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So it's time to sell and move on. In this new world of entrepreneurship and individualism, doing it yourself to save the real estate commission has probably crossed your mind.
If home garage sales constitute your selling experience - beware. Selling your own home is a task which requires specialized knowledge, financial resources, and a considerable amount of time.
We all know that buying or selling a house is usually the largest financial transaction a family ever makes. To get the best price possible - the right price at the right time - takes more than just placing a sign out front. It takes the strong selling skills of a real estate professional.
Of course, there is always the chance that you will be lucky, but often homeowners end up taking too low an offer either because they haven't appealed to the right potential buyer, didn't attract enough buyers to choose from or simply run out of patience.
Here are 28 good reasons why you should use a Realtor to sell your home:
1. The number one reason, of course, is that the Multiple Listing Service provides exposure to literally thousands of people through Realtors. The exposure the listing will have on MLS cannot compare with the efforts of a For Sale By Owner (FSBO). And sellers can now have their listing on the Internet. CREA's web site, has been a major player in marketing MLS properties since day one and its presence is growing by leaps and bounds.
2. Real estate offices have secretarial assistance during peak hours and message-answering and paging services during the off-peak hours. A salesperson is always available to handle inquiries. Any time a private seller is away from home, his home is off the market.
3. By use of comparative market analysis, a salesperson can help a seller chose the right price to ask. While some sellers ask too little, others ask for too much. Once a house sits unsold for too long it becomes stale. Often a seller is forced to reduce the price and may have to accept less money for his home than he would have received had he started at the right price originally.
4. A Realtor can select the best route to a showing and point out comparable properties that will put the property to be shown in the best possible light.
5. Realtors are able to offer suggestions about how to improve a home's "showability" and hence increase market value.
6. Much of a real estate company's business comes from corporate or personal referrals. This market is unavailable to private sellers.
7. Out-of-town buyers seldom have the time or knowledge to deal directly with owners, but they do contact sales representatives through relocation systems.
8. Other homeowners who have already listed their homes usually purchase through the company with which their own home is listed.
9. A property depreciates the longer it is on the market. The first two or three weeks is a crucial period. Many owners fail to take advantage of this excitement by limiting the market to their own contacts and advertising.
10. Realtors are capable of qualifying prospects so that only those who qualify to buy the home are introduced to it. This eliminates most "lookers" and non-serious purchasers.
11. The owner can generally be assured of advance notice for showings. Private showings eliminate the possibility of a personality conflict between seller and purchaser.
12. Realtors screen all prospects and accompany all potential buyers through the property. There is less chance that strangers who may have activities in mind other than buying a house will come.
13. Demonstrating property is an art. Not everyone enjoys poking through other people's closets. It's the salesperson's job to demonstrate the home and its features.
14. Virtually every purchaser has objections, which sales representatives are trained to handle. A private seller is liable to become indignant if the purchaser doesn't like something about the home.
15. Not all purchasers will come out and say what is bothering them, particularly in front of the seller. A real estate professional is trained to smoke these out and handle them professionally.
16. In real estate the offers are in writing and irrevocable. Private buyers often give verbal offers and then revoke them.
17. Realtors are trained to negotiate better than a seller can on his own behalf.
18. A realtor is aware of many different ways to finance a purchase, while a private seller doesn't even normally assist in finding suitable financing.
19. A Realtor can help eliminate red tape and keep legal costs to a minimum. When the sales representative does the work, the lawyer charges for checking. When there's no sales representative, the lawyer does the work and then charges accordingly.
20. Realtors stay involved with the deal until the transaction is closed and everyone is moved.
21. Although a seller may leave town, a purchaser is secure in the thought that, should a problem arise after closing, the agent will be there to help out.
22. A prospect is more likely to believe a licensed real estate representative than an owner, who will not likely be around after the sale.
23. A realtor must adhere to a rigorous code of ethics. A direct buyer or seller is not so constrained. Purchasers want the protection a Realtor can offer.
24. A seller selling privately can expect to put in a minimum of 80 hours "work" into the project. This does not account for other out-of-pocket expenditures such as advertising and lawn sign. Selling a home can be extremely stressful.
25. Real estate professionals are trained to follow-up all leads, inquiries and showings. Such follow-up is normally expected and does not have a detrimental effect on a seller's bargaining position, while a private seller doing a follow-up is deemed to be desperate.
26. Private sales attract bargain hunters. Any time a buyer doesn't buy from a store or through a salesperson he expects to pay less. In effect, he expects to save the commissions or profits that would normally go to the salesperson or store owner. Why should someone do all the work a sales representative would normally do and still pay the full price? For example, if the seller is trying to save about six per cent commission and the buyer is trying to save six per cent, now they are 12 per cent apart.
27. The best prospects work with Realtors. People who have been transferred from out of town, people who have their home for sale, or people who have sold their home all work with sales representatives.
28. Something to consider. Selling your own property is a hassle for which most people are ill prepared and most real estate commissions are cheaper than most law suits.
This article has been prepared by the Fraser Valley Real Estate Board.
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