If you are thinking about listing your home for sale on your own, you understandably may be eager to avoid paying a commission to a real estate agent. Real estate agent commissions may seem high at first glance, but skilled and experienced agents often add true value to the transaction. In fact, these are a few of the more common things that may go wrong when you list your home for sale on your own, and they could be avoided with assistance from an agent.
Setting a High List Price
The last thing most homeowners want is to leave money on the table when selling their home. A home is a huge asset, and some sellers have sold their home for thousands of dollars less than they could have. However, when you set a list price that is too high for the market, you risk having the home sit on the market for months or longer. When a home is listed for a very long time, it may become even more challenging to sell. One reason for this is because buyers may assume that something is wrong with the home when it does not sell in a reasonable amount of time. A real estate agent may help you to set a reasonable price for the home based on market conditions.
Overlooking Real Estate Sales Laws
Numerous laws pertaining to real estate transactions are in place. For example, there are laws regarding what you must disclose to a potential buyer as well as how you must act under the terms of a contract. A real estate agent usually is not a licensed lawyer and cannot offer legal advice. However, your real estate agent is knowledgeable about relevant laws and can use contract forms effectively as needed.
Conceding too Much through Negotiations
When a homeowner attempts to sell his or her home without a real estate agent, emotions often enter the picture. A homeowner may believe that a home is worth more than it is or may be inclined to shun negotiations because of preconceived notions about value, appeal or other factors. On the other hand, a homeowner may be eager to sell quickly and may unnecessarily make concessions to a buyer that can result in financial loss. Because a real estate agent is an independent party without emotional ties to the home, he or she may be able to negotiate more easily and effectively.
It makes sense to avoid paying unnecessary fees when selling your home. However, a closer look at what a real estate agent brings to the table reveals that an agent’s fees are well-earned and worth paying.
