12 May 7 Problems Faced – For Sale by Owner
7 Problems Faced By Home Sellers Who Don’t Hire An Agent
When selling a home, some owners believe they can save money by not hiring an agent. Too often they discover it will end up costing them much more trying to handle the sale on their own. There are some actions you are better off leaving to a professional such as self-diagnosing an illness, representing yourself in court, and selling your home without an agent. Here are seven common problems that can occur when you don’t use a real estate agent.
- Lack of Knowledge — What you don’t know can cost you money. Individual homeowners don’t have access to the selling prices of other houses in their area. An agent has access to “comparables” and can see all the home sales for similar properties and their selling prices. You may be planning to list for too much, or too little. A real estate agent can help you choose the best asking price for your home.
- Lack of Time — If you work full-time, you value every free minute you have. You may belong to organizations with monthly meetings, have children on sports teams, or be part of a local theatrical group. When you are selling your home on your own, you will need all that extra time for scheduling and managing appointments, sending emails, promotion, putting out ads in papers, and dozens of other things the agent would usually do.
- Showing Your Home — You will have to learn real estate terms to understand what the buyer’s agent is talking about. The agent will have numerous questions for you. It’s important to realize they are working to get the best deal for their client, and you have no one working on your behalf. You have to be prepared to overcome objections, have a list of expert resources, and be ready to show your home with only a few minutes notice.
- Presentation and Visuals — Homeowners have experience in preparing and staging a home for sale. Excellent photography is essential, and that includes video and 3D. Taking a few snapshots on your smartphone and a little walkthrough video that you self-narrate is not going to show your home at its best. Orchestrating a video shoot requires experience in lighting, styling, and presentation.
- Web Presence — Real estate agents belong to listing groups allowing them to list and show your home on a high-ranking website that only sells properties. Almost 90 percent of people looking for a home to purchase go online before they take other actions. Can you build a website and promote it to where it shows up in the search engines along with major real estate companies? When you hire a real estate agent, it’s all taken care of for you.
- Inspections and Repairs — One of the most challenging aspects of a real estate transaction, even for an experienced agent, is the handling of inspection results and necessary repairs. Do you know what types of repairs traditionally fall to the seller? As a homeowner, you might mistake a fix for a costly home improvement.
- Negotiation and Managing a Sale — Negotiating is an art, that takes practice and experience. It’s not something a homeowner can read about and learn overnight. What do you do when you receive an offer? Do you understand the legal jargon in the purchase agreement? What terms are bad for you, and what costs are you supposed to pay? It’s important to know all the ins and outs of contracts to avoid financial pain. Who is going to handle the closing? What if the property doesn’t appraise for the price on the contract? When do you have to be out of the house? If the buyer’s financing is a little shaky, what do you do? What about the home inspection? Are you able to handle these and many more situations that arise during a home sale?
These are just some of the reasons people hire real estate agents to handle the sale of their home. You wouldn’t walk into a dark cave without a flashlight, so don’t go into a real estate deal without an experienced agent. Your perceived savings may turn into unwelcome expenses.
Other articles for selling a home that may be interesting.. “First Time Home Sellers – 5 Real Estate Tips”, “Sell Your Home Fast – 5 Tips to Create Home Listing Photos”
If you are considering buying a house, you may want to read “10 Steps To Buying a House For The First Time Home Buyer” , “Buying a Home- Everything is Negotiable.” OR “First Time Home Buyers: How Much Home Can You Really Afford?”, “Is it the right time to buy a Home?”
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