The decision on whether to hire a Realtor or sell your own home is not an easy one. Several factors must be carefully evaluated, as there are advantages and disadvantages to selling your own home. We’ve outlined some key pros and cons to help you consider the factors:
Nobody knows your home better than you do. You know the ins and outs of the home and which aspects of the home are truly valuable and special. You will be able to highlight those features in your advertising efforts as well as during showings.
Save Money. Most home sales involve a 5-6% commission which is split between the Seller’s agent and the Buyer’s agent. If you remove the Seller’s agent from the equation, a portion of the commission would stay in your pocket.
Complete Autonomy. You have control over the listing price, the scheduling of showings and open houses, and handling negotiations. You will be able to respond instantly to inquiries and you can adjust appointments to best fit your schedule. Most importantly, you’ll know first-hand when it may be appropriate to adjust your price.
Less Market Exposure. Realtors offer a marketing strategy designed to catch the attention of all qualified buyers, including print marketing, online marketing, and open house strategies. Further, they have access to the Regional Multiple Listing Service (RMLS), a property database used nationwide. Additionally, if you sell the home yourself, you will have to foot the bill for marketing materials and costs.
Your Home will likely Sell for Less. The National Association of Realtors consistently reports that, statistically, agent-assisted home sales have a higher price than For Sale By Owner (FSBO) home sales.
Time and Energy. Between marketing efforts, evening & weekend showings, negotiations, and management of the escrow process, selling a home takes an incredible amount of work. It requires a considerable amount of time and energy which you may not have in addition to your usual work and personal demands.
Increased Liability. The sale of a home is a complicated process with many financial and legal repercussions. Failure to disclose all necessary information about your home may result in headaches down the road, not to mention the potential for lawsuits or fines.