Would you handle the most significant transaction in your life without support? Selling your home for sale by the owner (FSBO) may be tempting to pursue when selling your house. The savings of real estate commissions could add up to thousands of dollars. However, the risks and disadvantages of taking on this job alone can quickly outweigh the extra money in your pocket.
9 Risks and Challenges You Can Avoid by Partnering with a Real Estate Agent to Sell Your Home.
1.The Selling Process Can Be Long and Arduous
From the time you decide to sell your home until the final closing, many critical steps occur to complete the transaction. Most clients don’t realize all the details that go into the process. Often, home sellers prefer to have the details taken care of seamlessly rather than figuring out what to do and when. One complex part of the process is setting the initial price. For example, price is influenced by various factors, including the time of year, the economy, planned neighbourhood development, and recent sales. Working with a confident and experienced Real Estate Team can make this process flow smoothly.
2. Marketing Any Home is Extensive and Often Tricky
Some FSBO sellers may think that listing a home on the MLS service is the ticket to marketing your home. In fact, showing your home in the best possible light includes several factors such as home staging, quality photography and persuasive copy and descriptions.
A real estate agent knows what features can improve the chances of selling a home or not. They can walk through a house and point out changes that need to be made that can downplay negative features. Often clients are unaware of these problems because they see these features every day. Real estate agents also have a knack for highlighting the quality of some features, so these aspects help aid in a faster sale.
Pricing strategy is a skill on its own, and any pricing analyst will agree that many variables to set price are always at play. Proper analysis is needed to deliver the most attractive price point, which takes years of experience to perfect.
Visibility on and offline is also an essential marketing requirement. Real estate agents make your home visible and attract attention in the best channels where your ideal target buyers shop. Building a marketing plan on your own as a for sale by owner, you will miss out on the depth of information and skills to ensure a fast sale at the most attractive price point for your home.
3.Real Estate Agents Have Comprehensive Networks To Sell Homes
Relationships and reputation go a very long way in this industry. Any FSBO can list their home on public market websites but is that enough to market it to a reputable buyer? Listing agents have vast personal and professional contacts established over the years. This contact list includes clients, other agents and real estate companies who can bring a large pool of buyers to your home. A small list of potential buyers can reduce the number of qualified buyers very quickly. Without tapping into a reliable network to sell a home, it increases the chance of lower selling prices, longer days on the market, and mistakes made during the selling journey.
4. Avoid Unqualified Buyers Who Waste Time and Energy
Unqualified buyers can cause numerous interruptions in a home seller’s life, including putting life on hold to show a home, wasting time on appointments and phone calls where your energy should attend to serious buyers. Real estate agents are trained to find motivated and qualified buyers, ask the right questions, and move them along the journey to purchase.
Focus and attention on the best pool of buyers will improve chances for a sale and getting the price you want, which FSBO sellers rarely have the skills to manage the process.
5. Price Negotiations are Highly Specialized
Price negotiations aren’t like sales skills; they are specialized techniques that agents master by negotiating hundreds of sales deals. Real estate agents learn to read buyers and take the emotion out of the process. They advise their clients appropriately by helping them make informed and logical decisions.
A seller by owner isn’t familiar with the local market conditions and homebuyer psychology, which can risk a deal going sour and not at the seller’s advantage.
6. Exposure to Legal Issues
The role of a real estate agent includes managing extensive rounds of legal paperwork. Proper disclose of a seller is an essential aspect of this task. Without guidance, a seller can run the risk of fraud, negligence and breach of contract if the paperwork is completed incorrectly. A significant role of an agent is knowing the laws that govern both sellers and buyers in Ontario.
7. For Sale By Owner Could Cost More Than Planned
It is common for buyers and sellers to miscalculate fees, taxes, and mortgage requirements that go into a home purchase or sale. Having a reputable resource to answer your questions and determine your position can ensure this problem doesn’t happen.
8. Taking on the Job of A For Sale By Owner is a Full-Time Job
Are you prepared to drop everything, excuse yourself from work and home duties to show your home to a buyer at any time? At the end of a long workday, you don’t want to be second-guessing your actions and have the confidence to move effectively in the biggest financial transaction in your life.
9. Not All Agents Are Created Equal – Research Your Options
Like any major purchase decision, do your research, and not all agents work the same way. Read lots of reviews, get recommendations and find agents with the experience to handle all the potential risks that come your way. Ask as many questions as you need to find an agent that meets your needs and requirements, and who you feel comfortable with.
We would love to be in your consideration set of choices for selling your home in the Ottawa market. We are just a phone call or email away, contact Susan Chell Team today.