You’ve researched the market, read the ins and outs of residential real estate, and prepared your home for sale. The process of meeting with a real estate professional and collaborating with your sale seems like too much hassle, so you’ve decided to look into selling your house by yourself. For Sale By Owner! This process, however, is not always as straightforward as it seems. Let’s take a look at the pros and cons of selling your home yourself.
Pro: You might make more money from your sale.
Many people choose the FSBO route because they are hoping to make more money from their sale. Without paying agent fees, you’ll take home more of the selling price than if you used an agent.
Con: The difficult part will be actually making the sale.
Trained real estate agents have years of education and experience in how to make a sale. They also know the market, the region, and other agents in the area to collaborate with. Up to 90% of FSBO sales fail, which shows how important it can be to have good counsel on your side.
Con: You may not actually get the best price for your home.
When selling on your own, you are less likely to get the very best price for your home. Although you’ll save on agent fees, you may miss out on thousands on sale price.
Pro: You have complete control over the listing and negotiations.
When you sell by yourself, you are free from the opinions of the agent trying to sell your property. You can choose your price point and shift as you wish. You can be your own boss of the situation.
Con: You will miss out on the experience and insight of a trained professional.
The real estate agent wants to sell your home just as you do. They know what works, how to negotiate, the correct pricing for the economic climate, and when to make changes. If you sell on your own, you won’t have this added advice and strategy.
Pro: You can put all your energy into the sale of your home.
When working with an agent, they likely have more than one home they are working to sell. When you sell your own home, the home gets all of your dedicated attention. This is ideal if you work from home or have the time during the week to host showings and spruce up your home and listing.
Con: Marketing is difficult and time consuming without a network.
Real estate agents spend their entire day working on how to best market their properties. Their agency will have numerous networking links and connections to help them improve the outcome and reach more potential buyers. Without this connection, you could be searching for a buyer for a long time or end up taking a lower price. Selling on your own also requires immense amounts of time and dedication.
If you are considering selling your own home, consider the pros and cons before making the leap. In most cases, sellers are far better off to seek the help of a professional and dedicated real estate agent to do the dirty work on their behalf. Not only will you have more success with your sale, but it makes the process so much smoother!