Many sellers do not want what they consider the hassle and added expense of hiring a real estate professional to sell their home. They think that the process is relatively simple and they will net more money from the sale of their home if they sell it themselves.
However, more often, using a real estate agent will net them more money because of the myriad other marketing actions real estate agents take and the wide reach of the MLS for qualified buyers willing to pay market value. Furthermore, we all know that just getting a contract and having someone who wants to buy doesn’t always mean the house is going to close. There are so many things that can derail the agreement along the way, losing the seller precious time, since his house has been withdrawn from the market.
However, history has shown that a large majority, often as high as 80 percent of FSBO sellers will end up choosing a real estate agent and listing their home on the MLS, usually within 6-8 weeks.
Here are some things a seller might need to know when selling their home themselves:
1. When do you want to be moved, and do you know how long it will take to complete all the steps to close on time after you have found a buyer?
2. What data have you used to set the price and how much negotiating room have you factored in?
3. Do you know the difference between prequalified and preapproved and what a Conditional Loan Approval letter is?
4. Do you have a copy of the Lead Paint Disclosure form?
5. Do you understand all of the closing costs that you will be expected to pay?
6. Do you know which other environmental disclosures, such as hazardous waste and Superfund sites, that would apply to your situation?
7. Do you have a CLUE report available?
8. What identification or information will you get from strangers that want to see your home?
9. Are you available to show the home most of the time?
10. Do you know where to run ads and how to word them to get the best response?
A real estate agent’s full time job is to act as a liaison between buyers and sellers. He or she will have access to all other properties listed by other agents. When representing the seller, they facilitate the showings by working with buyers’ agents so that the sellers don’t have to be on-call 24/7 to show their property. Also, agents are licensed by the state and are legally bound to follow applicable laws. They are knowledgeable in Texas contract specifics and the addenda that are required in the areas that they represent. In a litigious society, it is comforting to have a professional agent who can help shield a seller from legal liability. They are trained to negotiate the best deal for their clients so that everyone gets a fair deal. They represent their clients’ best interests and not their own. Every Realtor knows that the best advertising is referrals and online reviews/recommendations. (Source: www.forbes.com). So it is in their own best interest to help broker the best deal, what we at Keller Williams always call the win-win. (http://www.kw.com/kw/mvvbp.html)
Bottom line is this: while it might seem to a seller that it is cheaper, easier and more advantageous to sell their home themselves, the research proves otherwise.