It feels like everywhere you live in Ontario, the housing market is off-the-charts hot. In this skyrocketing season, I’ve heard a few rustlings about whether you need a real estate agent at all if homes are practically selling themselves. Today, I want to share with you some important reasons why you should protect yourself and use a real estate agent.
Real Estate Agents May Not Show A “For Sale by Owner” Home
A real estate agent will rarely show a house that is For Sale By Owner (FSBO). Not because they are afraid of losing out on commission, but because there won’t be a professional colleague on the other end of the transaction. This means that fewer people will know your house is for sale, with even fewer chances of receiving offers. The reason real estate agents do this is because FSBO sellers may be harder to work with and may not know all the protocols that come with selling a property. You may be saving some money, but at what cost?
Real Estate Agents Avoid Emotional Sales
Especially in this market, emotions will run high when selling a home. Having a real estate agent support you through this process means you have a buffer that will prevent you from making mistakes such as giving in too easily when you have a deadline for selling. Real estate agents are seasoned professionals who can follow up with potential buyers without expressing a sense of eagerness or desperation.
Real Estate Agents Access Large Networks
Yes, you can list your home on multiple websites such as Facebook, Kijiji, and even Craigslist. However, there is no guarantee this will be enough, even with how hot the market is currently. You may share the news to your friends that you’re selling - but are they interested or will they pass this information along in a persuasive manner to their network? You hire a real estate agent to outsource this hard work that can likely end up being a full-time job, as selling a house is for real estate agents. A good real estate agent does not rely on the MLS, they have a comprehensive Rolodex of names they can quickly reach out to when your property goes on the market. Their years of experience can build a roster of thousands of names of qualified buyers that social media platforms simply can’t compete with. You may get a few hits listing a home yourself, but you can never be sure how many of these hits are from qualified buyers who are ready to make a purchase.
Real Estate Agents Know Price Negotiation
Listing a property yourself, you may be lucky enough to get an offer on your property. But how will you know if it’s the right price? What if a bidding war starts? Will you know how to handle a bidding war and which final offer to accept? A seasoned real estate agent will have extensive experience negotiating a home sale. They are trained to instantly spot warning signs such as a nervous or disingenuous buyer. Remember, agents are a much-needed buffer to mitigate emotions when they run high such as in the offer process of selling a home. Real estate agents know precisely the pulse of the market and what is driving demand because this is their career. They will know when to push and when to negotiate.
Everyone at one point has thought of listing a home by themselves to save some money. But in truth, you put yourself at risk of losing money when you list your home yourself. You may accept a lower offer than your home is worth, and you may not even end up getting offers because your home is not marketed to qualified buyers.
Are you thinking about listing your home and you want to do it in a way that protects you and your best interests? Please reach out to me. I’d love to have a chat with you about how we can get the most for your home.