What to Consider Before Deciding to Sell Your House on Your Own
You are preparing to sell your house and are deciding whether to work with a real estate agent.
You’ve heard some bad experiences from friends and family about agents whom they’ve worked with in the past.
Then you find out that your co-worker sold their home on their own within three weeks!
Your decision has been made and you decide to go it alone.
Before you decide, take five minutes to read this article. It may change your perspective on things.
We understand why selling on your own may seem appealing. In theory, saving commission on the sale sounds like a great proposition, but the reality is that statistically you are better off working with a professional.
Based on these statistics, there is a reason why the vast majority of home sellers choose to work with a professional. If it was easy to sell your home on your own, that would be reflected in these numbers – these statistics don’t lie!
Maybe that’s your worry though; working with a professional.
You may have heard the horror stories that star Agent Frankenstein; but remember that although the Frankenstein Monster was portrayed as evil, in reality he was kind and intelligent. What we are getting at is, not all perceptions are reality; so not all real estate agents fall short of expectations or only care about their commission.
Selling your house is a big decision. It’s in your best interest to hire a professional. The secret is, picking the right agent for you. That way you won’t be joining in as a character in the horror stories that you’ve heard from others.
Still not convinced?
We’ve created the top challenges that For Sale by Owners face when trying to sell their house. If you feel confident that you can navigate through this list without a problem, go for it!
Hey, two things can happen:
- You sell and beat the statistic.
- You don’t sell and can start your search to finding a qualified professional like the agents certified by AdvantageU Home Sellers’ Resource.
Top Challenges For Sale by Owners Face
1. Limited Exposure:
While sites like Zillow and Craigslist, can expand your audience, if you are selling on your own, they don’t provide the extensive marketing that working with a “successful” agent can. These online sites have no personal motivation or investment in the sale of your property, like a real estate agent would.
Professional real estate agents are often equipped with an extensive network stretching much further than the local pool of buyers. Having a larger pool of interest can result in a quicker sale and more money in your pocket. A local agent is also up to date on everything there is to know about your local market, that can make a big difference in attracting the right buyers quickly.
2. Lack of Photos:
Having only a few photos or low-quality ones, are not going to attract potential buyers. 90% of home buyers shop online, so if your photos aren’t putting your house in the best light, a home buyer is most likely going to rule you out. High quality photos and video tours have been proven to sell homes for top dollar. Download this free Guide to Preparing Your Home for Photographs.
3. Wasting Time on Unqualified Buyers:
The biggest complaint we hear from folks trying to sell on their own is showing their home to people who are essentially just window-shopping, or Looky-Loos. Coordinating appointments and showings requires a great deal of time. Real estate agents can filter through the jumble of “interested parties” and not only find people who are ready to buy, but who are also qualified to purchase your home.
What’s better, is an agent will show the home for you. If you’re on your own, you either must pass/reschedule or leave work whenever a potential buyer needs to see your home during your work hours. If you can’t leave work, there’s a chance that the buyer will go see another house and you could lose out on a potential sale.
Overpricing your home is one of the fastest ways to send potential buyers running. It is also the number one reason homes don’t sell and sit on the market for long periods of time. Making this mistake can set you up for disappointment, the last thing you need when trying to sell your house. Remember, buyers are attracted to value and affordability. Don’t price yourself out of a deal, it’s not worth it!
5. Forms and Filling out Contracts:
There are a plethora of disclosures and other forms that a For Sale By Owner may have difficulty accessing. Please don’t underestimate the importance of this. The paperwork you use is there to protect you and the home buyer during the entire transaction.
You may think it’s easy to find forms online, but the language in those forms is the main thing that will stand between your successful sale or a dead deal.
Many times, sellers and buyers who are not represented by a realtor hire a real estate attorney to draw up the paperwork; which can cost a considerable amount of money. When you work with a real estate agent, this is covered in their commission.
You know that saying “It’s not over, till it’s over”? Well, until all paperwork is signed, and that check is handed over, you have not sold your home. Many issues can arise from the closing of the loan to the day of closing.
Some standard roadblocks are: buyer financing falls through, buyer gets cold feet, errors on the settlement documents, and the list goes on.
Successful real estate agents know what to look for and how to avoid potential problems as the closing date draws near.
Selling your home on your own requires a lot of personal time.
Unqualified buyers touring your home, buyer’s agents hammering you down on price, not knowing what offer to take or if you are leaving money on the table, are very real scenarios to consider.
A good analogy would be representing yourself in court. Yes, you are smart, able minded, and you may pull it off on your own, but the outcome may not be as good as having a qualified professional representing you.
Whether you decide to go it alone or enlist the support of a seasoned professional, we encourage you to download the AdvantageU® Home Sellers’ Checklist. It is packed with many details to keep you on track during the home selling process.