Selling your home by yourself, posting ads on social media, and letting your friends know that you are looking for a buyer may seem a good option at first. However, this may not work well in the long run. Some owners prefer the FSBO or "for sale by owner" method because this is a technique that may save them thousands of dollars. Read more about FSBO on this page here.
After all, the commissions of an agent may range from 5% in a sale. This amount is equal to $12,500 if the house was sold at $250,000. With this size, as a homeowner, you may be asking whether you should still use the help of a realtor and whether their services are worth it. The answer is YES, and here are several reasons why:
1. Realtors Will Not Show FSBO Property
In for sale by owner deals, the buyer's agent will see that there will be no professionals involved in the transaction. They may prevent their clients from getting a tour of the house and advise them to look for other sellers. Their agents may discourage the buyers because of the risks involved and "waste of time" because the FSBO people do not have guaranteed commissions and not enough experience to close deals.
Other realtors may only show an FSBO tag when the price is very low, and no other inventory is available. In general, most of the experienced agents have been burned in these FSBO transactions because they haven't received the full commission that they have been promised.
Also, in 2017, a study was made, and it indicated that the people who sold their homes on their own made less than 30% of what the agent-listed properties have fetched. There is a commission involved when the buyer has an agent, so it is still better to hire a seller’s real estate representative that will make the price higher.
2. There's the Attention to Detail
You may not be familiar with the terms written on the documents when it comes to real estate. Having a thorough understanding of whether you are in the market for selling or buying is essential. It will prevent getting in trouble with the law in the future. A purchase agreement may consist of more than ten pages, excluding the state, local, and federal documents.
Fortunately, you can always get an agent who is very much familiar with all these things. They can save you money, read the fine print to you, and prevent omissions where you will be paying more.
An example is a buyer who is planning to make an offer on a property. However, this is going to be contingent on getting a loan or mortgage. The buyers cannot get a home without the security of the lenders or banks that will finance them. However, no clause will serve as an escape hatch that the buyer can get out of the deal when there is no financing. They will face a lawsuit if they do not go through with the sale, and no mortgage will happen.
A broker with a small one-time fee can be beneficial in reviewing the documents. They will give you an idea of what you are signing up for, but an agent will be the one to process the agreements from start to finish, so it is better if you have one.
3. Duties for Fiduciary and Privacy
There is the term fiduciary responsibility that many agents are familiar with. Representatives of the Valdosta Realtors at Mercer Hughes Real Estate Group are obligated to put their client's best interests at any point of the deal. This duty also includes the highest standards for privacy and confidentiality.
Some people may not be comfortable handing all their details to strangers, especially if a sale isn't happening. However, your agent will know whether you are handing out more information than needed, and they will request only the important ones that they find reasonable.
Another thing with professional real estate agents is that you will have recourse if you have found out that they have lied to you. Suppose they have disclosed personal information to others or misled you into selling or buying a property. In that case, you can report this to the National Association of Realtors to get their licenses suspended.
4. The Agents Know What to Look For
Most of the sellers wanted to get their home snapped up instantly but at a higher price. Real estate agents can help by sprucing up the other areas to make them more attractive and appealing. For example, they may want to change some of the paint colors or rearrange the living room to make it more comfortable looking. Learn more about home decoration here: https://www.wikihow.com/Decorate-Your-Home.
Others will check your house for leaks, furnace issues, mold, and roofing problems, and they will advise you about fixing or leaving them alone. Some buyers are willing to do the fixing, but the price of a property with an infestation may significantly go down. If you want to get the best price for your home, it is best if you can contact a real estate agent that will help you earn thousands of dollars more.
They can do comparative analyses and inform you about the property's value according to the current market flow. A reasonable range for your home will attract more buyers to you. The best realtors will do the research, get you the best value, help you through the paperwork, keep you updated, and ensure that the whole process is stress-free.
Posted by Casandra Properties on