Friday, December 16, 2016 / by Cindy Crutcher
When listing your home, many factors come into play, so why not hire a professional? Would you try to fix a plumbing leak or gas leak by yourself? No! You would hire a professional. So why would you treat the home selling process as something that anyone could do? Is it because you feel no one knows your house better than you, or you simply just want to save money on commission? Have a lack of faith in a realtor and will cutting corners in the home selling process cost you not only dollars but time on the market as well.
According to the 2016 National Association of Realtors, 8% of homes in the year 2015 were a FSBO. For that 8%, there came many struggles that most home sellers do not think about when putting their home on the market without an agent. These efforts include: getting the right price, having the correct marketing strategy, preparing the home market, and having the time devoted to selling the home.
The National Associations of Realtors says that the typical sales price for a FSBO is $185,000, but when listed with an agent, that same house would sell for $240,000. So even with a 6% commission, using a realtor will still bring you your top dollar. At $240,000 with a 6% commission, the homeowner would walk away with $225,600. That is $40,600 more than if you do not use an agent. So, is saving $14,400 in commission worth sacrificing the extra $40,600 an agent can bring to the table?
Another issue FSBOs run into is not knowing how to market their home correctly. 33% of FSBOs sell their homes using yard sign. Only 9% of homeowners use social media sites, and 41% of sellers do not market their homes at all. By hiring a realtor, you are hiring a professional that is trained to market your home in many ways. They use several social media websites. They use Multiple Listing Service sites. They are sending out flyers, hosting open houses, and making daily calls on your behalf trying to find the best buyer at their top dollar. Agents train on how to properly market your property, and how to target the right people for your home. Knowing how to marker is not something that everyone can do.
13% of homeowners putting their home up as a FSBO struggle with knowing how to prepare their property for market. When using a real estate agent, they can better determine little issues that need fixing or how to be better lay a room out for maximum space. These are things that only a professional can know by quickly scanning a house. You might think you know the ins and outs of your home, but a realtor knows what a buyer is looking for and what will appeal to buyers the most.
One of the biggest struggles for FSBOs is not having the time to adequately market and show their home. 3% of FSBOs are too busy to set up showings and market the home properly. That is why so many FSBOs eventually list with an agent. Working full time and playing realtor can become very time-consuming. So, why not hire a professional that will make you an extra $40,600 in sales and relieve you of all the hustle and bustle of playing Jr. Realtor?
Why stress and waste your time when you can hire a professional to do all the work and put money in your pocket? Go on and save yourself the time and hire a real estate agent. Let them work for you to bring the best buyer for the top dollar. After all, they are trained to sell and market homes for a living. Do not be an amateur. Hire a professional.
Source: 2016 National Association of REALTORS® Profile of Home Buyers and Sellers