There are a lot of homeowners that choose to sell their home themselves. There can be pros and cons to this and it's important to understand both of them before you jump into the real estate market in a DIY sale.
You won't have to pay a real estate agent's commission. However, I say this hesitantly as you may have to pay a buyer's agent commission. You won't have to pay a listing agent's commission because there won't be an agent that actually lists and markets your home. But, if a buyer were to bring their own agent who wants to fulfill and facilitate the transaction, you may be required to pay a buyers commission to that agent. Of course, you can refuse the buyer's offer or ask that the buyer pays their own agent's commission, but you could risk losing out on a sale. Related: Can I Buy a Home from a FSBO?
If you're planning on selling it yourself and you already have a buyer lined up, selling yourself might be a no-brainer. You will want to understand all of the legalities that come with the purchase and sale contract to make sure that both you and the buyer are protected.
The listing agent you usually sign either a three-month or six-month contract. There are time frames in place, and if the listing agent brings a willing and able buyer at full price, you must sell to them otherwise run the risk of paying the listing agent a commission regardless of whether or not you chose to sell the house. If you sell yourself, you can take the time to list the property and wait for the right buyer.
. When a real estate agent lists your home, they will put a lock box on your doorknob. This means that anyone that has a key code can get into your house and view the property. Unless the property is vacant, there is usually an appointment that will be set up ahead of time, so you are well aware of when a showing happens. If you are the only one listing your house and you have total control over when people see your house and who actually comes in. You will usually accompany that potential buyer through your house making you feel a little bit more secure about who's viewing what in your house.
Selling a home yourself is practically a part-time job. There is a reason why real estate agents make hefty commissions. There's a lot of negotiations; it takes a lot of time to list, present the home, marketed to potential buyers and buyers agents, negotiate, and keep up with all the legalities and paperwork throughout the transaction.
. When you sell a house yourself, you cannot list your home in the multiple listing service for your area. Only agents that are licensed for that area can list a property on the MLS. This removes 90% of potential buyers. Your buyers would need to come from personal marketing, road signs, and newspaper or online advertisements. However, 90% of real estate buyers check their local MLS First.
There can be additional costs. It's important to do your own home inspection report. You don't want to open yourself up to accusations that you've not disclosed everything about the property. You certainly don't want to face a lawsuit if problems are discovered later after the home has sold. You will also incur appraisal fees, services from title and escrow companies and possible attorney fees. This may not be worth selling the home yourself.
Real estate agents that show property take on the responsibility of showing that property to a multitude of different people. It is their responsibility to ensure the safety and protection of your personal belongings and your property during the sale.
Pricing your home may be difficult. Sellers immediately think they know what their home is worth but after it has sat on the market for several weeks or even months, they may start to evaluate their estimate. A real estate agent is proficient at doing the research necessary with comparable sales and listings to come up with an accurate price that will not only attract buyers but will pass appraisals.
If all this sounds too much to deal with, this is where a qualified, experienced and seasoned real estate professional in the Columbus area comes into play. Don't mess with the stressful and confusing negotiations of a real estate transaction by yourself. If you'd like to know what your home is currently worth or would like information on listing it and how fast it could sell, call our office today.
As a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.