One of the biggest questions sellers ask themselves before they list their home is if they can sell it on their own, or if they should pay someone to sell it for them. There are many pros and cons to both options, and it will be up to you to make the final decision. To help you make your decision, here are the pros and cons of each:
Pricing on your own-
Pros: The benefit of selling your own home is that you can pick your own price and potentially sell it for the price you want.
Cons: People who sell their own home tend to use home search sites as an assessment valuation tool to price their home. This can be detrimental and can impede the home selling quickly. If overpriced, the home will stay on the market longer and buyers will wonder why. A stigma will develop around the home, even if there isn’t anything necessarily wrong with it.
Marketing your own home-
Pros: You can market your home how you want and pay as much as you want.
Cons: If you choose to sell your house on your own, you will have to use your own money which can get expensive. If you decide not to spend any money, you could risk the chance of not reaching a large number of people, specifically those who are your target audience. This is a realtor’s bread and butter. Realtors, especially realtors on a team, have the financial means to pay for Google Ad campaigns, social media ad campaigns, print marketing materials and the additional database of their past clients, friends and family to market your home. Realtors can also pay for professional pictures to be taken of homes that highlight the best features of the homes. An agent offers widespread exposure for your listing through connections worldwide (in case of relocation), the MLS and local home search sites.
Deciding how to stage it on your own-
Pros: If you have an eye for interior design and know what looks good, this could save you some money. You also can set the home up, the way you like it.
Cons: Home sellers aren’t likely to view their home objectively, or even stage it to how it appeals to the buyers. There are certain ways you can set up your home and it turn off buyers. On the flip side, you could over invest your money on what you think will sell and end up not getting that money back. Realtors have experience in understanding what updates and curb appeal sell, as well as what’s trending in the market.
Showing your house on your own-
Pros: You are the expert so you know every little detail about each room and can relay this information when your showing your house. You can also meet the buyer who would be potentially buying your home.
Cons: Knowing everything about your home is a great asset, but it can also hurt you. You may disclose too much and the buyer can walk away without you knowing what happened. When you show your own home, you also become the main contact for the home so you can receive phone calls at all hours of the night from future buyers or real estate investors who want to purchase and flip the home. You may also be susceptible to spending your time showing to those who are not at all interested in the home but just want to see what it looks like on the inside. Security-wise, you also run the risk of letting people in your house that may have other intentions. At least with an agent, you know that they have been in contact with an agent and are serious about buying.
Completing your own paperwork-
Pros: Unless you know an attorney or someone who can help walk you through the paperwork process as a seller, we don’t see any real benefits in doing this on your own.
Cons: A lot of legality surrounds real estate whether it be in regards to contract writing or closing, it’s best a qualified agent views the paperwork. Many things can go wrong for a seller in real estate. You have to know that the buyer doesn’t have your best interest in mind and won’t cut you slack if you make a mistake. You also have to pay close attention to what items are included in the negotiation section of the contract.
If you’ve read this and still believe you can sell your home on your own, great! We would love to hear about your experience! Email us at firstname.lastname@example.org.
If you changed your mind, contact one of our team members and use their qualifications to help you succeed at selling your home!