Many sellers rely on agents to help them to deal with the task of selling their home. If you’re looking to buy or sell a home, a real estate agent isn’t required. There are many advantages and disadvantages to selling your home as a “For Sale By Owner” (FSBO). Read on to discover the good and bad of selling your home on your own.
The Pros
Avoid Paying Commission
Real estate commission is the main reason that many sellers choose to go it alone. You’ll pay about 6% commission on the sale of your home between buyers and sellers agents. When figuring out the asking price for your property, this number that you’ll pay for a commission is included. This sale price also should be enough to pay off the remaining balance on the property. If you don’t have a lot of equity in your home, an FSBO may be your only option if you can’t afford the commission. Another option is to wait to sell your home until you have built up enough equity for the transaction to make sense for you.
You Can Find Other Resources To Help You Sell The Property
There are so many resources available to FSBOs in today’s market. Yards signs aren’t the only thing that sellers can use to get people interested in their property. Many websites and resources assist people taking the FSBO approach. You still may not be able to get your property listed everywhere if you’re not a real estate agent.
Cons
You Won’t Be Able To List The Property Fully
Only licensed real estate agents have access to the MLS, where buyers' agents and other websites pull available properties. Not having access to this can be a deterrent to the marketing of your home. You could miss out on getting many home showings that you otherwise would if your house was listed on the MLS.
There’s No One To Help You With Paperwork And Negotiations
Real estate agents certainly earn their commission. There is a lot of work in both selling and buying a home. If you hire an agent, he’ll be taking phone calls, sending off forms, and dealing with the negotiations on the property. An agent will also coordinate home showings and have the ability to show your property when you’re unavailable. If you go it alone, you won’t have that assistance and may be a bit overwhelmed during the selling process.
A real estate agent also understands the lingo better than someone who has been outside of the business. There are many advantages to paying his fee if you decide to hire him for the sale of your home.
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