Tuesday, December 10, 2019 / by Connie Tracy
The For Sale by Owner (FSBO) method seems to be a good idea and a great way to save thousands of dollars when selling your home. Generally, a Spokane Real Estate Agent's commission is 6%- for example, let's take a home that is listed for $250,000, the commission is $15,000. You may think that acting as your own seller's agent will be worth the savings. Here are just a few reasons out of many you should think again.
1. Real Estate is a full-time job- How often do you get off work on time to rush home to show your home or are able to take a phone call in the middle of the day to set up a time to see your home? At the end of a long workday, do you have the energy to take advantage of every possible opportunity to market your home? Probably not! But an agents answer to these questions are...YES! Additionally, did know that you will get a secure lock box for your home that the Spokane Realtors will use to show your home even if you aren't available? That allows for more traffic and a greater sense of security.
2. Spokane Agents have access to large networks. Of course you can list your home yourself on Zillow, Redfin, Craigslist, and even the MLS (multiple listing service) that agents use. But is that enough??? Even if you have a large personal or professional pool of potential buyers means less demand for your property, which can mean that your home may sit longer on the market and not getting as much money as your house is worth.
3. Probably one of the most time sucking activities is showing a home to a person who isn't qualified to purchase your home. An agent can find out whether someone who wants to view your home is really qualified and not just "kicking tires". It's a lot of work and a major interruption every time you have to put your life on hold, make your house sparkle, and show your home.
4. Price negotiations take skills- Even if you have experience with sales, you don't have experience negotiating a home sale. The buyer's agent does, so they are more likely to succeed in the negotiation, meaning possibly a whole lot less money in your pocket. Additionally, Spokane Realtors know what is happening in the market which will give them an advantage by knowing what terms are worth negotiating and which ones are worth letting go.
5. Exposure to Legal Risks- A lot of legal paperwork is involved in a home sale and needs to be completed by an expert. As a seller, you have the duty to disclose any defects in the property. The seller can be held liable for fraud, negligence, or breach of contract if you don't disclose the property properly. Of course agents can make mistakes, too, but they have professional errors-and-omissions insurance to protect themselves and to give the buyer options, so the buyer may not need to pursue the sellers for damages.
Bottom line is this... Selling your home will likely be one of the biggest transactions for your life. You can try to do it alone to save money, but hiring a Spokane agent has many advantages. Agents can get broader exposure for your property, help you negotiate a better deal, dedicate more time to your sale, and help keep your emotions from botching it. An agent also brings expertise, which few home sellers have to a complex transaction that can have many financial and legal pitfalls.