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Knowledge and Expertise
People who try to sell their property themselves intend to cut out the middleman, the agent, and avoid paying the associated fees. I understand. I’ve been there myself. The plan is, “Eliminate the agent and I make more profit from the sale.” This isn’t necessarily how things turn out.
Many people find that buyers are unqualified, bargain hunters looking for a good deal, because somewhere along the way they associated “For Sale by Owner” with “Bargain”.
A Real Estate Agent should be doing most of the legwork for you. Finding a buyer is the end goal, properly promoting and advertising your property as well as providing advice, qualifying prospects, and getting your home listed on the MLS (Multiple Listing Service) can result in finding that buyer quicker.
A seller can seek to learn the ins and outs of the real estate business, but it takes time. When property comes on the market, the most crucial time is during the first few weeks. Make sure it is priced right to start. If the property has been listed for a while, buyer interest begins to wane, especially if the market favors the buyer. Sellers who represent themselves are likely to misjudge the value of their property. Value is not just a matter of a county assessors figure on a paper. Market trends, location, condition, and attributes all factor into the final sale price. Improperly marketing your property can result in increased time on the market, and potentially selling for less than expected.
When the buyer is represented by an agent, you – the seller – will be forced to negotiate with the agent instead of the buyer. An agent can have an advantage in both knowledge and experience and the seller may find themselves handing over more than planned.
The job of getting a property from listing to closing is not accomplished by one person. There are attorneys, inspectors, appraisers, surveyors, lenders, title companies among others. The seller will spend a significant amount of time working with these people and it can be tedious. A misstep with any of these folks could mean that the deal will end before making it to closing.
Real Estate Laws are constantly changing. Failing to abide by a regulation can have you in a court of law. No one wants that when all you wanted was a fair price for your property.