Selling Your Home Without a Realtor?
If you’ve decided that now is the time to sell your home, you might be thinking: should I hire a Real Estate Broker or go it alone. Have you ever considered repairing your own car? It’s true – anyone can buy the tools and parts. However, most of us just don’t have the knowledge, training, experience or the expertise and commitment of time to do the job properly.
If you are tempted to do-it-yourself and “save” the real estate commissions, this article will be of great help to you in making your decision. Selling your home in Toronto is quite a complex procedure, involving large sums of money, stringent legal requirements and the real potential for very costly mistakes. It requires a tremendous depth of knowledge and experience, as well as substantial amount of time to follow-up on every detail promptly and properly.
Will you really “save” the real estate commission?
Most buyers equate a “For Sale By Owner” sign with a “bargain.” They assume you will sell for a discount because you do not have to pay the real estate commissions, and, as a result, they’ll probably offer you less than Fair Market Value. Negotiating your price upward to regain even a part of the anticipated commission savings will be difficult at best.
Do you have the time?
If you do it alone, how much will you really save when you factor in the considerable time you will have to invest? Without a Real Estate Broker’s support, you are the one who will have to write and pay for the ads to market your property, remain available day or night for calls from prospects, run the open houses on weekends and show your property on short notice, screen potential buyers, fill-out the paper work and do the dozens of things required to sell a home. Do you really have the time for all this? And what is your time worth – the time spent away from your family and friends and work?
How will you reach potential buyers?
Do-it-yourselfers are faced with the problem of how to market their home effectively. How good are you at writing hard-hitting ads that will stand out from all the others and entice prospects to call you? Where should you run these ads, when, and how often? Do you have the time and patience to handle telephone inquiries? Are you prepared for the cost of advertising – including a professional-looking “For Sale Sign?” Real Estate Brokers are experts in effective advertising and cover all these costs as part of their service to you. Moreover, when you work with a Real Estate Broker, your home receives a far-reaching market exposure through the Multiple Listing Service. MLS® is a computer-based system that relays valuable information about your home to a vast network of Real Estate Brokers and potential home buyers in your market area. Remember, the greater exposure the greater the chances for a higher price. Also, most Real Estate Brokers work for real estate companies that have their own websites or real estate online web portals which will feature your listing; these websites are generating thousands of visitors a day.
Do you really know the true market value of your home?
Setting a sales price is perhaps the most difficult and yet critical step in the home-selling process. It requires extensive knowledge and training, as well as access to sophisticated market-analysis developed over years of experience. Do-it-yourselfers usually lack these resources and often end up guessing at their asking price.
If you set your asking price too high, many prospective buyers will be frightened off without even seeing the property; too low and you will leave thousands of dollars on the negotiating table needlessly. One of your Real Estate Sales Broker’s most important roles will be helping you decide upon and negotiate a realistic asking price for your home that meets your sales objectives.
Are you ready to “pre-screen” every prospect?
Do-it-yourselfers are faced with the challenge of interviewing every person who responds to their ads or “For Sale Sign.” How do you go about this arduous task without offending those who are clearly not serious or qualified buyers – and yet protect your own interests and security? Do you have the skills and experience to ask the right questions over the phone before you let a prospect visit? How are you going to find out whether they are really qualified to purchase in your home’s asking price range?
Pre-screening prospects is absolutely necessary to weed out the “looker” from serious buyers. Your Real Estate Sales Broker knows how to do this effectively, saving you many hours of time and quite a few headaches.
How are you at selling and negotiating?
Selling real estate is considerably different from selling most other products or services. Many do-it-yourselfers attempts to over-sell, smothering the buyer with every detail and nuance about the property. Few understand the subtle differences between a home’s features and the potential benefits to the buyer. Few know how to ask the right questions and uncover the buyer’s true needs and wants. Even fewer know how to complete the sale successfully through firm, impartial negotiation.
Real Estate Brokers are skilled intermediaries with considerable ability to market your home successfully. Would you not feel a lot more comfortable knowing an experienced Real Estate Broker is on your team negotiating the highest price possible for your home?
Are you up-to-date on real estate laws?
Remember when you bought your home and had to deal with all these papers thrust in front of you for your signature? Well, selling your home is equally complex from a contractual and legal standpoint. If you attempt to sell it yourself, you will either have to prepare all your own legal documents when an offer comes in, or translate the language in the offer presented from the buyer. In the excitement of receiving an offer, are you confident you will be able to recognize terms and conditions that are not in your best interest, or worse, are legally risky? Real Estate Brokers know how to protect you from these potential legal pitfalls, and will work to help ensure your interests are properly protected.
I often run into people who don’t feel it’s necessary to have a real estate agent sell their home. While I appreciate their willingness and admire their determination to take on the task themselves, I also let them know that I have one tool – my secret weapon – that has been developing over years, but it has proven to sell more homes than anything else.
Just what is my secret weapon? My database of names. Over the years I’ve been active in the market, I’ve amassed an extensive list of people who know I sell real estate. This allows me to know who’s looking to buy and who’s looking to sell. If we can’t find a buyer for your home, I pull out my secret weapon and start calling everyone on that list. I ask them if they know of anyone looking to buy today and who might want to buy next week. This strategy works – I’ve found many buyers for homes just like yours using this method.
If this approach makes sense for you, call or email me today. We can set up a time to meet and I can then provide you with everything you need to know to be an informed homeowner.