Thinking of selling your home and not working with a REALTOR®? While it might seem like a great way to cut out the middleman and save money, going the "for sale by owner" (FSBO) route can come with more pitfalls than you might have bargained for.
Knowledge is power when it comes to real estate, and working with a REALTOR® who knows how to make your home-selling journey a seamless one can really pay off.
REALTORS® have a deep understanding of your local real estate market and if you work with one, they'll use this expertise to help you accurately price your home, market it, negotiate the sale, guide you through closing, deal with the paperwork and navigate legal jargon.
Plus, they can give you insider knowledge about working with buyers’ agents while receiving offers and be a sounding board for your questions and concerns during the whole process.
In other words, having a pro in your corner comes with plenty of perks.
So, before you hammer in that "for sale by owner" sign on your front yard, take a look at these seven home-selling mistakes Canadians often make when they go it alone in the real estate market. And after, you might just consider bringing in an expert.
Underestimating (or overestimating) the value of a home
One very common mistake you see with FSBO homes is wonky evaluation and pricing.
Some are priced too high, so they sit on the market for longer than they need to. Others are too low, which means the seller won't get what the place is actually worth, will have to deal with offers way under asking price, and ultimately have their time wasted.
REALTORS® stay informed of their local housing markets' activity and will advise you on a pricing strategy that takes things like market conditions, demand and location into account to ensure you get the best possible price for your abode.
Not having the right marketing resources
So you've listed your home on a few real estate sites — now what? Without a proper marketing plan, you might struggle to get the exposure you need to entice buyers who want your home.
Bringing in a REALTOR® early in the process gives you access to their network and can help you find potential buyers for your home quicker.
When you work with a REALTOR®, you benefit from their exclusive access to REALTOR.ca — Canada's number-one real estate platform — which puts your place in front of a huge audience.
Not knowing how to negotiate
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Once an offer is made on your home, you need to negotiate the price and terms (including any repairs or conditions like the buyers’ financing or a home inspection) to ensure both you and the buyer are satisfied with the outcome.
Are you confident in the value of your home? Do you know what offers you're willing to accept and why? If the answer isn’t 100% a resounding “yes," consider leaving the complexities of negotiation to an experienced REALTOR®.
REALTORS ® know price may not be the only thing that matters to you; they’ll help make sure you aren’t unknowingly approving conditions from the buyers that might make your life more difficult or potentially cause the offer to fall through.
Not being prepared for the time commitment
Selling a home is a time-consuming process, and without the help of a professional, it's easy to feel overwhelmed by showings, answering questions from potential buyers, and managing all the paperwork.
REALTORS® are qualified to wear all the hats required to sell your home — administrator, researcher, marketer and more.
Plus, a REALTOR ® can act as your confidant, someone who’s there to ask the right questions, understand your goals and then work toward achieving them. They know the highs and lows of selling, and they're in your corner the whole way through.
Not having the resources or knowledge to stage a home
Images can play a huge role in getting someone to consider buying your home, and while your lime green bedroom may suit you just fine, it might not be a hit with potential buyers.
A REALTOR® can give you the unbiased advice you need to make your home more appealing to more buyers. And they can hook you up with professional stagers, photographers, videographers and even 3D virtual tour providers.
Not knowing how to rule out unqualified buyers
Qualifying a buyer is a super important step in the home-selling process. Is the person viewing your house a curious neighbour or someone serious about buying your home? It's important to know the difference so you don't waste your time.
Your REALTOR® is trained to determine how qualified potential buyers are so you don't have to.
Not understanding real estate & legal jargon
Real estate transactions come with significant paperwork and regulations, and not understanding these requirements can lead to costly mistakes.
When you work with a REALTOR®, they take care of all the paperwork. Plus, at the end of the day, you can rest easy knowing this massive financial transaction has benefitted from an extra set of (very specialized) eyes.
REALTORS® can guide you through one of the biggest transactions of your life while becoming your ally and supporting you over the highs and lows of your home-selling journey.
After all, selling real estate is a full-time job — one worth leaving to the 160,000+ Canadians who’ve made it their profession.
Find a REALTOR® or learn more by visiting REALTOR.ca. You can also follow REALTOR.ca on Facebook, Instagram, Twitter and Pinterest.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.