Selling with a Real Estate Agent this fall will benefit you in many ways. Read on to learn why it’s crucial to use a professional!
Why selling with a real estate agent is so important
1. Your Safety Is Important
Your safety should always be a number one priority, and that’s more paramount than ever with the current pandemic going on. When you FSBO, it is very hard to have complete control over who enters your home. A real estate professional will have the correct protocols in place to keep not only your possessions safe but also you and your family’s health safe. From controlling the number of people that enter your home at one time to making sure there are santitation practices in place before and during showings as well as orchestrating virtual tours for potential buyers, real estate agents are armed with the latest industry standards recommended by the National Association of Realtors (NAR) to help keep you and your family safe during the home selling process.
2. A Strong Online Prescence Is Important
Recent studies from NAR have shown that, even before the virus, the first thing that 44% of all buyers did when shopping for a home was to look online. During the process, that number increases to 93%. Today, those numbers have grown significantly. Most realtors have grown a strong Internet and social media prescence to market your home to the masses. Have you been able to do that?
3. Negotiations, Negotiations, Negotiations…
If you decide to sell your home by owner, these are just SOME of the people that you will need to negotiate with:
- The buyer, who wants the lowest home prices possible
- The buyer’s agent, who only represents the best interest of the potential buyer
- The inspection companies, which work for the buyer and will almost always find issues with the home
- The appraiser, if the value of your home is put into question
Part of a Realtor’s training is learning how to effectively negotiate with multiple people as well as how to mediate the emotions of buyers looking for the best deal possible.
4. You Won’t Know if Your Buyer Is Pre-Qualified For A Mortgage
Obtaining a buyer that is interested in purchasing your home is the first step. Ensuring that the buyer is able to afford purchasing your home is equally as important. As a FSBO, it’s nearly impossible to be aware of the mortgage process of the buyer. A real estate agent is taught to ask the right questions and, sometimes, will be keenly aware of the progress being made toward a buyer’s mortgage commitment.
5. FSBOing Has Become Increasingly Difficult from a Legal Standpoint
With the increase of mandatory disclosures and regulations, the required documentation has increased as well. Oftentimes, realtors act as a third-party to assist the seller in avoiding legal trouble. This is one of the main reasons why the percentage of homeowners selling by owner has dropped from 19% to 8% over the last 20+ years.
6. You Make More Money When Using a Realtor
Many home sellers think they will save the real estate commission by selling by themselves. Please know that the main reason buyers typically look at FSBOs is that they also think they can save on commission. The seller and buyer can’t both save on the commission fee without issues arising.
A study by Collateral Analytics showed that FSBOs don’t really save anything by selling without the help of an agent. Sometimes, the seller may even make less money from the sale. The study points out the difference in price between a FSBO and a realtor-listed home was an average of 6%. One of the many reasons for the price difference is adequate exposure:
“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”
The more times that buyers view a home, the more likely a bidding war is to take place. Using a Realtor to effectively market your home and get buyers through your door is so important to netting the most money from the deal as possible.
If you are thinking about selling your home and have questions, click here to read about FAQ’s for sellers.