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For Sale by Owner vs. Real Estate Agent

(Published on - 6/9/2020 5:53:56 PM)

A very essential decision to make when deciding on selling your home is how you want to go about the selling process. Do you want to sell on your own or go through a real estate agent? Selling your home means making a ton of decisions, but one of the first decisions is this. It is the most important because the selling process will depend on it. The majority of homeowners go through an agent and only about 11% of homeowners will sell on their own. According to Zillow, about 36% of homeowners do attempt to sell on their own initially until they run into challenges and bumps in the road that lead that decrease in the percent of people that successfully do sell on their own. Whether you choose to sell on your own or go through an agent, there are benefits. It is a matter of being knowledgeable because a lot of people don’t know much about the process of selling their home simply because it may be their first time or it could just be that they haven’t been through it enough. We will outline the benefits of both options.

 

For Sale By Owner (FSBO):  

  1. You can manage and schedule showings and open houses: You are essentially the complete boss through the selling process, pretty cool right? You call all the shots. You get to decide when you want to show your home. You don’t have to scurry and clean last minute before a showing or show your house when it does not fit with your schedule. No need to wait on an agent and work with his/her schedule just to show your home. When you call the shots as the seller, you can choose whether you want to show it today, tomorrow, next week, or next month. 

  1. You will have control of the listing price: As the seller of your home, you decide on the listing price. Your home is an asset, so do your research and set an appropriate price. With an agent in the picture, the ultimate decision cannot just be made by you. When selling on your own, you can even hire an appraiser to give you a value on your home to lead you into the right direction.
  2. You will avoid paying commission: When a seller decides to work with an agent in selling the home, they must pay commission to the agent. The commission is percentage based on the price of the home. Typically, real estate agents make about 4-6% of the home’ purchase home.

Ultimately, the main pros in selling on your own is sole decision making, saving a bit of money, and working on your time. If these things are most important to you, then selling on your own is probably your best bet.

 

Selling through a Real Estate Agent:  

  1. They understand the market: This goes back to that decrease in percentage of sellers that sell on their own. Understanding your local market as well as pricing strategies is particularly important when selling your home and it’s okay to say that you may not be so knowledgeable on the area as well as real estate experts would be. This is their expertise after all. You want to make sure you are making the best financial decision when selling your home, and with the help of an agent, you can do that.

  1. They know their paperwork: Whether you are buying or selling a home, you are dealing with a lot of contracts and paperwork. There is a lot of documentation, and most of all, there is a lot of accountability. One wrong move, and things can get very messy. Real estate agents know their paperwork, so they will share their knowledge and guide you. They are there every step of the way.

  1. They have access to market exposure: Real estate agents create a platform for themselves, both in person and online. They want people to look for them, so the only way to do that is by exposing themselves. When they work with you on selling or buying, given the access to listing portals and the local MLS, they will make connections and create a presence for your home giving it the exposure it needs the same way they do with themselves. They represent you.

Ultimately, when working with a real estate agent, you are getting a truly knowledgeable partner. Not everything is on you and any questions or concerns you have; they are there to answer them. The seller and agent work together, but also make decisions together. When selling your home, chances are you are emotionally attached, and making decisions on the home is one thing, but now having to share the decision making with someone else might be a bit difficult. If you can put your feelings aside and make decisions best fit for your home and be open to the help, then going through an agent might be the best fit.

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