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The idea of saving thousands of dollars on commission costs when selling your home might seem like a dream. “For sale by owner” (FSBO) is often the first approach homeowners consider when it comes to saving money during the selling process.
After all, thousands of dollars would go a long way into renovations for your new home, right?
Although you can legally sell your home without a realtor, and the initial savings might be appealing, there are plenty of reasons why you should work with a realtor as you begin the process of selling your home.
It’s not your number one priority.
Although selling your home is certainly a changing event in your life, it’s not your job - and is therefore not your number one priority. Supporting your family, developing your career and identifying new neighborhoods is likely where your focus lies.
A realtor, on the other hand, lives and breathes the buying and selling process. He or she will focus on creating connections and positioning your home in the market for a quick sale. It’s their number one priority.
Negotiations are better left to the professionals.
The negotiation process can be tricky, not to mention overwhelming. It's not everyday that hundreds of thousands of dollars hang in the air, dependent on your skills as a negotiator. Things like counter-offers, selling terms and local by-laws are often important factors in the sale of a home, so you should ask yourself - are you comfortable with negotiating?
Also, if the buyer is using an agent, it is likely that he or she is well experienced in the art of negotiation, meaning that they are more likely to have the upper hand.
This fact alone could be worth hiring an agent to represent you in your home sale.
Realtors have experience, and knows what sells.
Each home is unique, and therefore no two transactions are alike. Not to mention that every prospective buyer has their "wish list" of features and amenities that they consider "hot buttons" when buying a home. From curb appeal, to air fresheners, there are literally hundreds of triggers that help a home appeal to the masses, and without having been around the block once or twice it's not always obvious what to do to make your home memorable to prospective buyers.
A realtor's experience in areas lsuch as this and many others is literally invaluable, and can mean the difference between a quick and profitable sale and your home sitting on the market for months while you try and figure out what works.
Larger networks and greater connections.
At the end of the day it takes a qualified buyer for you to sell you home (duh!). Above all else, many realtors have access to large networks and have extensive connections within the industry.
Even though you can quickly create some engaging, visual Craigslist posts and have (limited) access to the MLS in Ontario, we guarantee a realtor’s rolodex is much larger and their connections are much stronger.
From distribution lists to pre-existing outreach campaigns, a realtor is always thinking about new ways to reach new individuals and develop meaningful relationships that will benefit their business in the long term.
The End Result
Selling your home is likely one of the biggest decisions you will make in your lifetime. After all, it is a significant transaction that holds financial and emotional bearing on your life. Although you can opt to sell your home without an agent, working with a realtor will expand your network, providing negotiation expertise and deliver access to knowledge you will not obtain on your own.