Thinking of Selling Your Own Home

Very Honest For Sale By Owner Sign
Creative Commons License photo credit: Casey Serin

I’m all about choices. We have the choice to sell our home or we can employ a broker and receive service and protection during the process. Placing your home on the market is an important decision, one that needs careful consideration. If you choose to hire someone to represent you, you want that person to be your advocate and utilize all the emerging technologies to give your home maximum exposure.

I also understand the mindset of foregoing those services to save money. I like saving money! On the other hand, I appreciate and am willing to pay for good service.

If you’re considering selling your own home, please just take a look at some considerations before going forward.

  1. You are limiting your exposure to potential buyers (less than 10% of what a good real estate broker will generate), which theoretically means your home will take longer to sell.
  2. The longer a home is on the market, the lower the eventual selling price. It’s not just that buyers think you’re more desperate to sell and will take a lower offer. They think there must be something wrong, and that’s why nobody else has bought it.
  3. The selling process begins after the buyer leaves your home. Most sellers think all it takes is for someone to see their home, fall in love, and then the offer will automatically follow. If a real estate agent does not represent the buyer, and they are looking on their own…they usually leave the home and start to talk themselves out of the buying process. Real estate professionals should be able to compartmentalize buyers’ objections and keep them focused.
  4. Because of the limited exposure, you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your home, selling means maximum exposure.
  5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and either avoid by-owner properties altogether or never get past the first look.
  6. Lack of negotiating experience and lack of pertinent information often will result in a lower selling price, or worse yet a flawed contract and possible lawsuits. There are forms created by the Oklahoma Real Estate Commission to mitigate problems for both sides in a transaction.
  7. The majority of qualified buyers are working with experienced real estate professionals. This one bears repeating over and over.
  8. As more and more local buyers now learn they may retain a REALTOR®  to represent them as their advocate, you will probably be negotiating against an experienced professional.
  9. Expected savings in broker’s fees will also be greatly reduced if you offer a selling commission to entice real estate agents to bring potential buyers.
  10. Only REALTORS® have access to the most up-to-date market information. News reports cannot approach the timeliness or specificity available to the real estate sales community. Further, real estate  brokers are involved in home sales much more frequently than the average homeowner is. This familiarity leads to a degree of expertise that provides an edge on negotiating and successful transaction closing.
  11. You only pay the commission to the real estate broker if they successfully sell your home at the price and terms you approve.
  12. Accepting an offer is one thing. Seeing it to a safe and successful closing is another. Real estate transactions many times have challenges moving toward closing. At times, expecting the buyer and seller to fight it out or resolve the problem can sometimes mean the deal is lost. This is the time your experienced real estate professional can demonstrate the most value. Your REALTOR® can act as a great mediator.