If you’re in the process of trying to sell your home, you will undoubtedly be faced with a critical decision on whether you are going to hire a real estate agent or handle the sale on your own. “For sale by owner” is a popular way to sell houses nowadays, but does that really mean it’s the most advantageous way to do it? Here are a few significant reasons why hiring a broker over selling the property yourself is always your best bet.
The Dangers of “For Sale by Owner”
Exposure
One of the primary reasons that homeowners hire real estate brokers in the first place is their expansive pool of potential buyers that they’ve cultivated over the years. For instance, only they have access to the Multiple Listing Service, one of the biggest online tools that agents use to sell homes.
With a realtor, your home will have much less visibility on the local market than if you decided to sell it yourself. First of all, you probably have no idea how to market and advertise a property like they do. Secondly, setting up and hosting an open house is a difficult task that isn’t for everyone.
The fact of the matter is that brokers have years of expertise and experience that will help your home get sold in no time. If you do decide to sell it on your own, are you ready to assume all of the responsibilities of a real estate agent on top of your other commitments? Highly unlikely!
Finances
It should come as no surprise that real estate agents have tons of experience with negotiating prices on properties. Therefore, when it comes to making a profit from your sale, they’re the ones who will ensure you’re getting the most that you possibly can.
Occasionally, someone trying to buy a home will not receive enough financing and proceed to look for other options, hoping to get a better price. Unfortunately, these buyers can be quite predatory and seek out homes that are for sale by owner, hoping to capitalize on their inexperience
The ordinary homeowner isn’t well-versed in negotiation tactics, so there’s a good chance that you can be taken advantage of if you aren’t careful.
Risks
Believe it or not, there’s also a significant amount of risk involved with any kind of property sale. However, since most people hire a broker to handle the sale, they rarely have to worry about any of these issues.
When you decide to sell your own home, all of the associated legal forms and disclosures become your responsibility. If you are unfamiliar with the related guidelines and requirements, you run the risk of financial and legal liability, which can have very serious consequences.
If you’re trying to decide whether to hire a broker or go for sale by owner, you should be aware of these potential pitfalls.
