If you are reading this then you might be nearly ready to sell your property, but you’re just not sure how. One of your first decisions are boiled down to two options and we hope to help you decide between selling privately or through an agent. It can be a fairly easy choice depending on how much time you can invest in the sales process, but if this information doesn’t help we recommend seeking legal advice. Let’s break this down…
Selling with a Licensed Agent
If you’re an extremely busy person with money to spend then you might want to opt for finding a real estate agent to sell your home…it’s convenient! It’s without a doubt the easy way to go for several reasons:
- Agents take the work off your plate. Selling property is a job that requires research, time, and effort – you won’t have to do any of it.
- Agents already know potential buyers. They have a network of buyers in their system so you can expect to sell quickly.
- Agents do the negotiating. One of the hardest parts of selling anything is that awkward negotiation phase, which is even harder when talking thousands. An agent will handle this all for you.
But with such luxury comes a price tag and you can expect to pay a high commission rate once your agent sells your home. Commission rates vary around the country, but with property prices on the rise so are the fees. A property that sells for $500k can incur around $23k in agent fees. Ouch! Hometopia can give you a good idea what to expect based on who you work with.
Selling Privately
If you have time on your hands and want to profit as much as possible on your property, then it’s a good idea to sell privately. The main benefits of selling on your own are:
- You save money. Or you earn more money, however you look at it. The commission fees you would pay an agent could be your reward for all your hard work!
- You have total control. Being in direct communication with the potential buyers gives you more control and may even help lock down a sale – you do know the home better than anyone else after all.
We’ve sold property privately and found it worked best for us so we encourage others to give it a try. We created a Sellers Guide with step by step instructions to get you on your way. Good luck!