How using a Realtor® actually saves you money
Selling your home For Sale By Owner (FSBO as it’s referred to in the Real Estate world) makes a lot of sense for homeowners 'on the surface'. It’s an opportunity to save on the commission you’d normally pay a Realtor® to sell your home. It’s the number one reason someone sells their home For Sale By Owner, to save on the commission. But, by saving on the commission, the data shows you’re actually losing on the net and that a Real Estate Agent is worth their commission. Here's the data:
With the increase of online listing sites, some buyers and sellers have begun to regard real estate agents as costly non-necessities. In reality, these industry experts can actually save clients money in a number of different ways. If you are thinking about tackling a real estate transaction on your own, here’s why you should consider working with an agent.
They will price your home right. When sellers go it alone, they tend to have difficulty choosing realistic prices for their homes. Sellers love their homes, sometimes too much and they insert emotion into their pricing, which can cause them to overprice. Because Realtors have insight into local market conditions and the prices of similar inventories, real estate agents can help sellers choose competitive prices that will attract motivated buyers. In some cases, this can help clients sell their homes faster for more money. In others, it can save a property from languishing on the market. Whatever the case, an experienced agent can be an especially valuable resource for sellers who aren’t sure how to price a property.
They have expert knowledge in the contracts. Very few homeowners have read the real estate contracts, and if they have, they probably don't 'really' understand what it means. Realtors have had extensive schooling and experience in these documents (that can be upwards of 40+ pages). Sellers and buyers do not know their rights when it comes to negotiating, repair costs, what happens if the title company finds issues in your title, who pays for the title attorney? Sellers and buyers could unknowingly cost themselves extra thousands.
They can foresee problems before they occur. Realtors are trained in many aspects that buyers and sellers wouldn't know. From potential conditions of the home that might affect the sale, to issues in the type of loan being used, making sure we get all inspections and appraisals done in the time frame required, even knowing things like ways to get through appraisal or title issues. All of these things can add up to costing time and money for a buyer and seller.
They have extensive staging expertise. According to the National Association of Realtors®, staging can play a huge role in determining whether a home sells, and for how much. While most homeowners know they should show their properties in the best possible light; few have the expertise required to stage in a way that allows potential buyers to imagine themselves in the living space. A good real estate agent will know plenty of great tactics for accentuating the good and downplaying the less desirable aspects of a property. (*staging isn't intended to mean hiring a stager or moving in furniture)
They have connections. Experienced agents will have an entire arsenal of experts ready to help you through every stage of the home-selling journey. Whether you need contractors, inspectors, a lender or legal insight, a good agent should be able to connect you with the right people. Not only will these experts come highly recommended, based on personal/professional experience; they might even offer you discounts. Finding these types of professionals can turn into a full-time job for sellers who go it alone. If you have a seasoned agent, they can assist you in crossing off a lot of tasks from your list.
They can negotiate a better sale price. Negotiation is an art form, requiring years of experience and lots of expertise. A seasoned real estate agent will know the best way to get top dollar for your home. He or she will also be highly motivated, since a higher price means more money in both of your pockets. Whether they choose to slightly underprice the home to stimulate a bidding war or focus on highly-motivated buyers who are willing to pay big deposits for fast closings, an agent can leverage all sorts of industry strategies to get you a better deal.
They are great time-savers. Most inexperienced sellers are shocked to learn how time-consuming and tedious the real estate sales process can be. All too often, they simply assume they can throw up a For Sale sign, publish a few photos online, and wait for herds of buyers to storm their front lawns. In reality, the selling process can be an overwhelming experience, filled with walking buyer after buyer through the home for showings, paperwork, inspections, repairs, false-starts and fruitless negotiations. If your home sits on the market for too long, it will cost you in a number of ways, especially if you need to close so you can purchase a new property. An agent can streamline every stage of the process, so you can make a profitable sale and get on with your life.
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