People sell their homes for various reasons. Some want to relocate to a nicer property. Others want to live closer to their families. As a seller, you also have the option to work with a real estate agent or sell your home on your own. Keep reading to learn the advantages and disadvantages of using a real estate agent or a sell-by-owner approach when it's time to begin a new chapter.
In many cases, using a real estate consultant leads to a greater profit for the seller. Agents are experts in their local markets and possess updated sales data. They understand your home's market value and do everything they can to ensure you receive that amount. On the flip side, they know that a high price on your property will scare prospective buyers.
If you work with a listing consultant, your property will receive maximum exposure. Real estate agents rely heavily on the MLS system, which is a database of available properties shared by real estate brokers.
On the flip side, using a listing agent has some expenses. For instance, when your property sells, you'll need to pay a commission fee to your agent. The commission is usually a percentage of the sale price of the home, and it is up for negotiation..
One of the biggest advantages of selling your property yourself is decreased commission fees. You might still be responsible for the commission on the buyer's side, but since you didn't use an agent for your sale, you can put the seller's agent's commission in your pocket!
Another benefit of selling your home yourself is having complete control over the process. You'll make all the decisions regarding the price, marketing methods, and more.
If you decide to hire a real estate agent, they will have other clients besides you. Your home won't be the center of their attention. When you list your home by yourself, you'll devote all your time and energy to the process. You can be available to prospective buyers according to your schedule and respond to their calls anytime they reach out.
On the downside, selling your home on your own is time-consuming. You'll spend time agonizing over the price and organizing potential buyer visits. In addition, you'll need to review the offers and handle negotiations with prospective buyers. It becomes tiring and inconvenient, especially if you have another full-time job.
Lastly, if you lack real estate knowledge, you might accept a low offer. The legal terms and jargon are also stressful to inexperienced sellers.
In the end, pros and cons exist for both home-selling methods. A real estate agent is a valuable resource, but if you're real-estate savvy, a by-owner approach might be the best fit!