7 Things Sellers Risk When They Sell Without An Agent

Dated: 08/18/2017

Views: 53

You know, there’s an old saying that goes “You don’t know what you don’t know” and that’s true with this subject as well.  Selling a home without a real estate agent is like handling your own legal matter in court. You may only know enough to be dangerous, but ultimately you may end up costing yourself time, money and more importantly, a good outcome.

Here are 7 things that come to mind that, if you’re looking to sell, you could risk when going it on your own:

  1. Knowledge –  real estate agent is like any other professional – they can be invaluable with their market knowledge, advertising experience and also knowledge of legal matters.

  2. Time – you know, everyone’s time is valuable so you have to decide if you have the time to show the home on a regular basis – and sometimes on a moment’s notice?  How about showing it when you are on vacation?  Can you manage showing appointments and know how to solicit feedback and answer buyer agent legal questions regarding legal contract terms?

  3. Staging and Marketing – the old saying “You never get a 2nd chance to make a 1st impression” should come to mind here.  Are you able to stage and professionally photograph the home or know someone who can?  Do you know which of the thousands of websites out there are most effective and how to access them?  Same thing with all the social media sites.  Also, most of the buyers are going to be represented by other agents – do you know how to effectively reach out to them with your information?

  4. Negotiation Experience – most people have done a bit of negotiation in some area or other but when you get an offer do you know what to look for and how to respond?  What terms and conditions could be advantageous to the sellers?  What costs should they or shouldn’t they pay?  Do you know how to strike a balance between keeping the buyer in the game and forcing them to walk?

  5. Inspection and Repair Know How – unless you’re a handyman or contractor, this is probably one of the most difficult parts of the transaction.  How should you handle the inspection process?  How do you handle the inspection items that are flagged for repair or replacement?  Do you get a 2nd opinion for verification or cost comparison?  Be careful and don’t end up making an improvement instead of a repair for the buyer.

  6. Transaction Management – So now you are under contract.  How do you open escrow or who do you hire to do so and handle the closing?  What do you do if the house doesn’t appraise, or you come up with major repair issues or maybe the buyer’s financing is shaky and they need extension after extension?

  7. Closing the Deal -  Do you know what the closing protocol is for your area?  When should you be moved out and what condition should you leave the house in and what if last minute issues come up like the AC goes out or maybe the buyers want to move in early? 

Just remember, we know everyone likes to save money and we appreciate that but the money you think you can save by selling yourself can sometimes come back to bite you in the form of inexperience and bad decisions that may cost you more in the long run.  Selling your likely largest investment is not where you want to start learning on the job as you go. 

Greg Raymer

I am a Broker with over 15 years experience. We offer our buyers an exclusive VIP Buyer Program where, among other things, you get a free 1-year home warranty that is worth up to $500 along with our B....

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