Working with a realtor is standard practice in the real estate industry. That doesn’t mean you’ve got to use one, though. There are many reasons why people decide to sell homes without them. Here are a few things you should know before hiring one yourself.
First, there’s nothing saying you’ve got to use one. People hire them mainly due to convenience. They’re worried about making a mistake while selling their largest asset. Of course, this is a perfectly reasonable fear. However, you can learn everything a realtor would do at a real estate training course. By the time you’re done, you’ll know just as much as they would.
One of the biggest things a realtor does would be comparative analysis. That’s a fancy way to say they look at similar homes when you’re selling one. By comparing yours to them, they’re able to determine its fair market price. That’s how much you should expect your home to fetch if it were listed. Comparing different homes isn’t completely straightforward. Just because a home is on the same street doesn’t mean it’s comparable. You’ve got to consider its square footage and other characteristics. The closer it is to yours, the more likely it’s a good comparison.
The biggest reason people avoid using a realtor is because of their pay structure. Most of the time, realtors only get paid whenever they’re involved with a deal. Otherwise, they won’t earn anything at all. So, they’ve got an incentive to push you to sell. You won’t have the same pressure if you’re selling on your own.
It’s not uncommon for realtors to represent both parties during a transaction. You’ve got to be naive if you don’t see the potential conflict of interest. When you’re working with one, it’s hard to know whose side they’re really on. They might be telling you something just to get you to budge. Technically, they’re legally bound to be fair to both parties.
Are you a skilled negotiator? If so, you might not want to work with a realtor. They’re usually the ones handling negotiations. That means you might not get a chance to speak with the buyers. Negotiations aren’t always something people enjoy. But, if you’re talented, you might do better than a realtor would. So, handling everything yourself could work out better for you in the end.
One benefit of working with a realtor would be communications. They’ll be speaking to all the buyers, leaving you unbothered. However, you might prefer speaking with them yourself. If that’s the case, you might want to try selling on your own. Communicating with potential buyers could take a lot of time, though. So, really, it’s up to you.
Realtors have enough experience to recognize serious buyers. They’re not going to get you excited about someone who seems lackadaisical. Still, this is something you could do without them as well. Pay attention to what potential buyers say. They’ll usually give away their intentions pretty easily. If they’ve got a pre-approval, they’re way more likely to make an offer.
Appraisals are a necessary part of any real estate transaction. This is where an appraiser decides how much your home is worth. You could definitely meet them without a realtor, though. As long as they’ve made an appraisal, you’ll be good to go.
Realtors aren’t all bad. But, you don’t have to use one of them. Selling your home without one could leave you with more in your pocket. Everything you make from the sale would go to your pocket. Nothing would be sent to the realtor’s account. Still, they’re a valuable tool for a lot of people. If you’re independent, they might not be worthwhile, though. Learning how to sell a home without one isn’t as tough as you’d think.