One of the best was this post by Cara Ameer. Cara is a broker associate and Realtor with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Florida. Cara did such a good job outlining some of the things to be aware of that I thought it could be helpful to just publish the article and add my own comments where I think it might be helpful.
Let’s face it, selling a home without a real estate agent is just plain risky. FSBOs jeopardize time, money, and most importantly, an advantageous outcome.
But, despite research that shows FSBO listings sell for about 5.5 percent less than comparable properties sold through the MLS, some sellers still want to go the do-it-yourself route, forgoing the cost of commission and the aid of an agent.
In reality, a listing agent brings more to the table than most homeowners realize. The next time you consider selling your own home think about these critical questions. You might want to re consider!
Professional Agents Offer:
What you don’t know can absolutely hurt you, and it can come back to bite you even worse.
A real estate agent’s knowledge is priceless.
Agents know what the internet doesn’t tell consumers, and they can provide insight that consumers can’t get online.
Agents know how to make sense of the data and the entire selling process so that sellers and their home are fully prepared before hitting the market.
If you have sold a house before, you may think you now have knowledge of the industry. Not so fast! This is a market that few folks have ever encountered. Even brokers & agents, may not understand what this type of sellers market can bring unless they have been in the business for a long time. Be sure your agent has been around the block a few times and understands what can happen when a home seller gets a lot of offers to buy and needs to select the one that gives the best chance of going to settlement.
Everyone’s time is valuable, but do sellers truly have time to attempt to play the real estate agent role?
Are sellers available to show their home in a safe manner, and is it accessible on a moment’s notice?
How will sellers handle showings when they are on vacation for a week and there are cash buyers in town?
Can you say lost opportunity?
Do sellers have the time to devote to scheduling and managing showing appointments? What about feedback? Do sellers know what questions to ask and the best way to reach agents to elicit a response?
Are they able to aptly respond to agent and buyer questions, concerns and objections in a manner that will help overcome the hesitation to move forward?
Are sellers able to offer solutions to buyer-perceived obstacles with the property? Can they furnish expert resources such as architects, contractors, designers, engineers or other experts?
My feeling about time is pretty simple. Time is a commodity. It’s one of the reasons I live in a Condominium. I pay for yard work. Someone else does my gardening, mowing and a lot of things that would require an investment of my time & tools that make the job easier. I can’t think of a reason I would trade my time playing with my grand-kids for a chance to weed crab grass in a garden. Or, in this case, schedule appointments, evaluate offers, be home weekends & evenings for showings, filling out paperwork, while all the time looking up support people that may be needed to keep the buyer in the bin and have a good closing. These are very important when I ask should I sell Tooele County property W/O an agent”?
Image is everything when it comes to real estate. You never get a second chance to make a first impression, and the same goes for putting a property up for sale.
Do sellers know how to properly prepare their home for sale, and do they know what it needs or doesn’t need?
Are they able to stage it or bring in someone who can? What about professional photography, drone, video and 3D? Are they able to orchestrate photo and video shoots with ease and know who to contact? What about photo styling and having an eye for how a space will translate on camera?
This is a tough one as everyone thinks that they know what makes their house the most appealing. Some sellers think that “looking lived in” is a plus. Others swear by home staging. Curb appeal is a key here but means different things to different people. I’d go with what the professional has to say. (Based on experience).
How are sellers going to market their property? Do they know who the buyer demographic is for their home and/or neighborhood? How do sellers reach buyers?
Do sellers have access to predictive analytics or know how to strategically promote the listing to other agents in the community and on social media?
What kind of print media is appropriate for the property, and how will sellers have that created and printed? What agents are most likely to have buyers for the home?
Are they local or regional, or must sellers reach out nationally or internationally?
In real estate, the world doesn’t seem so vast as agent networks are strong, and six degrees of separation often ensues when an agent in New York City reaches out to his or her agent contact in China about a buyer for a property.
Even in a market as dynamic as this one in Tooele County, where it looks like finding buyers is a no brainer, marketing is important. Check on our link to “what we do to market your home” and see how much of this you are capable and willing to do.
5. Negotiation experience
So the sellers received an offer. Now what? How do they respond? What do they look for in that purchase agreement?
In this hot seller’s market that many are experiencing right now, are sellers prepared to take multiple offers and milk a bidding war to get the best deal?
What terms and conditions could be disadvantageous to the sellers? What costs should or shouldn’t they incur? Do they know how to negotiate to keep the buyer in the game versus walking away?
How do they strike a delicate balance between protecting their interests as a seller and working with the buyer toward the goal of putting an agreement together?
Here’s where what sellers don’t know can hurt them the most.
This is just common sense stuff here. The common sense being that anytime you are negotiating the largest transaction in your life and that transaction has elements that can be done legally or not-legally you had better get someone with a license, experience in the Tooele County market and a cadre of people with experience to fall back on. In other words, get a REALTOR that will conduct your business according to a rigorous code of ethics.
6. Inspection and repair know-how
This is one of the most difficult parts of a real estate transaction, even for real estate professionals. Do sellers know what inspections they should expect?
How should they handle items that are flagged as needing repair or replacement by an inspector? What kinds of repairs are usually done by a seller?
Do they have a roster of repair people at the ready who can come out on a moment’s notice?
Hint: It’s typically not who you find in the Yellow Pages or by doing a Google search.
If sellers don’t know better, they could find themselves making an improvement, not a repair on their home for a new buyer.
I was taken by Caras reference to finding the support people in the yellow pages or by Google search. Local Tooele County agents don’t need to interview or price shop to get the best folks on your job on time and DONE! They know who to call, and just as important, who NOT to call.
7. Transaction management
So the home is under contract with a buyer. What do sellers do next? Do they know who they need to be in contact with?
Who is going to be handling the closing? What items should they be following up on? How will they handle challenges like the property not appraising for the contract sales price or the deal potentially derailing due to home inspection issues?
What happens if the buyer’s financing is shaky?
If you are still wondering should I sell Tooele County property W/O an agent look closely at this item. An experienced agent will write the offer or counter offer to outline the time frame that is acceptable to all parties. It creates a flow chart for events. Hint: The adage “time is of the essence” does not mean be in a hurry. It means that the dates on any agreement are meaningful and are a part of the contract. Miss a deadline at potential risk.
8. Closing finesse
Do sellers know what the closing protocol is in their market and what the expectations are? When do sellers have to be completely moved out of the house?
In some markets, that means by the day of closing, and in others, the seller has possession for a few days after closing.
What condition are sellers expected to leave the home in? How do they handle unexpected, last-minute issues that may arise: the movers damage the home when moving belongings out, the air conditioner is on the fritz, or worse yet, the moving crew doesn’t show up when they are supposed to.
Selling a home without an agent is like throwing caution to the wind along with the commission.
The perceived savings can come back to bite sellers in terms of uninformed decisions and costly mistakes that — in the long run — end up costing sellers more money than if they would have used an agent to protect their interests and help them justify their home’s value in the first place.
I’m not even going to ad to this. Ms. Ameer has pointed out lots of information in a very good article to answer the question “should I sell Tooele County property W/O an agent”.
If you agree with me about FSBO, and want to consider who you work with, I want to throw my hat in the ring. Give me a call. Berna Sloan 435-840-5029. Mention you read should I sell Tooele County Property W/O an agent.