1. REALTORS are great for people who want to avoid the hassle, but I’m an educated, do-it-yourselfer. What harm is there in cutting out the middleman?
Most sellers who begin the process of selling a property without representation from a Realtor end up hiring one before long, as evidenced by a recent national survey that found only 11% of sellers are actually successful in selling on their own. Even a basic real estate transaction still has a lot of potential liability, and it’s easy for consumers to stumble into legal trouble. A seller that overlooks even one required form or legally mandated disclosure could face a lengthy and expensive lawsuit after the transaction closes. Working with a Realtor ensures every part of the transaction is compliant with real estate law and can help you avoid the many pitfalls possible between the initial sales agreement and closing.
2. Why use a REALTOR when just sticking a sign in the ground will attract multiple buyers?
Can someone selling by owner attract potential buyers on their own? Sure. However, unless your home is priced properly and you can successfully write a solid contract, you will leave money on the table or fail to sell your home altogether. Research shows that, on average, homes sold by their owners sell 15% lower than homes sold by Realtors. Given that cost is a primary reason most consumers sell their own home, this statistic reveals they often take on that additional hassle and risk while actually decreasing their earnings.
3. What are the limitations involved in selling my own home?
There are many disadvantages to trying to sell your house on your own. Besides the hassle of doing everything yourself, history suggests that you will also suffer from:
- Inaccurate Pricing. Like many homeowners, unrepresented sellers tend to believe their home is worth more than comparable homes in the same neighborhood. Unfortunately, this leads to their home staying on the market longer and eventually achieving a lower valuation anyway. Realtors have expertise in pricing homes for sale and will ensure your home is sold at the best price possible and with minimum hassle.
- Access to the MLS. By far the largest and most accurate database of properties for sale, the Multiple Listing Service (MLS) is the primary information source home buyers consult when represented by a Realtor. Thus, unrepresented sellers often are unable to reach this large group of prospective buyers.