With the economic downturn of 2008 coming to a turnaround point, many people are breathing a sigh of relief. Others, however, still need to sell their homes and, when faced with hefty commissions charged by real estate agents, many are choosing the For-Sale-By-Owner route. But that might not be the best way to go in the long run.
Both sellers and buyers have a hard time without the services of a REALTOR® for several reasons. The first, and perhaps most obvious, is that most people do not have the specialized training of a real estate agent. A successful home sale requires marketing your home to a wide audience of REALTORS® and buyers for a price that will be advantageous to the seller as well as attractive to the buyer. The nuances of this are often underestimated; real estate agents receive training specific in this area and are able to price a home and market it effectively. Keep in mind, too, that your home will not be listed on MLS if you are not working with a REALTOR®.
Another reason to take advantage of a real estate agent's expertise is simply for convenience and efficiency. Your REALTOR® knows what buyers want. Your home is a reflection of your own personal tastes and eccentricities and it is difficult to market it without the detachment of an outside opinion. Buyers also feel uncomfortable being shown homes by the owner. They may feel as though they have to restrain themselves from being open with their opinion, and this can produce a negative feeling about the property in general. What's more, it takes time to show your home; real estate professionals set time aside specifically for this, and their schedules are flexible. A REALTOR® does not have to leave work to show a home because showing homes is her/his work!
Sellers aren't the only people this applies to. Buyers should not consider purchasing a home without the guidance of a real estate agent, either. It is next to impossible to know the real value of a home in order to make an educated offer, if you have no background in real estate. REALTORS® are constantly re-educating themselves and keeping on top of market trends. You, like a seller, waste both your time and the seller's by doing the go-between work that is usually the responsibility of an educated real estate professional. It's also difficult to negotiate with a seller's agent when you have no experience.
In the end, For-Sale-By-Owner is a false economy. What you may save in commission you pay for in your own lost time and hassle. You might even be charged a "finding fee" by your buyer's real estate agent. Besides, the average commission on a home in the United States is around six percent, which makes up for itself when you realize you are working with a professional who knows your market inside and out. Allow a real estate agent to advise you on this important transaction. You'll be glad you did.
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