The United States is currently facing a unique housing shortage. 1.3 million single-family existing homes were on sale as of July 2020, making it the lowest recorded number since 1982. As a result, house prices are climbing, making it an ideal time to consider selling your home.
You might be tempted to cut out the middle man and sell your home yourself, especially if you are stuck at home during the pandemic. However, selling without a realtor actually opens you up to more risks. Read on to discover ten risks that come from not seeking the aid of a realtor.
1) Realtors Know the Market
These are unprecedented times that have affected every industry in some way. Consumer demand for homes is high, but it is affecting different areas in vastly different ways. To make sure you do not miss out on the advantages of selling right now, you need someone with experience in real estate to navigate the changing landscape.
What is more, putting a house on the market is not as simple as you might think. Many first-time or even experienced sellers make common home-selling mistakes that cause them to lose out on their house price.
Working with a realtor gives you access to all their past knowledge of real estate, the local market, and more. You are hiring a specialist to do the best possible job for you.
2) Selling Without a Realtor Takes Up Time
Another reason why you need a realtor is that it just makes life easier for you. You could spend time taking quality photos, preparing the house for sale, creating an online listing, and coordinating house visits—but why should you?
A realtor's full-time job is to get your house ready for sale and coordinate the process. That leaves you free to concentrate on finding your next home, packing up your belongings, and working on your own job.
Two-thirds of people said that moving out of their current house and into a new one was one of the most stressful experiences in their lives. Delegating some of the more labor-intensive work to someone else can help alleviate the stress and make the whole process better for you and your loved ones.
3) Lose Out on Negotiation Experience
Now is undoubtedly a great time to sell your house, but without proper negotiation skills, you might not make the most of it. With housing prices increasing all the time, buyers will be looking for any way to lower the cost of their new home.
Having a realtor on your side with negotiation experience will ensure that you get the best possible deal. They will know when someone is low-balling you and advise on what investments are a good idea to add value to your home.
4) Real Estate Know-How
On top of that, there are certain standards need to be obeyed when it comes to selling your home. Every state has different inspection rules, but they are generally mandatory for your buyer to get a mortgage.
A realtor will know what changes and repairs to make so that your house passes inspections. You can save yourself a lot of time and money on last-minute repairs by doing these fixed before your house even goes onto the market.
Fixing repairs as you go can delay the sale of a house or even scare off buyers altogether. Make the most of a realtor's knowledge in advance to avoid any complications down the road.
5) Salesmanship and Closing
Another part of knowing how to sell a home is knowing good salesmanship. A realtor has spent time knowing how to schmooze potential buyers, pick out the best qualities of your house, and package it up into the ideal listing.
Also, closing a sale is the most sensitive part of selling your home. It is a huge investment and often a difficult choice for any buyer to make. Often, an expert sales touch is needed to make sure the deal goes smoothly.
With a realtor, you can avoid needing to get involved in any part of this process. Trust in an expert to finish off the most sensitive and crucial part of selling your home to avoid last-minute disappointment.
6) Expert Presentation Skills
There are also certain dangers of For Sale By the Owner. You have lived in your home for quite a while, most likely, and will see it differently than someone coming to it with fresh eyes.
Your personal bias might mean that you do not present your house in the best light for a new buyer. Buyers want to be able to put their own mark on a new home, so it is best to stage it neutrally and remove any dramatic decor that you yourself might love.
A realtor brings staging skills along with him so that you can present your home in the best way possible. Attracting more potential buyers gives you the best chance of getting a great deal on your home, so it always pays off to put in a little bit of extra effort at these early stages.
7) Groundwork for Marketing
Alongside these staging skills, there are also some key marketing lessons that your realtor will already know. The typical buyer browses for their new home using a mobile device. That means having a digital listing for your house is essential.
Therefore, real estate SEO skills are also crucial to make sure your listing gets in front of as many eyes as possible. With the right SEO tricks, you can make sure your listing is at the top of the search results for specific keywords.
For example, if you have the perfect family home for someone with young children, a realtor will know what buyers from that demographic are searching for and where to include those keywords to improve your rankings. Once again, this is a great tactic to improve your ranking before your listing even goes live.
8) Agent-Specific Services
Another one of the benefits of a real estate agent is that you can access all of the agent-specific services that come with hiring a realtor. For example, there is a range of new ways of selling a house online that has become even more important during the pandemic, with more people browsing homes online.
For example, 3D tours have become a great alternative to in-person viewings. Potential buyers can obey social distancing rules and still get a realistic impression of the house.
Companies like Hommami also know how to use drone videography in a listing to improve a home's appearance. Cinematic overhead shots can really improve the quality of a house listing video, but they are difficult to get right without expert skills. When selling your house with an agent who uses Hommati, you have the opportunity to gain access to these services to help sell your home fast and for top dollar.
9) Screening Security
With demand for homes rising, buyers may well be getting desperate. You need to know that your buyer is legitimate and has all the right credentials for a secure purchase.
A realtor can conduct all the necessary screening and security checks to ensure your buyer is financially secure. That way, you only need to entertain offers from serious buyers who can and likely will follow through.
Once again, this takes extra work off your plate and will hopefully make your house sale happen faster. Using the resources available to you with a realtor offers you extra security and reassurance that you will see the right return for your home's sale when you commit to a sale.
10) Potential Buyer Criticism
The final major risk you avoid by hiring a realtor is not needing to handle any buyer criticism. Putting up a house for sale by the owner means that you, as the owner, will need to answer all questions relating to the house.
Your home will likely be important to you, with sentimental value attached. Prospective buyers might ask questions that you find hard to answer, or your own experiences might cloud your answers in your home.
A realtor can field buyer criticism with impartiality and professionalism, making it easier for both you and the buyer to agree on the sale. For such a complex process as selling a home, sometimes it is best to have someone in the middle of the situation to mediate.
Ready to Find Out More?
With all of these reasons for selling without a realtor, bringing a professional on board is certainly the smartest decision. Not only does it make life easier for you, but it will also ensure that you get the best possible deal on your home.
If you are in the market for a realtor, do not hesitate to contact Hommati Real Estate. Our real estate experts will be happy to help you put your home on the market and navigate a successful sale during an unprecedented time on the real estate market.