When selling your home, a key decision to be made is usually the decision to either go the For Sale By Owner route, or for you to use a realtor. Both options have their attractions and detriments, and careful consideration would help you figure out which to go for.
In the grand scheme of things, however it is often better to employ a realtor when selling your home.
This article will explain why.
A Little Clarification
A lot of people who want to get involved in a real estate transaction think they are mandated by law to employ a realtor/real estate agent. We’d like to state now, that it isn’t true. Deciding to hire a realtor when you want to sell your home is an entirely personal decision.
Reasons to Hire a Realtor
There are a number of reasons for you to hire a realtor when you want to sell your home.
- Emotional detachment
- Professional understanding of how the market works
1. Emotional Detachment
Selling your home yourself is a very emotional decision, as most homes have strong sentimental value. As a result, it is very natural for you to lack emotional detachment when dealing with the sale of your home.
The problem with this is that you might do some things that won’t work with regards to selling your home. For instance, setting a price for your home based on your emotional connection rather than prevailing market prices, insistence on being present at every home viewing, etc. A realtor has no such emotional attachments to your home, and will look at it with a fresh eye and a critical mind, tools you need for the sale of your home.
The emotional detachment of a realtor will ensure that they won’t miss crucial details that would help make the sale of your home that much easier.
2. Professional Understanding of How the Market Works
Selling your home is not as straightforward as it might seem. But this is usually the thinking of homeowners deciding to go the FSBO route, especially if they haven’t made adequate findings as to how the real estate market works.
When you hire a realtor to sell your home, you don’t need to know how the market works. That’s the realtor’s job. This is why it is important to do your due diligence when deciding on which real estate agent to hire. A good hire, amongst other things, will know how your local market works and ensure you get the best value for your home.
A massively important tool of realtors when marketing is the listing service. However, a lot of listing services are now available for homeowners to use online. This has led to a consensus that realtors aren’t all that needed.
This couldn’t be further from the truth, as just because you have listed your home on multiple listing services is not guarantee that you will get it to sell, or even for the price you’d want.
A realtor knows exactly how to market your home, what tools to use, etc.
A key part of any real estate transaction is negotiations. Knowing how to negotiate properly is an art, and one that good realtors have perfected.
Not hiring a realtor would mean you would be going up against your buyer’s realtor. This is not a very good idea, as the realtor will have their client’s interest at heart and will aim to get them the best deal.
No matter how good you are as a negotiator, chances are that a realtor will be a lot better. Add this to representing yourself in a sale in which you have an emotional attachment to the home, and the odds are slimmer for you to get a suitable deal.
Getting a realtor to sell your home is not legally mandated, but it is highly advised. Using a realtor will give you the best chance to get a great deal, not to mention the absence of all the effort and legwork an FSBO sale will involve.