Now that you have decided to sell your home, do you go through a real estate agent or list it yourself? Many home sellers ask this question. However, before you make the final decision, it is important that you weigh the pros and cons of each method.
Remember you don’t need to go through a real estate agent to sell your home. You can list it on “for sale by owner” websites where prospective buyers or their agents can contact you.
What benefits will accrue to you if you sell your home without a real estate agent?
More Money in Your Pocket
A real estate agent requires to be paid a commission calculated as a percentage of the price of the property sold. If you do the listing, you will pocket the 5-6% that you would have paid the agent. This could translate to thousands of dollars if you are selling a high-value property.
However, note that you could be required to pay the buyer’s agent a commission of 2.5 -3% which will leave you with 2.5 – 3% or the amount determined by the state laws.
As you sell your home, you are required to market it so that potential buyers or their agents can contact you.
One route that realtors use is by having full-service MLS listing where your property gets exposed to buyers and buyer’s agents since it is automatically posted to many real estate websites.
When you sell your home, you don’t have the privilege of MLS listing since it is only open to real estate agents. What is the solution? Flat fee MLS listing where a licensed broker lists your property with MLS. The benefit of this for sale by owner listings is that your property gets exposed to many buyers and you only pay a fee most likely of hundreds of dollars much less than you would have paid as realtor commission.
You Are In Charge
When you sell your home, you are in charge of advertising, listing, pricing, hiring a photographer, finding an attorney, showing and negotiating with buyers since you are not relying on a real estate agent. It gives you the chance to decide on all those aspects such as where to list, the price and how to market.
It gives sellers who have time an opportunity to devote more attention to the selling of the home, unlike realtors who may be dealing with many listings.
Free To Decide On Listing Duration
You will have the final say on how long you will want to list your property and you don’t have to stick to a given timeframe. If you want to dispose of the home fast, you can reduce its price. If you are not in a hurry, you can take your time and list it for longer as you wait for the right price.
Have Final Say on the Buyer
Unlike a real estate agent, you have a sentimental attachment to your home and you may want to decide who ends up with it. Listing your home without the agent allows you to choose who buys it and whom you feel deserves it.