For Sale By Owner seems attractive as you'd likely choose this option to save the real estate agent commission. Sometimes, it's the right decision, but more often than not, it's more hassle than you bargained for. Here are five good reasons you shouldn't try to sell your home on your own.
Pricing is a Bit of an Artform
Sure, it seems easy to figure out how much to sell your home for, but it's not. You have to have a good knowledge of the current real estate market in your area. Then, you have to have access to similar homes that sold in the area recently. Finally, you have to make adjustments based on the uniqueness, condition, and differences of your home compared to the others that sold recently.
It's an art form real estate agents are very good at and the price is probably the most important factor in selling your home. Get the listing price right and you'll be flooded with interest. Price the property too high or too low and you may struggle to get serious buyers interested in making an offer.
Exposure is Hard
When you choose the For Sale By Owner route, you'll quickly find getting exposure is difficult. Placing a sign in the yard and an ad on Craigslist isn't enough. It's a start, but you also need to place ads on the Facebook Marketplace, in the local newspaper, and anywhere else you can find. In addition, these ads need to be updated weekly and you still won't get a ton of exposure.
Even getting your property on the MLS isn't going to give you massive exposure as every property is found online these days. You need something different to get exposure and you probably don't have the huge network of potential buyers a real estate agent has built up over the past decade.
Exposure sells homes when everything else is right. If you cannot get exposure, you'll be hoping for a bit of luck to get your home sold on your own.
The Paperwork isn't Easy
Have you ever gone through the contracts involved in selling a home? Do you understand the contingencies of a home offer? Are you prepared to close on your home without making any major mistakes?
The paperwork in a home sale isn't just complicated, but it's time-consuming to complete and understand. Real estate agents deal with the paperwork every day and have been trained to fill it out correctly. They know what to do and if you don't, the paperwork alone could be too much for you to handle.
Home Preparation isn't Easy
Yes, you can search online for tips to prepare your home for sale and even hire a stager, if you're willing to spend a few thousand dollars. However, you'll likely end up with a home not well prepared to be sold. When you have a showing, the home may not show well due to the fact that it wasn't properly prepared.
Remember, buyers have probably looked at several homes and may have walked through more than one that was professionally cleaned, staged, and well prepared for sale. If you cannot measure up, why should they even consider your home?
You'll Need Patience
For Sale By Owner properties, on average, take longer to sell. When an agent can step in, reach out to their network of interested buyers, and prepare the home for sale properly, they can get it sold faster. If you don't want your home sitting on the market for months, you may not want to try to sell it on your own.
Selling a home is a huge endeavor and for many, it will become a full-time job, if they do everything necessary to get it sold. Hiring an agent takes this weight off your shoulders and makes selling your home easier, faster, and often worth more.