Selling a home is not always easy, which is why many homeowners rely on the expertise of realtors. However, before agreeing to pay someone a commission of the sale price, you may wonder whether hiring a realtor is worth it.
So, should I hire a realtor to sell my house? Hiring a realtor may help you sell your home quicker and for closer to your asking price. From knowledge about the local market to negotiating sale agreements, realtors offer invaluable assistance.
Instead of placing a “for sale by owner” (FSBO) listing, explore some of the reasons why you are better off working with a realtor.
Selling a Home Is a Complex Process with Lots of Paperwork
If you are selling a home, you may remember the vast amount of paperwork involved in the process when you bought your home. A purchase agreement can easily exceed 10 pages and tends to include jargon that the average person may not understand.
Along with the purchase agreement, you need to deal with a variety of local, state, and federal requirements and tax documents. You may also need to seek out home inspectors, contractors, home stagers, and many other professionals.
Realtors handle much of the legwork and walk you through the process of closing on a home sale. They take a lot of the stress out of finalizing the sale, allowing you to focus on buying your new home.
Realtors Have Extensive Connections with Contractors
If a home inspection turns up a major issue, you may need to deal with it to increase the chances of selling your home without lowering the asking price. Unfortunately, finding the right contractor to deal with roofing, plumbing, or electrical issues is not always easy.
When a problem requires repairs or renovations, a realtor can help. Realtors tend to have connections with contractors and service providers in their local area.
Most realtors know who offers the best value and who to avoid. You can use their referrals to ensure that you get a fair price quote for any necessary projects.
Realtors Can Provide Honest Advice to Boost Your Property Value
Realtors know what people look for when shopping for a new home. While the most important features include the location, the size of the property, and the floor plan, realtors understand the small details that help sell homes faster.
For example, first impressions have a lasting impact on potential buyers. If they do not like what they see when they pull up to the property, they are more likely to be critical about the interior.
When listing your property, your realtor can provide helpful advice. They can help you determine which repairs or renovations are more likely to provide a good return on investment.
Realtors Help Look Out for Your Best Interests
While earning a higher commission may motivate realtors to help you sell your home for the maximum value, they also have a fiduciary responsibility. This responsibility means that they are required to represent their clients’ best interests.
When trying to sell a home, you may encounter a wide range of obstacles. Depending on the market, you may struggle to attract potential buyers. You may also uncover issues with the home that require repairs, such as a pest infestation or mold growth.
A realtor looks out for you throughout every stage, from listing the property to negotiating the sale agreement. You can rely on their guidance to deal with any challenge that occurs. For more information check out our final walk through guide here.
Realtors Help You Get More From the Sale of Your Home
The main benefit of hiring a realtor is the extra profit you may gain. While realtors charge a commission, getting a good offer from a prospective buyer can more than make up the cost. A 2017 study found that homes sold by owners tend to sell for about 30% less compared to agent-listed properties.
If you are not comfortable negotiating, the buyer’s real estate agent is more likely to try talking you down to a lower offer. Realtors have the negotiating skills and experience needed to ensure that you receive a fair price.
Realtors Tend to Have More Knowledge of the Local Market
Do you know the average sale price of homes in your area? Do you know how long homes tend to stay on the market in your neighborhood? Realtors often know the answers to these questions.
Real estate agents require detailed knowledge of the markets where they help buy and sell homes. They have intimate knowledge of each neighborhood, including inside information that the average homeowner is unlikely to obtain.
Realtors also understand whether the current housing market is a buyers’ market or a sellers’ market. The difference can significantly influence your ability to sell your home.
Hiring a Realtor Saves You Time and Energy
Selling a home without a realtor requires you to handle every detail. You may need to list your property, advertise it using the right platforms, and respond to phone calls from potential buyers and their agents.
Trying to sell your own home will take up a lot of your time and energy. After you start attracting buyers, you need to arrange showings. When you start receiving offers, you are the one handling negotiations.
Realtors can handle those tasks for you. They save you time by dealing with phone calls from buyers that may lead to nowhere. The time and energy that you save can be used for finding and buying your new home.
Last Thoughts on Hiring a Realtor to Sell a Home
Should I hire a realtor to sell my house? This is a common question for home sellers and the answer is “yes.” Hiring a realtor may help you sell your home and get more from the sale.
Working with a realtor also helps attract potential home buyers. Real estate agents understand how the housing market works, including the best sources for marketing and home listings.
Selling your home without a realtor requires much more effort. You need to list your property yourself, find prospective buyers, and negotiate offers.
If you want to avoid the challenges that come with the sale of a home, hire a knowledgeable realtor in your area. Save time, energy, and get more for your home.