How to decide whether to hire a pro real estate agent or do it yourself
6 Things Smart Sellers Consider
We say it a lot but we think it really IS worth repeating: selling your home is one of the biggest transactions of your life. The process is already stressful. Doing it yourself, without the support of a professional real estate agent, makes it even more difficult.
Hiring a limited service, discount or DIY company (also called For Sale By Owner) could leave you with unexpected consequences – and expenses. Money is still going out the door but you’re without the benefits a REALTOR® brings to the table.
Here are a few things you should know before you decide:
1. How commissions work
A lot of sellers are attracted to doing it themselves because they think they get to keep the commission in their pocket.
But here’s the truth: the discount is only on the listing side. When you list on the MLS, REALTORS® bring you buyers and their commission gets negotiated into the deal. This means you are often still responsible for at least half the regular commission but have none of the experience and knowledge (and negotiating power) of a professional on your side.
2. Costs add up quickly
A lot of DIYers forget about all the additional costs of listing your home. There’s a base listing fee to list on MLS and you pay additional fees as you access more features (like more photos). You’ll also incur costs for professional photos, advertising, and staging. Don’t forget you’re also paying commission to the buyer’s REALTOR®. Your actual savings begin to dwindle quickly.
All of these costs – MLS listings, staging, pro photos and marketing – are included in our fees. Plus you get our time, experience and expertise on your side.
3. Less exposure to the market
REALTORS® have relationships with clients, other agents and real estate agencies to bring the largest pool of potential buyers to your home.
DIY attracts a smaller pool of prospects, which means less demand for your property. This can translate into longer selling times and a weaker negotiating position, so you might not get as much money as your home is worth.
At Hodges & Mohr, we have 35 years of combined experience buying and selling property in Sherwood Park and the surrounding area. As well, we have solid social media platforms, followed by thousands of people interested in the local market. That kind of experience and network is worth a lot, especially if you don’t want your house to be on the market for months and months.
4. It’s a lot of work
Real estate is a full-time job. You might need to miss work to show your house during the day. You might have to leave a meeting to speak to a potential buyer. You also plan the showings, attend the open houses, create the marketing materials, pre-qualify buyers and much more. And that’s on top of the huge checklist of things you have to do to get ready to sell and move (decluttering, keeping it clean, minor repairs and renos).
Buying or selling a home is one of the largest financial transactions in the average person’s life. Our team handles all the photography, listing, showings, and follows up with potential buyers. When you work with pro REALTORS® like us we take some of that pressure off you.
5. Safety & legal concerns
Having an experienced professional REALTOR® who is legally required to represent your best interest is one of the most powerful safeguards you can have as a seller.
A lot of legal paperwork is involved in a home sale, and it needs to be completed correctly by an expert. One of the most important items is the seller’s disclosures. If you fail to disclose a hazard, nuisance, or defect – and the buyer comes back to you after having moved in and found a problem – the buyer could sue you.
We make sure all the i’s are dotted and the t’s are crossed so that doesn’t happen. And if something does happen, we’re there to help guide you through to the resolution.
One of our clients recently had a problem with the paperwork that had the potential to hold up the sale of her home. We looked into it and discovered the lawyer made an error in the paperwork. Our eagle-eyed expertise saved our client hours of hassle and ensured her sale went smoothly.
Something else that DIYers don’t think about is the safety of inviting buyers into your home. Real Estate Agents pre-qualify buyers and have special protocols in place to ensure your safety in the marketing and during showings and open houses.
6. Avoid emotional sales
A real estate agent keeps you one step removed from the selling process and helps you avoid any “for sale by owner” pitfalls.
These can include overpricing your home, disclosing too much information to potential buyers, giving in too easily if you have a deadline for selling or refusing to counter an offer you consider too low.
We’re there as a sounding board, a sober second opinion and we’re excellent negotiators. Many of our clients don’t want to entertain a “low-ball” offer. But with our guidance, we encourage a counter offer. Because there’s no conversation without a counter. We sell a lot of homes at a terrific price by negotiating with “low offers.” Let us help you get the right buyer and the right price for your home.
Selling your house without a REALTOR® can be daunting.
You can try to do it alone to save money, but hiring a pro REALTOR® has many advantages – logistical, emotional and financial.
We bring expertise and knowledge of your local area, not to mention killer negotiation skills. We work hard to get you the best deal on one of your life’s most complex transactions, one filled with many financial and legal considerations.
Thinking of listing your home? We’d love to provide a complimentary custom market evaluation and advise you on the strategy we’d use to sell your home.