Unlike in the past, people looking to sell their home nowadays have a lot of options. They can either sell it online through real estate websites or go through a conventional agent-assisted sale. They could also sell their house without an agent. In real estate parlance, this is called FSBO or For Sale By Owner. There are many advantages associated with not hiring a realtor. For one, you can save thousands of dollars in agent commissions. But there are a few disadvantages as well: you do not have the experience and expertise of a realtor, for example. So should you sell the house on your own or hire an agent to do it for you? We list the pros and cons of both options below:
Option 1 – Hiring an Agent
The most important aspect of selling a home is getting the price right. If the asking price is too low, you’re leaving money on the table. But if the price is too high, you will scare potential buyers away. This is where the realtor’s experience comes into play. Unlike homeowners, realtors are not emotionally attached to the home. This allows them to give an impassioned review of the home and set a realistic price. Real estate agents also have access to a huge network of marketing platforms, which means they can leverage their contacts to spread the word about your home. The more people who know about the sale, the better your chances of selling the home quickly and for a great price become. Homeowners planning to sell a house without a realtor may not have this advantage.
Option 2 – Selling the Home on Your Own
As was said earlier, saving is one of the most obvious advantages of selling your home on your own. You don’t just save money on commission, but on other indirect expenses as well. Realtors often recommend repairs before selling the home. Many also recommend staging the home to make it more appealing to buyers. All of this costs money—expenses that could run into thousands of dollars. Without a definite assurance regarding return on investment, it makes no sense to spend so much money, especially if the owner is strapped for cash. Most homeowners trying to sell on their own prefer to sell the home as is, i.e. without repairs. Also, when you are selling the home by yourself, you have complete control over the sale, including when and how to show the home, the asking price, the marketing plan, and even planning of negotiations.
Option 3 – Sell It to a Real Estate Investor
This option is ideal for people who do not have the time or money for a conventional sale. If you are in a hurry to sell, or cannot afford to spend on repairs, it makes sense to sell the home to fast homebuyers. The best thing about selling to an investor is that they buy homes in any condition and at any location. You can sell a vacant house or a house needing repairs—they’ll buy either. Also you don’t have to spend money to get rid of the junk, for they’ll take care of everything. Real estate investors pay in cash and can close a sale very quickly.
What will be your choice when selling a home? Do you prefer selling the home on your own or are you considering hiring an agent? Does it make sense to sell to fast home buyers?
