Why Should I Use A Real Estate Agent to Sell My House?
By elle smith, realtor
J&B Real Estate, Inc.
I thought we would switch things up a bit this month. I usually go over the market and focus on what the industry is doing. Don’t worry, I will still share a market update. But first, let’s talk about the benefits of using a real estate agent to sell your home versus doing a For Sale by Owner (FSBO). Having been in a crazy seller’s market the past two years, a lot of people wonder why they need to hire a real estate agent to list and sell their homes. What does a real estate agent actually do, anyway?
Let’s start with numbers. According to Keeping Current Matter, an FSBO typically sells for on average $60,000-$90,000 LESS than when listed with a real estate agent. However, the time it took to sell an FSBO compared with a home listed with a real estate agent was about the same. So, if the amount of money you could get from listing with an agent isn’t enough motivation to hire a real estate agent, let’s talk about some intangible reasons.
Your agent acts as a buffer for you. Selling your home is an emotional journey, and negotiations can become challenging. An agent will give you a buffer when answering tough questions or negotiating on touchy topics such as price. Part of the negotiations is understanding all the terms associated with selling a home. Agents are trained to understand all parts of the transaction, including the offer/counter, the contract, contingencies, and closing schedules. They help explain the entire process to their clients and are there to research and answer questions throughout the transaction.
Your real estate agent knows the market and knows how to price your home appropriately. They have access to a wealth of data on prior home sales, features of those homes, length of time on the market, and if the price has been adjusted. Real estate agents have access to a Multiple Listing Service, an MLS. This system is the database all agents use to list homes to other agents. It is not available to the public. Only licensed real estate agents have access to this MLS system. When an agent lists a home, they put all the details of the home into the MLS. All of the features, benefits, remarks on the property, and tax information are included in the MLS listing. This is then available to all agents, and they can set up searches that automatically notify their buyers of new listings.
Real estate agents are the experts on trends and how and where to market a property. They can make suggestions and give you tips on what to do to prepare the house for selling. A lot of agents pay for professional photos, brochures, and flyers. They know what publications to advertise in to get the most visibility. They know which social media sites to post to and when to post them for the most views. Real estate agents know buyers who are looking, and they have access to an entire pool of buyers’ agents whose clients are searching for a home.
The bottom line is that hiring a real estate agent to sell your home is beneficial to you. They are the experts in the market and, statistically, will get you more money for your home. Hiring the right agent is important. Make sure to find one that understands your market, one that you click with, and one that will make selling your home a priority.
As promised, here is a quick market update. The market seems to be correcting itself and has been slowing for the past few weeks. This is typical of the summer months, with people going on vacation. But, we are seeing fewer offers over asking, fewer multiple-offers, higher interest rates, and homes on the market for an average of six days versus two days. We are still seeing multiple offers and over-asking price offers, just not as many as we had three months ago.
If you have been thinking of selling, it is still a great time, as our inventory is still lower than average. Talk to your agent about the market and what to expect when you are ready to list. Contact me if you have any questions about selling your house in this market. I’m always here to answer your real estate questions.