Many people list their homes as ‘For Sale by Owner’ in order to save money on the commission. However, selling on your own will actually cost you. I’ll go over a few more reasons you should hire an agent today.
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When it comes to 'For Sale by Owner' homes (or FSBO), there's perception and then there's reality.
Why would anyone consider putting their home up for sale on their own in today's market? The number one reason is to save on the commission cost they would pay to a real estate agent. However, saving that commission cost will actually cost you more on your net price. There are some facts and figures to prove this. In 2015, only 8% of all homes sold were FSBO. Of that 8%, 21% of these homes were sold to family members, relatives, or neighbors.
Over the last decade or so, there has been a trend of decreasing FSBO home sales. Why is everyone catching on to the idea of hiring an agent? On average, when you hire an agent, you'll net 20% to 25% more money. Saving on a commission costs doesn't sound so good now, does it?
Hiring an agent will take care of five essential aspects of a real estate transaction for you.
So what does an agent do for you? There are five essential things agents take care of when you sell your home:
- Understanding and performing paperwork: This includes all parts of the contract and the negotiating that happens during the due diligence period.
- Getting the right price for your home: This is done through a market analysis, understanding the market and state overall, and knowing the right price at the right time.
- Preparing your home for sale: This is done by a team of professionals and includes everything from taking photos and staging to anything that needs to be done ahead of time to get more money in the end. Many times, your home needs less work than you think!
- Proper marketing: This can include signs, open houses, social media, professional networking, and any other creative things agents can come up with to sell your house.
- Time and energy saved: Think about all the stress and time you save from the very beginning to the time they hand you a big check for your house. Everything is taken care of for you, so there's no headache or emotional drain.
Another important figure to mention is that 88% of buyers coming to look at your home will have professional representation of their own. That means they'll have someone on their side looking out for their best interests, not yours.
If you have any other questions for us or you're thinking of selling your home, give us a call or send us an email. We'd be glad to help!
