtor has the skills to negotiate which items, if any, are reasonable or unreasonable requests. A realtor also knows the implications of needed repairs and potential costs. In addition, a realtor has an array of trusted contractors that can help in knowing that you are not getting ripped off!