We are living in an age of DIY where many people would rather save money by completing a task themselves rather than hiring a professional, but when that task involves selling real estate, it is best to hire a licensed Realtor® who understands the process inside and out. Real estate transactions are complex and forgoing an expert’s guidance can cost you. The standard commission a REALTOR® will charge to represent you is five to six percent, but when you consider the ways that investment in a professional can save you in liability, time, and money, you may rethink trying to sell your house on your own.
REALTORS® can protect you from liability
In order to become a REALTOR®, a person completes extensive training in how to navigate the market. From adhering to deadlines, to properly filling out contracts and forms, REALTORS® fully understand how to protect their clients from the legal consequences of not abiding by state laws and regulations. When a client makes an offer on a home and it is accepted, they enter into a legally binding contract and it is the job of their trusted REALTOR® to ensure that there is no breach in that contract. If a person is selling their home on their own, it is likely that they do not understand the significance of the established deadlines, or consequences of pulling out of a transaction after the inspections and appraisal have been completed. Nobody wants to be sued, so it is best to hire a Realtor for protection.
Selling a home is a full-time job
Deciding to place your home on the market in the easy part, but what happens next can be daunting if you do not understand how the process works. Some questions to consider when listing: how will you market your home to get it in front of as many buyers as possible? How will you ensure that you have all your legal paperwork in order? How will you coordinate showings, especially if you work a full-time job? How will you negotiate with buyers, or the agents representing them? If the answers to these questions leave you feeling overwhelmed, it is best to hire a REALTOR® who can handle all of these tasks with ease and confidence.
REALTORS® can save you a lot of money
According to the National Association of REALTORS®, “the typical FSBO (For Sale by Owner) home sold for $200,000 compared to $265,000 for agent-assisted home sales.” The reason for this is that REALTORS® know how to evaluate the market and best determine the price that buyers will pay for any given property. REALTORS® know how to use a Comparative Market Analysis to set expectations, which leads to less time on the market, and more activity on a listing. Realtors also have professional contacts such as home stagers and photographers who can ensure that your home is properly showcased to get you the most money possible.
In summary, if you do not wish to risk being sued, do not want to work two full-time jobs while your house is on the market, and want to save money, my advice is to hire a licensed Realtor who will happily take on the responsibilities of selling your home so you can focus on the next chapter of your life without added stress.