There are many good reasons why homesellers hire a Realtor, including the handful of sellers who first try the ‘for sale by owner’ or ‘FSBO’ route. Here are ten of the most common reasons why homesellers hire a Realtor to get the job done right.
1. Selling Your Home ‘By Owner’ Means Taking on a Second Job.
Most homesellers are busy. So before attempting to sell property on your own, first ask yourself if you’re prepared to wear some extra hats. That’s because in addition to (1). preparing your property for market and (2). finding a replacement dwelling, along with (3). the task of actually moving, selling your home involves (4). abundant planning, (5). serious paperwork, (6). negotiation skills, (7). accurate scheduling, (8). diligent research, (9). considerable legwork (if done right) and (10). a lot of just plain toil.
2. Legalese, Sometimes with Different Rules for Each County and/or Municipality.
Realtors use continually-updated forms written by experienced real estate attorneys designed specifically for regional transactions, with clarity and simplicity in mind. Such documents include important protections for both buyer and seller. While no document is perfect, Realtor forms include key clauses, like for home inspections and appraisals, along with arbitration/mediation mechanisms. These time-tested documents help prevent potential issues, while at the same time deterring ‘nuisance’ litigation.
3. More Accurate Pricing When Buying & Selling.
These days the average Oregonian moves about every 6 years years or so. As with any activity, it’s easy to get rusty. Realtors are in the real estate market all day, every day. This means an experienced real estate agent can provide significant market awareness to help you price what’s likely to be your single largest investment.
Armed with access to multiple listing, sales and tax data, Realtors provide significant pricing experience and real life insights, whether you want to know what the property you’re selling is worth, or once you sell, how much to offer on the home you’re buying.
We all deal with subjectivity from time to time. Does your home smell? Perhaps you’ve gotten used to having multiple pets in your small home, don’t notice the mold growing in your bathroom, or haven’t realized how gloomy your living room appears. One role of a Realtor is to be helpfully honest. That means being truthful if there’s something you as a seller don’t see (or smell).
Far better to be forewarned and forearmed by your Realtor, than witness a rapidly exiting conga line of mum homebuyers who don’t want to offend you. Or perhaps you don’t think disclosing settling water in your basement each Winter is a big deal. The reality is that disclosing such a potentially material fact is something dutiful agents will advise in order to keep you out of much hotter water after the sale.
5. Junk the Junk.
Have you ever studied a real estate earnest money agreement (also called an EMA or purchase agreement), or seller’s ‘net sheet?’ Over the course of a transaction, it’s easy to accumulate an abundance of ‘junk’ fees. Sometimes seller-paid closing costs are necessary to make a transaction work. However, paying for a buyer’s home warranty is typically more of a buyer ‘want’ than a ‘need.’ Count on your Realtor to go over such factors with you for a ‘heads up’ of what to expect. An experienced agent knows what’s usually ‘routine’ and what’s not.
Even if a seller has a sense of what his or her home is worth, effectively reaching the the widest number of buyers increases your opportunity to find more motivated and qualified buyers, even creating a ‘bidding war.’ The simple act of listing your home with a Realtor means your property is immediately promoted on a host of proven, effective home marketing venues. But it doesn’t stop there. Successful Realtors use many different tools to reach buyers for your specific property.
Connecting your property with the right buyer can mean the difference between a fast close at full price (or higher), compared to a continuous stream of ‘sale-fails’ where your property is needlessly taken off the market by buyers who were marginally qualified.
There is simply no substitute for ‘hands on’ real estate experience. If your home hasn’t sold, at what point should you consider a price adjustment? How much of a price adjustment is necessary? Is there something other than price causing my property not to sell? These are not new questions to an experienced agent, who can help address these and other important questions.
It’s comforting in especially difficult situations to rely on an experienced Realtor, who is the duly able real estate ‘captain’ of your transaction. Most people prefer an experienced surgeon or pilot, so it’s understandable to want experienced representation with the important task of selling your home. It’s also helpful to know that a professional real estate agent makes the entire home selling process appear easier than it is.
8. Negotiation Skills.
If you’re like most people, you dread negotiating when buying a car. Consider how much higher the stakes are with your home sale. You want an experienced hand on your side. While real estate transactions are optimally a ‘win-win’ situation, it’s realistic to expect some friction. If you haven’t considered homeselling as a kind of ‘war,’ check out this unique perspective on the ‘battle’ of selling your home.
The best way to navigate through a potentially difficult transaction is to be represented by one who has been over the road before. So whether you’re in negotiations with a ‘bargain hunting’ buyer, experience an unpleasant ‘surprise’ in a home inspection, or a seriously low appraisal, each unique situation presents an opportunity for difficulty and reaching common ground. Your Realtor can assist in ‘end gaming’ your best strategies and in dealing with a wide variety of buyer personalities.
9. The ‘Buffer Effect.’
Having an agent represent you makes it easier to maintain civility between ‘warring’ parties. If you don’t consider homeselling as a battle, then see our prior article and podcast titled ‘The Art of War for Homesellers.’ Ever say something you regret? An experienced Realtor can often use more constructive language to accomplish what can sometimes be an emotional and/or provocative comment.
10. More Money.
National Association of Realtor statistics reveal that homesellers who use a Realtor actually net considerably more at closing than those who don’t, even after taking into account paying a commission. Consider that when banks (which are renowned for watching the ‘bottom line’) sell their foreclosed homes, they hire an expert, a Realtor. From a financial standpoint, it really does ‘pencil out’ to hire a Realtor.
Thinking about selling your Oregon property? Contact Certified Realty, Oregon’s choice since 1950 using the form below for a free consultation.