6 Reasons You'll Win by Selling with a Real Estate Agent This Fall
There are many benefits to working with a real estate professional when selling your house. During challenging times, like what we face today, it becomes even more important to have an expert you can trust to help guide you through the process. If you're considering selling on your own, known as for sale by owner, it's critical to consider the following:
1. Your Safety Is #1
Your family's safety should always come first, and that's more crucial than the current health situation in our country. When homeowners do FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your things but your family's health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after showings, and even allowing virtual tours for buyers, real estate professionals are equipped to follow the latest standards recommended by the National Association of Realtors (NAR) to help protect you and your family.
2. A Powerful Online Strategy Is a Must to Attract a Buyer
Recent studies from NAR have shown that, even before COVID-19, the first step 44% of all buyers took when looking for a home was to search online. Throughout the process, that number jumps to 93%. Today, those numbers have grown exponentially. Most agents have developed a strong Internet and social media strategy to promote the sale of your house.
3. There Are Too Many Negotiations
Here are just a few of the people you'll need to negotiate with if you decide to FSBO:
- The buyer, who wants the best deal possible
- The buyer's agent, who solely represents the best interest of the buyer
- The inspection companies, which work for the buyer and will almost always find challenges with the house
- The appraiser, if there is a question of value
As part of their training, agents are shown how to negotiate every aspect of the real estate transaction and how to mediate the emotions felt by buyers looking to make what is probably the largest purchase of their lives.
4. You Won't Know if Your Purchaser Is Qualified for a Mortgage
Having a buyer who wants to purchase your house is the first step. Making sure they can afford to buy it is just as important. As a FSBO, it's almost impossible to be involved in the mortgage process of your buyer. A real estate professional is trained to ask the questions and make sure everything is on track!
5. FSBOing Has Become More Difficult from a Legal Standpoint
The documentation involved in the selling process has increased dramatically as more and more disclosures and regulations have become mandatory. In an increasingly litigious society, the agent acts as a third-party to help the seller avoid any legal problems. This is one of the major reasons why the percentage of people that sell their home by themselves has dropped from 19% to 8% over the last 20+ years.
6. You Net More Money When Using an Agent
Many homeowners believe they'll save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent's commission. The seller and buyer cannot BOTH save on the commission.
A study by Collateral Analytics revealed that FSBOs don't actually save anything by forgoing the help of an agent.The study found the difference in price between a FSBO and an agent-listed home was an average of 6%. One of the main reasons for the price difference is effective exposure:
Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.