It’s no secret that real estate agents, for all their knowledge and specialized services, come with extra costs. The “For Sale by Owner” movement has come along way, especially with the help of countless free or low price web services that allow sellers to list their homes, attract buyers, and communicate with interested parties easily and efficiently.
Before you decide to forego selling your home with an agent, however, it is important that you fully understand what you are getting involved in.
Do you know and understand your home’s current value?
A frequent issue with sellers listing their own homes is the asking price. Many homeowners either over estimate their home’s value or let sentimental value cloud their vision. Unreasonable listing prices often mean homes sit on the market for a suspicious amount of time, further deterring buyers from making an offer.
To set a fair price, you must do your research and set your emotional ties to the home aside. Online real estate site often offer trend information for neighborhoods, which allow you to search for a home comparable to your own and begin getting comfortable with the approximate price point that is best suited to your home. Sites like Zillow and Trulia also offer general value approximations for homes that aren’t even on the market, making them a useful tool, though they are less reliable to the reports licensed agents can access.
If you’d like a more accurate listing price, you can pay to have your home appraised. Sellers who take care of the appraisal before listing tend to develop stronger credibility with buyers and therefore attract buyers with more competitive offers. When working with an appraiser, you can also ask them questions as to why certain features of your home drive the value up or down.
Beware that the true value of your home may not be as high as you’d hoped. But, fair pricing is key to moving the home off the market quickly.
Are you comfortable working with a buyer’s agent?
Though buyer’s agents are as common as seller’s, you have no control over whether or not your buyer decides to work with a real estate agent. If they do, you will be the one working and negotiating with the agent.
The main area for concern here is that you will need to settle on a commission price for the other party’s agent. Sellers’ and buyers’ agents typically split a six percent commission down the middle, meaning the agent will be most comfortable with a figure around three percent. Going lower or not offering commission at all will count out many buyers who are working with agents, because the agent will have no incentive to work with you and list your home.
How strong are your marketing skills?
Very seldom do homes get snatched off the market without extensive marketing. Sellers working without agents tend to underestimate the amount of work that goes into generating interest in a home.
In marketing your own home, you should begin by prepping the home inside and out for photos and be prepared to spend a great deal of time getting flattering photos of all your home’s features. Next, prepare clear, inviting descriptions of your home for sales pitches. Finally, begin marketing your home. This starts with “for sale” signs and promotional fliers with your contact information. You should also list the property in classified ads, real estate sites, and relevant social media pages.
Can you tolerate criticism?
Without an agent present, you will be bearing the brunt of potential buyers’ criticisms of your home. Sometimes, this can take a toll on sellers who have strong emotional ties to their homes. You should mentally prepare for this to happen, because it almost certainly will.
Are you willing to screen buyers?
Don’t waste your time working with “buyers” who could never finance your home. Though some sellers may be uncomfortable doing so, it is essential to screen buyers by asking for current pre-approval letters from any seriously interested parties. Without backing from a reputable lender, the buyer will end up wasting your time and their own.
Stress is one of the largest concerns when selling a home. Staging, managing finances and documents, and simultaneously juggling the rest of your life can be completely draining. However, one thing is certain about selling your home: it’s a lot easier when you have a solid real estate agent to handle it. Remember, No-One Works Harder to Sell your Home more than Joe! Contact Joe today by calling 813-908-7293 or visit https://josephlewkowicz.com/