Selling your home privately may not be as difficult as you think. There are plenty of pros and cons to every decision we make in life, and real estate is one of them. While working with a realtor means that a lot of the stress comes off you as the homeowner, it result in a significant financial loss, among other cons. In the article below, we’ve put together some of the common pros and cons when it comes to selling your home on your own.
Pros
1. You take home more money from the sale. Working with a realtor means that you will have to pay a commission, which is about 6% percent on average, which can be a lot of money for a $500,000 home. When you don’t have to pay for a realtor’s help, you can bank a lot of that money. It’s one of the biggest reasons why homeowners choose to sell their homes on their own. With that said, it can be challenging to do on your own as a licensed real estate agent typically has access to a variety of industry tools and marketing platforms to help you sell your home faster. Many people fail and end up hiring a realtor after spending money on marketing, upgrading, and more. There are plenty of tips on selling your home on your own on the web and it’s important that you weigh out your options.
2. You can put in as much or as little effort as you can for the sale of your home. When you choose to sell your home on your own, you may be in a rush, or you may have options. You can go at your own pace, and you’re not waiting for someone else with other clients. You can devote all your time to selling your home if you need a quick sale due to a job change or life events, or you can be patient and wait for the right offer. If you have extra free time, you can market your home as you wish to get the right buyer. If you need a quick sale, consider selling your home to a company that buys houses and pays cash. You don’t pay a commission, it’s quick, and you don’t need to worry about the process of selling.
3. You have more control. If you are the type of person who likes to have complete control over situations, selling your home privately means you are the boss. You don’t have to wait on a realtor, who can be very busy, or outside opinions on prices, negotiation, and more.
Cons
1. Marketing is not an easy feat. Realtors have access to networks of people and businesses that can get your property noticed. There is a precise process that each home goes through to get interested buyers through the door. When you’re selling privately, you probably don’t know where to start. Even if you’re in a great location, putting a lawn sign up is not necessarily enough to get you on someone’s must-see list.
2. You lose out on valuable advice. While being your own boss can be great, you’re losing out on some serious expertise when you choose to sell on your own. Realtors who have been working in the industry for a long time have many tricks up their sleeve. They can gauge situations with their experienced eye, and they can give you the best advice they know. While paying for a commission is not something everyone likes to do, the reality is that realtors are valuable. They work to earn that commission you’re paying them.
3. The financial gain may not be as much as you anticipate. Sure, you’re saving on the cost of a realtor, but you’re likely going to sacrifice by getting a lower amount for your home overall. A realtor knows how to market your home, stage it to look beautiful, and use their network to get interested buyers through the door. These tools can make it a bit easier to get the price you want and deserve. Homeowners can have an emotional attachment to their home, or they think they can get a higher asking price than a realtor may suggest. This is one of the biggest reasons they fail on their own. Local realtors will also know to research the market, understand the area’s supply and demand, and price your home accordingly.
While there are pros and cons to selling your home on your own or hiring a realtor, the process of selling can still be stressful and drawn out either way. Avoid all of that by selling your home directly to us. We offer cash for your home without you having to do any work and provide fast closings. We don’t ask you to do repairs or upgrades, as we buy your house as-is, you don’t pay commission, and we cover your closing costs. Paying cash for your home allows us to make a quick sale, you are free from your home, and you don’t have to worry about all the showings, staging, and negotiating process. Get in touch with us today for a free consultation!