“Should I hire a real estate agent or sell on my own through the For Sale By Owner (FSBO) process?” This question comes to the minds of many home sellers who hope to save the commission they would have to pay a real estate agent. The brave few who choose the FSBO route quickly realize and appreciate the value of hiring an agent once they encounter the massive amounts of paperwork involved and the state laws that govern real estate transactions. Statistically, sellers who sell their home without a real estate agent often get less from the sale than sellers who use one.
The basics of how to sell a house are very simple. A clean home that’s correctly priced, properly staged, well maintained and is accessible to potential buyers via MLS and websites will sell quickly. Having great photographs or a virtual tour video would also help. The one other thing that a seller could do to get a better price and sell faster is to hire a savvy real estate agent.
While the low-tech, inexpensive for-sale sign and flier box are still powerful ways to market a house, this alone is not good enough in today’s depressed real estate market. It is important to hire an agent who has mastered the use of modern technologies including social networking, smart phone apps, text messages, Quick Response (QR) codes, GPS map data, syndicating property information to hundreds of marketing websites, etc.
Facebook and Twitter are no longer buzz words. There is proof that Realtors that employ these new media not only have higher sales records, but they also sell much faster than their contemporaries that still depend only on the traditional newspaper or print ad marketing staples of the past. Baby boomers and younger generations prefer to receive property information via text messages on their phones by dialing a number or by using the cameras on their smart phones to scan a QR code displayed on the for-sale sign.
Selling a house also requires objective, fact-based decisions which can often become obscured by some of these age old myths.
Myth: Set the price high and lower it gradually if it doesn’t sell.
Truth: Pricing too high or low is equally bad. A comparable market analysis created by a real estate agent is the best way to set the right price.
Myth: Upon receiving an offer, make the buyer wait to get an upper hand in price negotiations.
Truth: Promptly responding to an offer is not only professional, but it actually increases the possibility of a quick sale.
Myth: It’s OK to list a home that needs repairs, as long as the defects are clearly disclosed upfront.
Truth: Today’s buyers prefer homes that are in ready to move-in condition. While major defects can be disclosed in exchange for a lower price, taking care of minor repairs makes a house more marketable.
Myth: A home warranty is unnecessary.
Truth: A home in good condition which comes with a warranty is preferred by most buyers because it provides peace of mind and consequently, it speeds up their decision making process.
Myth: It’s better to sell on your own to save the real estate agent’s commission.
Truth: Not only do sellers net less when they sell on their own, but many end up hiring a real estate agent half way through the sales process because they get overwhelmed by the amount of work and time involved.
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