4 Reasons Selling Your Home Independently May Hurt Instead of Help You
The market is hot right now–spring market has trickled to a warm fall market–and especially in these interesting times, the desire to sell your home on your own might be high. That’s not to say that your friend or family member who did it with success shouldn’t have done it, and maybe for some people, it truly is the right answer, but more often than not, attempting to sell your largest investment on your own is a quick ticket to failure. Why?
- The pricing isn’t right. Overpricing is a mistake all too common. When you work with an agent, you’re choosing someone who diligently studies the current market and comparable homes and knows how to help you get what you deserve for your home without unnecessary days on market.
- Lack of marketing. Making sure your home has exposure to a wide audience (and the right audience) is essential to selling it. As a standalone seller, you won’t have access to every channel necessary – in fact, some of the most powerful marketing tools don’t allow for independent sellers to list their homes there.
- Proper Communication. Strategic negotiating is a skill not everyone has. Understanding the intricacies of a home sale and purchase nearly require you to understand a new language. These are things that don’t have to be fully understood when working with an agent, as that agent works on your behalf with your best interests at the forefront. When selling on your own, you will need to know how to handle and screen potential buyers, understand complex contracts, craft a winning offer, and read between the lines of what should be said or left unsaid.
- You may net less money. Many times the main argument for selling independently is the savings on agent commission. (Think about the reasons why you pay an agent commission: their familiarity with the subject matter, negotiation skills, marketing channels, etc.). However, when selling alone it’s almost a foregone conclusion that you’ll miss an opportunity for multiple offers or a bidding war because your home isn’t on the proper channels, and you don’t have an agent to help negotiate with buyers and their agents to bring you the best price, and possibly even more than asking price for your home.
If you’re still undecided about what route to take – sell alone, or sell with an agent – we’d love to have a chance to talk more with you about your options. At bare minimum, it never hurts to have a backup plan in place in case selling alone doesn’t pan out how you’d like and we’d be honored to interview for the job. Let’s chat.