You’ve decided to sell your home. Now the big question is, should you work with a Realtor or sell on your own? Before you make this decision, consider the risks you take in putting your house on the market For-Sale-By-Owner (FSBO), as opposed to using an experienced Realtor.
First, it is important to understand the complexity of a real estate transaction. If you lack experience and don’t know all of the steps involved, there is a good chance you could make costly mistakes that could be avoided with the help of a Realtor. Realtors are real estate experts and will guide you through every step of the selling process, from setting a selling price to completing the transaction.
When selling FSBO, it is also important to be familiar with the real estate market and prices of competing properties. If you aren’t, you take the chance of over- or under-pricing your house. As a result, you could have trouble selling your house or you could sell it for less than it’s worth. By hiring an experienced professional, you could eliminate this potential problem.
There are many legal issues involved in selling a house. If you do not have the experience to identify clauses and other terms in a contract, you could end up accepting a legal agreement that puts you at risk. Thus, it is wise to hire a Realtor and have him or her explain the contract components to you.
Next, you should consider the amount of personal time you have available to sell FSBO. Keep in mind that the process can be very time-consuming and may require you to alter your schedule. Selling a home FSBO may mean you have to limit the times you can show the house because of work and other commitments, which could mean that fewer prospects will see the house.
The only other options would be to keep the house doors unlocked for prospects to view the home when you’re not there, which could be unsafe; not show it at all and lose prospects; or hire a Realtor to show it. In addition, you might spend a lot of time responding to e-mails and telephone calls from prospects. If you don’t respond promptly, they may lose interest. By working with a Realtor, you can avoid these hassles and time constraints.
Advertising your home is a critical element in the sales process. There are many modes of advertising, such as the Internet, magazines, newspaper, bulletin boards, brochures, signs and word of mouth. You need to identify which method will work best to sell your property. In addition, you need to know how to write an ad that catches the attention of prospects and emphasizes the key selling features. Lacking these skills could limit your exposure to prospective buyers. By working with a Realtor, you will get you the exposure you need.
When deciding whether to sell FSOB or use a Realtor, there isn’t a right or wrong choice. It is up to you to decide which method works better. But remember, if you want to alleviate the stress and risk attached to selling a house on your own, hire a Realtor. It may be one of the smartest decisions you ever make.