Hiring a realtor or selling it yourself each have pros and cons

Hire a realtor? Can you save money by selling your home yourself?

Selling a home is a complicated, time consuming process. There is paperwork involving loans, appraisals, tax assessments, property inspections and all manner of other things. The sheer volume of paperwork is daunting enough for many people that they prefer to turn over the process of selling their house to a professional realtor.

On the other hand, while it involves a lot of time and paperwork, it doesn’t necessarily require a degree in rocket science. Sure, there’s a learning curve, but there are all sorts of sources for information available if you want to arrange a For Sale By Owner, or FSBO, sale. Some people don’t mind the paperwork, and others would rather not pay the commission to the realtor. 

Regardless of which method you select to sell your property, there are pros and cons to each. Here are a few reasons why you might want to hire a realtor:

• Realtors have more experience; there won’t be any time needed for a learning curve. A realtor knows how to sell a house.
• A realtor probably has a larger group of contacts from which to find a potential buyer. Through experience, a realtor can probably avoid spending excessive time with buyers who aren’t really interested.
• A professional will have more time available to show the property to prospective buyers, where you may have to work at your job during times when people might want to see the property.
• A professional will be more familiar with paperwork and legal requirements necessary to make the sale.
• A professional will have a better idea of how much your property is worth and how quickly you can sell it.
• Some customers may feel more comfortable dealing with a professional.

These are just a few of the reasons why you might want to turn over the sale of your property to those who sell real estate professionally. On the other hand, there are some reasons why it may make sense to sell your home yourself.

Here are some reasons why doing it yourself might make more sense:

• By selling your property yourself, you can save a considerable amount of money in fees. It might cost 6% or so of the selling price to have a professional sell your property; if you do it yourself you can keep it.
• By saving on realtor fees, you could even lower the price of the property a bit and still come out ahead. This may make it easier to sell the property.
• You know your home better than an professional will. This allows you to more accurately answer any questions that prospective buyers might have for you. The better you know a product, the easier it is to sell it.
• You may feel that you can represent your interests in a business deal better than if you hire someone who is looking out for their bottom line in addition to yours.

Both sides have their good and bad points; which one you select is up to you. Sellers who have sold their home before may feel quite comfortable with the process; it is always easier to do something a second time. Others, caught up in the frenzy that often accompanies having to move, may simply not be inclined to bother.

Ultimately, you just have to decide which method works best for you.