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The decision is made. It’s time to sell your home.
10 years ago the next logical step was to hire a reputable listing agent, but the lure of commission-free real estate has peaked the interest of some curious home owners.
As your trusted Niagara Real Estate professionals we feel obligated to share our thoughts on 'ComFree' listings, in an effort to help you avoid a potential mistake, or at the very least help you make an educated decision.
So, should you hire a realtor or try to sell on your own?
With so many 'com-free' realty services available, it’s a reasonable question to ask. If you are thinking about trying a 'sale-by-owner', there are a few pros and cons to consider.
Pros of Listing Your Home with ComFree
1. You save the realtor commission.
The biggest benefit of a com-free listing is the money you save by avoiding the realtor commission. This means that you may be able to make some extra profit on the sale of your home, or may be able to reduce your asking price in the hopes of a quick sale.
But don’t forget the buyer’s agent. You may still need to offer that commission in order to encourage agents to present your home to their clients.
At the end of the day, the money you save on a com-free home listing may be less than you first think.
2. You control the sales process.
By going com-free, you put yourself in charge of almost the entire selling process.
That means you decide on the listing price, and can control when your house is available to be shown and who you show it to. And since you will be the person showing your home, you won’t need to vacate whenever a realtor brings through a prospective buyer.
You are also in charge of negotiating any sale, which means you can look out for your bottom line.
Cons of Listing Your Home with ComFree
1. You control the sales process.
How can being in control be a bad thing?
Let’s start with setting the right price. Do you have the experience and market knowledge to price your house to sell?
Once you’ve decided how much you want, it’s up to you to find potential buyers. After you list your home in the com-free data base and put up your yard sign, generating interest in your home is entirely in your hands.
2. Advertising can get expensive.
Even after you generate interest, you’ll need to prepare your house for viewing. Do you know how to stage your home to appeal to potential buyers?Do you know how to decide if it’s worth your time and money to invest in some fresh paint, or new kitchen cupboards?
And that is just the beginning....
3. You need to show your own home.
If you work, being available to show your home during working hours can be a challenge. You may waste a lot of time dealing with unqualified buyers, or curious neighbours.
You also need to feel comfortable welcoming complete strangers into your home, and potential buyers often look with a critical eye. It can be difficult to hear what others think about your house.
4. You need to be an expert negotiator.
You may enjoy the challenge of negotiating directly over price and terms, but if things don’t go smoothly there is no buffer between you and the buyer. Are you able to remain emotionally detached from your home and view the sale as a simple business transaction?
5. Your mistakes may cost you.
If you decide to pursue com-free realty, it’s important to understand the process and the legal details so that you can protect yourself from potential post-sale disputes. Even small mistakes have the potential to wipe out anything you save on realtor commission.
Selling your home is a large undertaking. Making the decision to work with a professional real estate agent or to list your home com-free is only the first step.
Looking for more advice? Contact us or download our seller's guide below!