If you are thinking about selling your home yourself, before you make the decision, it is important to consider these factors:
- Realtors® have access to a substantial ‘buyers’ pool’ through hundreds of millions of dollars of combined advertising off and online.
- When Realtors® follow up after showing property, it is viewed as a predictable and an enthusiastic follow up. When the homeowner follows up, it is viewed by buyers as a home seller being overly anxious or even desperate – which is injurious to negotiations.
- Professionally trained real estate professionals are ethically bound – when fully representing you – to vigilantly work on your behalf.
- Many buyers (and frequently out-of-town/state buyers) are reluctant to directly engage with unknown sellers and corporate relocation (in many markets) generates very desirable and qualified buyers.
- Many buyers view any information provided directly from home sellers (not covered by conventional real estate laws of disclosure) cynically.
- Many home sellers report that their greatest motivation in trying to sell on their own is ‘to save the commission’ – not realizing that certain buyers and investors identify this as an opportunity for them to save the commission and then some.
- The heads of For Sale By Owner (FSBO) sites have been known to privately use a Realtor®.
- Statistics indicate that approximately 83% of FSBOs convert to Realtor® representation.
- It is not uncommon for For Sale By Owner transactions to fall through prior to closing. This is often due to lack of proper negotiation or understanding of the contract, contingency removal deadlines, and disagreements between buyer and seller.
- Quality buyers tend to prefer professional representation by a realtor and are more likely to purchase a listed property.
Should you look to continue to sell your own home:
- You would not only need to “market your home” but your entire lifestyle including the community (schools, services, zoning changes, etc.).
- Don’t give potential buyers the sense that you “have to sell” or that you “have already decided where you’re moving to” or have “already bought your new home.”
- While you want to be friendly, do not “overdo it,” as this can be construed as being overly solicitous.
- Be wary of real estate professionals telling you they “already have a buyer.” That keeps you where you are, settling for a buyer versus mobilizing thousands to leverage the laws of supply and demand in order to produce the best (highest paying and best terms) buyer.
- Make sure you inspect all of your competition – both as part of your pricing strategy as well as so you can speak to the contrasts of your property when face-to face with buyers. However be careful not to be seen as disrespecting other choices.
- You will need to become familiar with the purchase contract and all other documents needed to complete the sale.