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Should You List Your Home “For Sale By Owner”?

Ready to sell your home? You may be thinking, “why do I need to waste time hiring a real estate agent when everything is selling so fast in today’s market anyways?” Unfortunately, many sellers make this mistake of thinking they can sell their home without the help of a real estate agent. Before you decide to list your home for sale by owner, make sure you understand these reasons why you should work with an agent:

They handle the legal stuff.

If you do list your home without an agent and happen to sell it, what do you do next? Would you know how to put together a contract for the buyer to make sure you get everything you are entitled to? Unless you happen to be a real estate attorney, you probably don’t—which is why real estate agents are so useful. Sellers often think they can download a contract template from the web, not realizing there is no “one size fits all” real estate template. Each contract will differ depending on the terms of the agreement, so you will need the help of a real estate agent to put everything together.

You won’t make as much money.

Sellers are often motivated to work without an agent because they don’t want to pay the agent’s commission after the sale. They think they can make more money on their own since they won’t have this one expense at the end of the deal. However, based on data from 2015, sellers who list a home “for sale by owner” do not make as much as sellers who were smart enough to work with an agent. Homes listed “for sale by owner” had a median selling price of $210,000 while homes sold by an agent had a median selling price of $249,000. That’s a difference of $39,000—much more than an agent’s commission check.

Longer time on the market.

Perhaps the number one reason why sellers work with agents is to get their homes sold fast, thanks to the agent’s network of other brokers and buyers in the area. When you choose not to work with an agent, you don’t get the advantage of tapping into this valuable network and instead have to figure out ways to bring in buyers on your own. Real estate agents can help you get your home listed on prominent listing sites and can also reach out directly to other agents and buyers that may be interested.

It will cost you.

Without an agent helping, you will be responsible for paying for everything that needs to be done in order to sell your home. Many sellers who choose to sell without an agent don’t realize they will have to pay for photographs, signage, an attorney if needed, and any marketing efforts to advertise the home to local brokers. Selling a home is about more than just sticking a sign in your yard and waiting for buyers to call. A lot goes into getting the word out about your listing, and you may not realize it until you’re the one who is forced to do all the work.

Ready to sell your home with the help of a qualified real estate agent? Contact our team of real estate experts at Coast 2 Coast Realty who have years of listing and selling homes in the Tampa area.

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