As I’m sure you are aware, the real estate industry is experiencing one of its worst down markets in history—at least locally it is. The last thing you want to do is pay commission to a real estate agent, right? Not to mention the fact that you’re nearly positive you can sell your own home just fine without having had any experience in doing so—it’s EASY!
Before sticking a “For Sale by Owner” sign up, however, you’ll need to make sure that you’re ready for the work and headaches entailed in doing so.
- Time. Yes, you absolutely can sell your real estate on your own without the help of an agent but, it takes a lot of preparation and time. How much is your time worth to you? How much time do you have to spend preparing, pricing, marketing, procuring a buyer, showing and quite possibly even selling your home? Before you set out on your own, make sure you can afford the time and energy investment requirements.
- Service and value. Going it alone, you’ll lose out on a wide variety of services offered by Realtors®. For example, many agents now provide home staging services as well as extensive advertising and marketing services both online and off.
- Exposure. You also need exposure to buyers—real estate agents work together to help their sellers procure buyers for them. Realtors® also belong to various organizations which allow sharing of listing information among other Realtors® and the public—your buyer. As well, real estate marketing is our business—we do this full-time and we realize that 87%+ buyers find their homes online—on our sites.
- Legalities. Selling a home involves contracts, closings and a multitude of legal issues that can make or break a real estate sale. Real estate transactions have occasionally led to outcomes that were unexpected, including lawsuits. A professional helps ensure that the contracts are legally sound, binding and carried out to the letter of the law.
- Market knowledge. Realtors® have instant access to current market information. We are able to establish an accurate selling range within minutes after viewing your property. Since the real estate market is in constant fluctuation, it’s important to have a complete knowledge of the market before pricing your own home. Otherwise, your risk underselling or overpricing your home. Public online sites’ estimates and comparable sales are NOT accurate and can cause you to make a costly mistake right out of the gate with your pricing.
You will also need experience with legal contracts and excellent negotiating skills. Recent NAR reports that only 2% of homeowners who market their home for sale are actually successful—and many times, the buyer is a family member or a friend.
Unless you have your finger on the pulse of the market, chances are a costly mistake can and will be made. Absolutely—but, can you really afford to?
Originally posted at: http://www.icharlotterealestate.com/are-you-up-for-selling-your-own-real-estate/