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Real Estate

Why Use a Professional When Selling a Home

Selling a house typically requires paying 6% commission, split evenly between your agent and the buyer’s agent. If you prefer “not” giving away 6% of your equity, you might toy with the idea of selling your property without a professional. This is certainly doable. But if you don’t have a real estate background, finding a buyer might be harder than you think. 

Before stamping a “for sale by owner” sign in your yard, here’s why it’s important to use a professional when selling a home.

1. The Your Agent Can Price the House

The price tag of your house can determine how long it sits on the market. You've undoubtedly put a lot of blood, sweat and tears into the property. In your mind, the house is perfect and worth top dollar. This kind of thinking, however, underscores a common problem with FSBOs

If you don’t know how to properly price a home, there’s a tendency to overestimate the value of your home. And if you set the asking price too high, you’ll scare away potential buyers. On the other hand, real estate professionals know the market. They have access to comparable sales, and based on your home’s square footage, location and condition, they can determine the most appropriate price point to attract the most attention. 

2. You’ll Receive Honest Feedback

Creating a positive first impression is crucial when selling a home. But as the homeowner, you may have difficulty discerning your property’s flaws. This is where a professional comes in handy. Since your agent enters the home with a fresh pair of eyes, he or she is in a position to provide honest feedback and make suggestions. Remember, the goal is presenting your home in a way that “wows” potential buyers. Therefore, your agent may recommend staging the property, eliminating clutter, repainting the walls, and removing family photos.

3. Your Agent Coordinates Showings

The more showings you have, the sooner you’ll find a buyer for the property. With a FSBO, you’re responsible for meeting and following up with potential buyers and their agents. You’ll need to schedule open houses, answer questions and be available when buyers are available. Realistically, you might not have this type of flexibility in your schedule, hence the value of using a professional. 

4. Your Agent Handles the Negotiating

If you don't know the first thing about real estate transactions, negotiating a home sale is complex and overwhelming.

There’s no denying the benefits of a realtor working in your behalf. Don’t count on the buyer’s agent to answer your questions or provide impartial advice. Remember, this person is here to represent their client, not you. Your own agent, however, can guide you through the process. This individual can write up the purchase agreement, handle back-and-forth communication, and help you decide whether to accept an offer.

5. Agents Know How to Sell

Real estate is a form of sales. Agents have the skills and know-how to get a property sold for as much as possible. This is their full-time or part-time job, and since they handle these transactions regularly, they know what to say and do to lure buyers. This includes hosting open houses, engaging in heavy marketing campaigns, staying in contact with past clients and using every other tool in their arsenal.

Bottom Line

There's no way to know how long it'll take a property to sell. Even so, the odds of selling your house in record time are higher with an agent on your side. Besides, the sooner you sell, the sooner you can apply for a home loan and take advantage of low mortgage rates. 

Whether you’re upsizing or downsizing, our loan experts can help you find your next mortgage. Give us a call to learn more.