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For Sale by Owner VS. a Real Estate Agent
Who’s Best for the Sale of Your Home?
So you’ve decided to take advantage of the hot Middle Tennesse real estate market, and now you’ve got to make the important decision of WHO is going to spend the time it takes to sell your home. There are many opinions on whether you should hire a Realtor or attempt a For Sale by Owner approach, but you’ll need to weigh the pros and cons to see what is best for you and your family.
Most proponents of FSBO will tell you that with the evolution of social media, getting the word out about your home has become much easier. You post your listing to all 700 of your Facebook friends, on Craigslist, or use a service like Forsalebyowner.com, and then you sit back and wait for someone to come to you. For some, this works great, and you get the added bonus of keeping commission dollars in your pocket, which is the number one driving force behind those who choose FSBO.
On the flip side, if you list your home with a real estate agent, you’ll have use of MLS (multiple listing service), which allows thousands of people to see your home. And when you’re trying to buy, Realtors also know of listings that have not been made public for various reasons.
U.S. News and World Report asked the question, “So is independent home selling right for you?” They answered their own question with, “Perhaps it's best to look at the question this way: Do you have the time and energy to take on a part-time job that pays roughly 6 percent of the selling price of your home? If the answer is yes, consider going solo. If not, hire a pro.”
Snapflyers.com recently posted an infographic using data collected by thousands of people who had just completed the sale of their homes. In a nutshell, the information concluded that most For Sale by Owner homes stay on the market longer, bring in smaller offers, and at least 20% end up listing with an agent anyway.
According to those included in the data, “The most difficult problem FSBOs faced was drawing up the contracts and understanding the legal paperwork involved in selling a house.” If you have any kind of a background in real estate or in legal paperwork, that part might be a breeze for you. You’ll need to consider how much time and experience you have to invest in the legal end of your sale.
Brentwood, Tenn., based financial guru Dave Ramsey said, “Research has shown that between basic mistakes, pricing errors, and lack of negotiation skills, you’ll cost yourself more than the agent’s commission by trying to sell it yourself.â€¨ Trust me, you’ll get a much better deal—with a lot less hassle—by using a top-flight real estate agent!”
After reviewing the realities of your pros and cons on both sides of this decision, give me a call if you decide to go with a Realtor in the Brentwood, Tenn., area. I’d love to help answer your questions and take care of the details for you.