Business

DIY or Don’t Even Try? The Pros and Cons of Selling a Home by Owner

Are you looking to selling home by owner or you? If so, you have two options:

  1. You can utilize the services of a real estate agent, or
  2. You can sell it on your own

Perhaps you’re leaning toward selling it on your own, but are curious as to whether or not it’s the right move? While selling a home by owner certainly has its benefits, it’s not without its downsides either.

pros ans cons of selling a home by owner

Below, we’re going to get into the nitty-gritty of home for sale by owner, focusing in on both its pros and its cons. Let’s begin!

The Pros of Selling a Home By Owner

Selling your home on your own could turn out to be a truly rewarding and beneficial experience. Some of the pros of selling a home by owner include the following.

#1 Total Control

The greatest perk of selling your home on your own is that you have total control over the process. You call all of the shots and never have to bend to the will of a real estate agent.

This means that you don’t have to show the home when you don’t want to, you don’t have to compromise on the selling price, and you don’t have to follow someone else’s staging tips.

For some, this type of freedom is very rewarding. Such individuals love being so involved in the process. They enjoy the journey of selling just as much as they enjoy the actual sale itself.

#2 You Get to Take Your Time

The fact of the matter is that, once you start utilizing the services of a real estate agent, you’re on someone else’s time. If you’re looking to sell your home as fast as possible, this doesn’t pose much of a problem. However, if you’d rather sit back and let the right buyer come to you, it’s going to feel a bit stressful.

And therein lies one of the pros of selling your home on your own. When selling without a real estate agent, you get to take your time with the process. There is no rush, no pressure, and, therefore, no stress.

#3 You Pick the Selling Price

Another big benefit of selling your house on your own is that you get to designate the price. If you want to take a chance on an unusually high or unusually low listing price, that’s your prerogative.

When working with a real estate agent, this is often not the case. Because real estate agents aim to make as much money as they can in as short of an amount of time possible, they will often pressure you into selling for their idea of the correct price.

#4 No Agent Fees

Perhaps the biggest benefit of selling your home on your own is that you get to avoid agent fees. Standard agent fees usually include 6% of the total sale price, with half going to the selling agent and half going to the buying agent. However, in some cases, fees can be as much as 15%.

So, in essence, if you can successfully take the place of a real estate agent, you can save thousands upon thousands of dollars when selling your home. Note, however, that selling your home without an agent is a lot tougher than it looks.

The Cons of Selling Home By Owner

Though selling a house by owner has its benefits, for many individuals, those benefits are far outweighed by its downsides. The cons of selling your home by yourself include the following.

#1 Few Resources to Work With

When you use a real estate agent to help you sell your home, you make yourself privy to a variety of useful resources. Experienced real estate agents not only have huge, built-in networks to work with, they also have access to a variety of exclusive marketing platforms.

By going it alone, you essentially forego the use of these resources. In essence, you make the home selling process a lot harder on yourself. Because you don’t typically work in the real estate realm, you are starting from square one.

#2 Little Free Time

If you’re selling your home on your own, and are trying to make the sale as quickly as possible, your life is going to be entirely void of free time. Why? Because aggressively selling a home is a full-time job.

Whenever you’re not at work, you’re going to have to make yourself available for showings. This is because you won’t have a real estate agent to show your home for you.

#3 Big Learning Curve

Real estate agents don’t become real estate agents overnight. They train and study for years to become real estate agents, sharpening their skills slowly over time.

The fact of the matter is that you don’t even possess a quarter of the experience, skill, or expertise possessed by a successful real estate agent. What this means is that, if you sell your home on your own, you’re going to have to learn a lot in a very little amount of time.

#5 Might Lose Money in the Long Run

In most cases, when a homeowner sets out to sell his or her home without a real estate agent, he or she does so to save as much money as possible. After all, no real estate agent equals no agent fees, right?

Unfortunately, however, money is not always saved. Because they don’t have real estate agents on their side, solo home sellers often make costly mistakes (futile marketing efforts, incorrect pricing, etc.).

Over time, these mistakes add up and can actually end up making the process costlier than it would have been had a reputable agent just been hired.

Note, though, that it is possible to make a successful real estate sale without the help of an agent. You just have to put the work in. See page here for more details.

Find More Useful Information on Pros and Cons of selling a home by owner

While selling a home by owner is a suitable option for some individuals, it’s not the best option for the average seller. Selling a home is far from an easy task. It’s best directed by a skilled and experienced real estate agent.

Looking for more useful information? If so, you can find it right here at Iterians. We have information on a range of subjects, including business, technology, and blogging.

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About the author

Atul Patel

This post has been written by Atul Patel. If you like this article, you can share with others. And if you also, want to contribute to Iterians, please check our guest post page.

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