When it is time to make a change and move, many people ask themselves, “why can’t I sell my home myself?” There are pros and cons to taking on selling your own home, just like with using the help of a realtor. This list will help you decide what the right choice is for you and your home.
Advantages of Being Your Own Realtor
Pro #1 – Total Control
Every choice and decision is yours to make. No need to discuss reasoning for prices, features that you want to highlight.
Pro #2 – You Know Your Home Best
There is no one that knows your home better than you, and because of that you can answer questions in more detail than most realtors could. Your knowledge of the home can be influential in a buyer’s decision, especially because it eliminates to need for back-and-forth when using outside realtors.
Pro #3 – All Profits are Yours
When you choose to be your own realtor, you don’t have to pay the commission percent to anyone, which can save a lot of money. The commission price for a real estate agent typically costs between 5-and-7 percent.
Pro #4 – Relationship with the Buyer
Working with the potential buyers allows you to meet them and get to know them, which can create positive business relationships. Earning the trust of your buyer could even be an advantage in price negotiations.
Disadvantages of Being Your Own Realtor
Con #1 – Credibility
Most buyers expect to work with a real estate agent when looking at potential homes, and when they find out a home is for sale by owner, they can be apprehensive. It may be harder to be taken seriously and earn the trust of potential buyers.
Con #2 – Lack of Experience and Knowledge
Real estate agents are trained professionals, they know what they are doing and that is why people generally trust their advice. Owners who decide to sell on their own are prone to making more mistakes and misunderstanding legal matters. The lack of experience leaves a lot of room for large and costly mistakes.
Con #3 – Marketing on Your Own Dime
Flyers, open houses and listing advertisements all cost money, and you’ll have to budget for this on your own. Real estate agents spend a good amount of money on marketing tactics to find potential buyers. You’ll also have to speak to realtors and buyers on your own, and possibly host your own open houses.
Con #4 – Emotional Connection
Selling your own home can be sentimental when speaking to new buyers, and it can be hard to draw the line between being the realtor and the homeowner. There is also a lot of money at stake and it can be overwhelming and tough to negotiate fairly.
While there are pros and cons to being your own realtor, it can be a daunting task. If you feel overwhelmed, we encourage you to seek the help and guidance from a professional realtor. This will ensure you take the right steps toward selling your home, and you may even be able to negotiate the commission price to better suit your needs.