23 Feb Why You Should Use A Real Estate Agent
The real estate market has been holding steady for several years now. Homes seem to be selling quickly and for top dollar all around. Right now, it’s a seller’s market with the demand being higher than the supply.
With the success of home sellers being so common, people have become tempted to try to sell their home without a Realtor®. As great as saving money on commissions sounds, it’s always best to list your home with a Realtor®.
There are several reasons why you should hire a real estate agent to help you sell your home. The first of which, is the liability. When you hire a Realtor®, you pass on the liability of the sale to the agent and the brokerage. Sellers can find themselves in a pickle should anything go awry during the sale, especially if there is a disclosure or material fact issue. With a real estate firm accepting that burden, sellers can rest assured that they won’t be sued for errors or omissions.
Another reason to hire a Realtor® is their expertise. Realtors® sell homes day in and day out. It’s what they do. They know the nuances and subtleties it takes to work a deal and to make it a win-win situation for everyone. Realtors® have a rolodex of professionals at their disposal. They have home inspectors, attorneys, mortgage lenders, appraisers and most importantly, other Realtors® that have buyers at their fingertips.
Realtors® also have access to the Multiple Listing Service which not only provides listings to all the other Realtors® but syndicates those listings to thousands of sites across the world. Benefits of having a Realtor® with access to the Multiple Listing Service include having up to date, accurate and precise information pertaining to your home and the comparable properties and having the ability to reach out directly to potential home buyers and their Realtors®.
Another advantage to hiring a Realtor® to sell your home is that you will make more money. Even with paying commissions, you will most likely make more money.
According to the National Association of Realtors®, For Sale By Owners had an average sales price of $185,000. The average sales price of a home listed by a Realtor® was $245,000. Well worth paying the $14,000 commission on a comparable sale.
Most times, For Sale By Owners end up paying the Buyer Agent commission. Most buyers still want representation and they expect the sellers to pay for that. So not only do For Sale By Owners sell their home for less, but they still pay a 3% commission.
Why do For Sale By Owners make considerably less? It’s because Realtors® are professionals that know exactly what to do to maximize the profit from the sale of your home. They know how to price it right. They know how to stage the home. They know what updates and renovations you should do before your home goes to market and they know exactly what home buyers in your area want because they deal with home buyers every day.
There are a lot of things you can do on your own to save money. Selling your house isn’t one of them.