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Selling Your Property Yourself
Pitfalls and Perils
Most buyers equate a "For Sale By Owner" sign with a bargain. Many expect you to sell at a discount because there will be no real estate commission.
Despite this you will still have to invest a considerable amount of time, energy and money in marketing your home: preparing and publishing advertising copy, taking calls and screening prospects, showing your home and holding open houses.
Serious buyers are most likely to be working with a Realtor. They want to see the comparable homes in the neighbourhood. Using a Realtor saves them time and effort, and just plain makes sense. Your best prospects will therefore attract some commission - if not directly, they will price their offers accordingly.
The primary reason for selling yourself is to avoid paying commission. For reasons explained above, in practical terms it is normally an illusion to think you will save the full or even a substantial amount of the commission. If you fail to sell, or sell at a discount to market value, it could even end up costing you more.
The time it takes to sell and the offer price that results are related to the quality and effectiveness of the advertising. You will be unable to use the single most effective advertising available, which is the Realtors' Multiple Listing Service. Though recent changes do permit sellers to list on the MLS® for a fixed fee, using a discount brokerage does not necessarily ensure your listing is on the MLS® database for your area. A cheap MLS® listing may be costing you a lot to look nice but achieve little.
Weeding out lookers and bargain hunters from serious buyers means at least a phone interview for everyone who responds to your advertising. Skill and experience are needed to ask the right questions and discover who really is ready and able to purchase in your price range. Realtors know how to do this effectively, saving you hours of time and worry.
Real estate contracts and negotiations can be daunting. Understanding and completing the paperwork is not an easy task though a simple mistake can prove enormously costly. You may not recognise contract clauses or terms that are risky, unenforceable, unfair or otherwise problematic. You could get into an unnecessary or unwise take back mortgage, option or other legal arrangement.
Why use a Realtor ?
Realtors are trained and experienced professionals. They know the resale property market, what the demand is and what properties are selling for. They have the tools and information of the trade at their finger tips. Realtors don't guess at a fair market value for your home, they know, and they have the facts to prove it.
Realtors know the market trends and will advise you on how to get better offers by making your home as attractive as possible to potential buyers.
Realtors know how to market a property and will use the most effective methods to deliver the best results in the shortest time.
Realtors screen potential buyers and save you time and inconvenience by not showing your property to buyers who are not financially qualified to buy it.
Realtors are trained and experienced negotiators. Your realtor will work to get you the best offer possible and as an objective mediator will help you and your buyer bring your transaction to a successful conclusion.
Realtors understand property financing and can advise you and your buyer on the best methods for handling the financial details of your transaction.
Realtors are trained to handle paperwork and legal issues associated with selling your home, which can be overwhelming. They know how to care for your interests and are insured to protect you against unforseen problems.
These are only some of the 28 reasons to use a Realtor.