If you're planning on selling your home, you may have considered putting up a "For Sale" sign and doing it yourself.
Many people have successfully sold their own homes; however, they don't always necessarily come out ahead financially.
Just as it's not recommended to represent yourself in court, it's not a good idea to market and negotiate your biggest asset. Here are a few reasons why it's important to retain the services of a professional real estate agent:
- No Upfront Costs - You don't have to worry about the various advertising costs which can quickly amount to a small fortune. Time is money too and often it makes more financial sense to spend time on other projects.
- Exposure - Your pool of potential buyers will be very limited whereas an agent can expose your home to the masses! Selling privately can take a while which drives up carrying costs and the longer a home sits on the market, the less it's likely to sell for.
- Motivation - The only reason to sell on your own is to try and save money. Buyers who go it alone know this and expect to share in your savings. Real estate agents are paid on commission so it's in their best interest to get you top dollar!
- Third Party Negotiator - Buying or selling a home is an emotional roller coaster! Just one wrong remark can cause a deal to fall apart. A third party negotiator provides an important buffer between the buyer and the seller.
- Experience - Real estate transactions can be fraught with potential problems. Agents can advise you on various legal matters as well as multiple offer and counter offer scenarios. An agent can also help stage your home in order to attract the best possible price.
- Convenience - You'll have to show your home to strangers on short notice which can be frustrating and dangerous. Most prospects aren't that serious or are just plain nosy. Agents only work with qualified buyers so they don't waste time or compromise their personal safety.
- Coordinating - It is also important to remember that if you are also buying that you would likely prefer a move in to your new home without having to have temporary accommodations or having to borrow additional funds for "bridge" financing. Agents not only sell your house but are experienced at making your move as stress free as possible.
Selling a home privately can be risky which means you're gambling with your biggest asset. It pays to have a professional on side to look out for your best interests throughout this complex financial and emotional transaction. Do-it-yourself jobs are great in certain situations but when it comes to selling a home, it's best to enlist the services of a professional.