More people are turning to selling their own homes as For Sale by Owner (FSBO), that is, without the professional help of a proper real estate agent. With the promise of “lower” costs, the convenience and function of current technology, and the appeal of being able to go about the sale the way you want to, it’s easy to fall into the trap of going agent-less. However, without a real estate agent, there’s a lot you’re missing out on and could even stand to lose.
Here are some reasons why getting a real estate agent is as beneficial now as it’s ever been:
1. You End Up Earning More from the Sale
Every homeowner considering the DIY approach to selling their home has the core assumption that getting a real estate agent will decrease how much they stand to gain from the sale. This runs on the premise that agents are an avoidable cost. The data disagrees, however, with a 2017 study showing that agent-listed properties actually tend to sell at 30% more than sales done without an agent.
There’s a lot to unpack here. First and foremost, if you’re doing the sale yourself, chances are you’ll get the pricing wrong. Diving into this, this is because average homeowners do not have the skills or expertise to do proper market research for comparative pricing leading you to either overprice or underprice. As opposed to, say, overpricing your home because of the unavoidable emotional attachment to it, a real estate agent will be able to determine the optimal price for the sale.
2. They Can Do the Talking for You
Whether you’re introverted, overconfident, or less charismatic than you imagine yourself to be, a real estate agent’s negotiation skills are a treat for every kind of homeseller. Agents are trained and steeled with the experience of dealing with all kinds of people. This, on top of the direction provided by what’s known as “fiduciary duty” or their obligation to put your most lucrative sale as their top priority.
This also comes with a lot of other legal responsibilities. For one, it entails maintaining a high level of confidentiality throughout the sale. Translating this to the buyer’s side, this offers a sense of security that their personal financial information is protected – as opposed to dealing with a FSBO seller who does not have the same legal obligation.
3. They Can Also Deal with the Nitty-Gritty of Contracts
Whether you’re on the buying or selling side, the prospect of purchasing on contract is always present. And if you do decide to go this route, the legal and financial intricacies of contracts can be hard to manage. Inability to pay a mortgage or fulfilling the fine print, for example, could not only let you lose your deposit but also make you legally vulnerable.
A real estate agent could make things simpler for you to understand, work out the details of a contract for your benefit (because, again, they have the duty to do so), and further aid you throughout the process in ways you simply can’t do on your own.
Having a professional guiding you is always a good idea. But when it comes to real estate, an agent has an irreplaceable in the sale or purchase of a home in both the best and worst of scenarios. If you don’t have time or the resources to hire an agent, you can still sell your home as-is to a home investor. At Blue Hen Homebuyers, we buy all kinds of homes, regardless of their age or condition. Call our offices today at 910-802-2222 to learn more about how we can help you.s