Unless you have extensive real estate experience, selling your home on your own may prove to be quite difficult. In some cases, you may end up losing money or enduring an unnecessarily long sale process. Therefore, it’s always best to enlist the help of a trusted real estate agent or auction firm – especially if you are selling a high-end property. Here’s why.
You’ll Have Limited Market Exposure
When you try to sell a home yourself, you’ll be challenged with the monumental task of marketing it to the public. Marketing is often the biggest hurdle in any sales process, as it relies upon sending the right message to the target audience. Without up to date knowledge of the industry and key contacts, this can be quite difficult.
Sure, you may be able to spread the word that your house is for sale, but will it be the right message? And, if you’re a luxury homeowner, will you be able to reach that niche market of high-end buyers? This is where a real estate agent or auction firm comes in, as these professionals have all of the necessary resources to advertise your home effectively. Plus, only registered agents can list properties on a multiple listing service (MLS). Without a presence on an MLS, it will be much harder to target potential buyers.
Home Sales Take Time and Dedication
How much extra time do you have in your day to pursue activities that may not pay off? If you attempt to sell your home yourself, you could be spinning your wheels for months trying to navigate the complex world of real estate. This could end up taking time away from your family, your job, and your personal interests.
On the other hand, when you hire a professional real estate agent, you can focus on your other responsibilities while still ensuring that the sales process runs smoothly. Selling a house is no simple task – it’s hard work. Trying to take on a sale by yourself will only steal your valuable time and cause you anxiety and stress.
Small Mistakes Could Mean Major Problems
There’s a reason why real estate agents have to go to school, take exams, and earn so many certifications. It’s because there are a lot of nuances to selling a home, and even small mistakes can have disastrous results. For starters, you could price your property incorrectly, and end up losing money on your sale. Similarly, you could accept an offer that seems promising but does not benefit you in the long run.
Finally, even a minor error in your paperwork could disrupt the entire transaction and cause you to lose your buyers. However, when you work with a listing agent, you can rest assured that everything will be done correctly. From proper valuations to offer negotiation and closing paperwork, a real estate agent has the experience necessary to ensure a successful sale.
You’ll Avoid Agent Fees – But Net Less Money
Professional real estate agents make a commission from each sale they complete. This fee is typically six percent of the final price of the home. If both the buyers and sellers are represented by agents, this gets split into three percent each. For example, on a $300,000 sale, each agent would receive $9,000. Many homeowners attempt to sidestep this fee by selling their property on their own. However, they may end up netting less money by selling unrepresented. This is due to two factors.
First, when you sell your house with an agent, you can list it on an MLS, where more buyers and other real estate professionals will see it. This increases your chances of creating a bidding war, which will ultimately lead to a higher sale price.
Additionally, many buyers who opt to purchase for-sale-by-owner properties do so with intentions of securing a low price. They bank on the seller’s inexperience, as well as the lack of competition for the home. So, while selling your house by yourself can save you the small agent fee, you may end up losing an even larger amount of money in the long run.
You Won’t Have a Buffer
One of the key duties of a real estate agent is to liaise with potential buyers and their representatives. This happens throughout the entire selling process – from private showings to securing signatures on the final paperwork. Without an agent, you’ll have to do all of this communicating on your own, a task that can be daunting for some. This can also prove challenging when you must provide tours of your property to interested parties. Will you be able to swallow your pride and maintain friendly relations if potential buyers make negative comments about your home?
All in all, it’s best to enlist the help of a professional agent when selling your house. This is especially true for high-end property owners. That way, you can ensure your sale runs smoothly, and both parties reach a desirable outcome.
Elite Auctions specializes in selling luxury properties at auction. Our expert team handles every detail, from creating a robust marketing strategy to developing a custom website for your listing.