Whether or not to use an estate agent is a question many people selling their homes are thinking about, and “for sale by owner” (FSBO) has become increasingly popular. The main reason for wanting to sell privately is the prospect of increased profits. Yet, there are several reasons to choose to get help from a professional.
1. Buyers tend to prefer estate agents
Research has shown that the majority of buyers (83%) prefer to buy from an estate agent like eXp Realty to adhere to such regulations. Their concerns were communication and whether the process would be secure without an agent. Therefore, you might find yourself in a less favorable marketing position and will probably get fewer viewings if you choose to sell privately.
2. Save time
If you are opting for the FSBO you should expect the process to advance considerably slower than when hiring an estate agent. While it takes 18 weeks to sell a house on average, chances are that it will take you much longer if you go for FSBO.
That being said, there is nothing wrong with selling privately, if you see in yourself the capacity and knowledge to sell a house.
- You are likely to receive a better price
An estate agent’s main job is to skilfully position the house in the market by using his/her intuitive and thorough knowledge of the market. An agent can achieve the desired price through successful marketing. A private seller who can’t achieve that price is unlikely to save up any money by not hiring an agent.
- You will be more secure
A good estate agent knows the drill of your house sale. With an agent on your side during documentation at each stage of transactions, chances of post-sale disputes and lawsuits are minimal.
Also, with a “no sale, no fee” agreement you can be sure that you won’t be paying anything unless a satisfactory sale is sealed.
5. Negotiation is not for everyone – especially not when it is your own home
To prevent your emotions from getting the best of you, buffering effects of an experienced negotiator is crucial. Estate agents do more than just passing on offers. A good agent can advise you to hold your nerves just before you are about to accept a cheeky low offer.
Choosing the right estate agent
The 5 reasons mentioned above are only some of the benefits you can get from working with an estate agent to sell your house. Finding the right agent is much easier these days. The trend in different countries nowadays is to use digital platforms, such as Get Agent for the UK market which collates all larger local agents like Nexa Properties and Michael Jones. The Norwegian market uses Eiendomsmegler, to receive quotes from different estate agents and choose one according to your preferences.
How about doing parts of the job yourself?
Still not convinced that using an estate agent is the right choice for you? FSBO comes with much responsibility and takes a long time, but the flip side to that coin is not necessarily a full-service estate agent. Why not use what you are good at to do parts of the job yourself?
You can for instance use your own skills, be it photography, graphics or writing for marketing. Another way to leave the best impression on prospect buyers, is by making your home sparkling clean, style it and minimize clutter or even stage it by painting its walls.
This is a way to save money while achieving better results in regards to your home sale.
The takeaway here is to maximize your profit by knowing where in the process you can save money and leave the job at which you are not skilled, to be handled by a professional.