Are you well-versed in real estate and do you have a strong understanding of the real estate laws?
This is the first question you should ask yourself if you’re considering hiring a real estate agent vs. For Sale By Owner (FSBO) online. For sale by owner sellers often don’t understand what they are really taking on. Selling a home takes a ton of work unless you happen to get lucky, and it can quickly take over your life.
Yes, it seems like a good idea when you realize hiring a real estate agent to sell your $300,000 home CAN cost you UP TO $18,000 commission. However, it’s important to understand the trade-off and what you’ll be getting when you decide to hire an agent instead of going the FSBO online route.
Choosing to sell your home yourself means you’ll wear about a dozen hats, including:
- Marketing your home
- Showing your home
- Upgrading your curb appeal
- Learning Real Estate Laws
- Dealing with potential buyer’s agents
- Becoming a professional negotiator
- Learning how to set the right home price
- Hiring or becoming a professional real estate photographer
- Qualifying buyers
- Holding open houses
- And more!
Real estate agents work very hard for sellers and they do quite a few things. You might think you can just put a sign in the yard and an ad in the paper (or on Craigslist) and the offers will come flooding in. It doesn’t really work like that when you choose the FSBO route.
Yes, you can use FSBO online sellers and even Zillow has a program these days. However, those willing to offer you cash for your home or make an offer sight-unseen will likely give you a low-ball offer as they plan to sell your home for a profit.
Choosing to sell your home with an FSBO online plan also means you will need to be willing to put in plenty of hours. Buyers tend to want to see homes when they are available and if you’re not available to show your home, you may struggle to get an offer.
If you have the time, you’re an expert in real estate law, you know how to market a home, you understand the local real estate market, maybe you can sell your home with an FSBO online option. However, if this doesn’t describe you, hiring a real estate agent makes more sense.
Why You Need to Hire a Real Estate Agent to Sell Your Home
Often, real estate agents can get higher prices for homes and they will be able to tap into a network of buyers you simply cannot find on your own. Many good real estate agents collect buyer information regularly and have a running list of buyers and what they are looking for. They may be able to match a buyer with your home within a few weeks and get it sold fast.
With a real estate agent negotiating for you, it will be easier to ensure you get the right buyer, with the right offer, and the right contingencies. In the right market, a good real estate agent will even gain multiple offers and the potential of a bidding war for your home.
Real estate agents usually have a proven marketing plan in place. They work day in and day out marketing homes for sale, which means you’ll have an expert real estate marketing team on your side. Try hiring your own marketing team and you’ll likely spend more than you’d save on a real estate commission.
Agents also don’t get paid unless they get your home sold. They will work hard to make sure your home is market-ready, priced right, has plenty of exposure, and generates offers from potential home buyers. In addition, good real estate agents qualify every buyer before they even look at your home.
Your agent will also be available to show your home when you may not be available. They can use a lockbox to ensure potential buyers get the option to tour your home when it fits their schedule. They invest plenty of time into making sure your home gets sold and when they sell your home faster and for a higher price than you can sell it with a For Sale By Owner online program, you’ll be glad you paid the commission.