Selling Home by Owner Has its Pros and Cons
In life we need to make the same choice in many situations. We have to decide whether we are prepared to sacrifice a lot of time and nerves and deal with something alone. The other option is to buy our convenience and pay professionals to run our deals.
This is definitely the case when we want to get rid of a property. Selling home by owner holds both benefits and risks. What we will do below is outline some of the advantages and disadvantages of such an endeavour.
Time is money they say and in your case you will need to devote plenty of time if you want to make plenty of money. See a correlation? Yes, there is one. You basically will need to become a full-time real estate agent yourself if you want to sell your home without hiring one.
This is definitely not the end of the world especially if you are a stay-at-home worker. Many folks work from home and have flexible hours. This might allow you to constantly answer the phone or let people in so that they can see around the property. If that is the case with you, then your decision to sell a property without an agent is understandable.
Additionally, nobody knows your property better than you. If you are sensible enough, you will know what to tell potential buyers and what to keep to yourself. And then the best part which attracts more people into selling home by owner is the fact that you will be able to save from not having to pay a commission. Typically, real estate agents in Australia would charge you 3% of the sale price of your house.
At the end of the day, if your home costs $100,000, you will have to pay $3,000 to your realtor. In fact, this is the main reason why some people are looking to sell their homes by owner.
But are there benefits from hiring an agent? Of course. A professional will help you make a better estimation of the value of your home. They will even assist you when it comes to taking photos of the house and will likely provide you with a “for sale” sign. Getting on the MLS is typically included in the service but even if you have to pay anything for that, it would be a minimal amount.
The next two aspects are pretty much the main reason why people hire agents to sell their homes. Firstly, they will evaluate and check every potential buyer. You do not need to move a muscle. All the required info regarding the financial state of your buyers will be gathered by the agent. Vetting is essential and very time consuming.
And second, once you are ready to sign the contract you need to know full well every legal aspect of your deal. If you are not a lawyer, there’s little chance that you are familiar with all the procedures. If you are in this alone, plenty of setbacks are to be expected.