When the time comes to sell your home, it can be difficult to decide whether it’s best to sell your home by owner or to hire a real estate agent. There are definitely pros and cons to each situation. Let’s take a quick look at each of these scenarios so you may best decide what works for your particular selling needs.
For Sale By Owner: When you sell your home by yourself, there is little convenience to the process. You will need to market the home yourself by placing “For Sale” signs in front of the home, as well as advertising it on an online platform like Craigslist for more exposure. You will also need to stage your home without advice, removing certain items and keeping the home as clean as possible if you are still living in it. You can also choose to leave the home empty if you do not live there, but you’ll still need to keep it tidy, constantly cleaning it to avoid dust or clean up after anyone that comes to view the home.
Hiring a Real Estate Agent: Convenience is one of the biggest draws of hiring a real estate agent. They will help you decide the best way to stage your home, complete all the marketing, list your property on multiple sites, and many times you do not need to pay them much, if at all, until they sell your home. At this time, they will take a commission, which may not be convenient for you personally, but it will save you a lot of time and energy when it comes to selling your home. Real estate agents will also be sure to keep your home ready to show as needed. Hence, the below “American Beauty” reference…
For Sale By Owner: At first glance, of course selling on your own may seem cheaper, but it all depends on your situation. If you are only passively trying to sell your home with no deadline in sight, then the financial end of things falls in your favor to sell on your own. You can spend minimally on advertising your home and skip taking professional photos. However, if you need to sell your home fast, selling by owner may actually cost more than a real estate agent. Paid advertisements, a professional photographer and pending mortgage payments for each month that goes by without your home being sold all come into play.
Hiring a Real Estate Agent: Obviously, you will spend more money when you hire a real estate agent. Often, you’ll purely pay a commission fee once your home is sold. This incentivizes the real estate agent to get the max price in a fair amount of time because their commission will be higher. On some occasions, you may be asked to pay some fees up front. This could be a flat fee the real estate broker charges for perks like professional photos, home staging or aggressive advertising. This all depends on the real estate agent you choose, and what expectations you need met to feel comfortable selling your home.
For Sale By Owner: When you sell your home by owner, then you need to teach yourself everything involved in the home buying/selling process. There will be no partner to guide you in the best direction. You can scour Internet articles, watch YouTube videos and even hit up friends in the industry to help you better understand the process, but in the end, you are on your own. While being self-taught works for many people, working with a professional will help you never miss any of the small, but very important steps along the way, like accounting for any fees or taxes that come along with selling your home.
Hiring a Real Estate Agent: Education is perhaps one of the best things you’ll get out of hiring a real estate agent. Everyone wants to not only sell his or her home, but also understand how it works. After all, if everything goes right, there should be a decent payday at the end of it all for the seller. Real estate agents will be able to advise you on closing costs, and taxes you may be responsible for, and the best ways to stage your home for success. Having a true professional by your side to assist with the education regarding your home purchase is an invaluable asset to getting the most out of your home-selling experience.
Whether you decide to sell by owner, or hire a real estate agent, the choice needs to be made to best fit your needs. It is clear, however, that in most situations, hiring a real estate agent from OMG Brokers to represent you is the best way to go. Contact us today to get started on the journey to selling your home!