We are currently in the midst of an intense seller’s market. As a result some home owners are resorting to selling their homes privately in an attempt to avoid paying realtor’s fees. However if you are considering this, there are a few things you should know.
- Realtors may not show your home to their buyers. This is because the seller does not or will not pay the realtor a commission for bringing a buyer. To avoid this problem you should negotiate an agreement to pay them a fee.
- It’s less emotional if it’s arms length between two professionals. Dealing with the home owner can be challenging if they are not receiving what they believe the home is worth and hearing any and all negative feedback.
- Selling homes is what Realtor’s do as their full time jobs. You may not feel like showing your home at 10am on a Tuesday nor be available to do that, however this is what your Realtor is engaged to do for you.
- Even thought you can list your home on Facebook or Kijiji, it is not the same as listing it on MLS and thus having the power of all the local Realtors and their contacts to spread the word about your home.
- You don’t want to show your home to every Tom, Dick or Harry. A Realtor will help screen your potential buyers to make sure that they qualify to buy it. This is why a pre approval is vital.
- How are your negotiation skills? You may be fairly decent at sales but this is a whole different ball game and an experienced seller’s agent may have sold hundreds of homes in the past while this may only be your 3rd home.
- Do you know what makes some homes sell while others sit on the market. An experienced agent can help guide you through the process to you can avoid these pitfalls.
- Lastly but most importantly are the legal risks. How are you with contract law? What do you know about property disclosure? Did you know that you have a fundamental duty to disclose any fact that may effect the value of your property. Unless your a real estate lawyer it is probably best to have a Realtor help you with this.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here