Disadvantages of Selling Your Home Without a Real Estate Agent

What are the disadvantages of selling your home without a real estate agent? Even in the best of times, selling a home can be complicated. Market conditions can change on a dime, impacted by everything from local to national and international economies, to changes in population and even the weather. Especially in times of market uncertainly, a little professional help can go a long way.

With technology always on hand and information literally at their fingertips, the hyper-connected Millennial generation has taken a do-it-yourself approach to consumables; everything from products and services, to purchases of every kind – including real estate. Generation Y might as well be called Generation DIY. The appeal of the FSBO (For Sale By Owner) transaction lies in the flexibility, customization and let’s face it, the cost-effectiveness.

As a consumer, job one is educating yourself, weighing your options and making an informed decision. When it comes to real estate, an FSBO could be the right choice for those who want to save the commission fee and take the reins in all aspects of their transaction. But buyer and seller beware – an FSBO has some drawbacks as well. Here are five things to know about FSBO.

Professional real estate agents have the experience and expertise to navigate through any market conditions. They’ve likely already been through some market ups and downs, and can guide a seller in deciding if now is the right time to sell, who your target buyers are and how to appeal to them. Aside from their market expertise, an agent will also have access to the tools and technology necessary to complete your real estate transaction safely and virtually, no in-person contact required.

FSBO is an acronym for “For Sale By Owner,” meaning the seller hasn’t retained the services of a professional agent to assist with the sale of their home. By doing all the legwork in selling a property yourself, the seller will save on the commission fees he or she would be required to pay to both the selling agent and the buyer’s agent.

Now, we’re not saying you can’t sell your home yourself, because you can. There are plenty of resources out there to help you DIY. We’re just saying that a professional, experienced real estate agent can do a better job of it, and get you more money too. While saving on the agent’s commission might be tempting, consider what you get as part of the price you pay, including (but not limited to!):

• Setting the right asking price
• Preparing your home for sale
• Marketing the listing
• Showing the home
• Reviewing and negotiating offers
• ALL THAT PAPERWORK!

All this takes know-how and time. And you likely already have a full-time job, right? And remember that for avid home hunters, listings get stale fast. If you home’s been on the market for an extended period, due to delays related to home staging, marketing and showing, prospective buyers will lose interest fast. Remember: you only have one chance to make a first impression.

Your home is likely your biggest asset. When you’re ready to sell the place, ensure you’re well-represented – whether you represent yourself, or are backed by a professional real estate agent. A “minor” mistake can mean the difference between a lucrative sale, or tens of thousands of dollars left on the table. As the consumer, do your due diligence and make an informed decision before you start the selling process.

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