Why Do Home Sellers Need a REALTOR®
If you are about to sell your house or condo in Toronto you may be tempted to "save the commission" by "going it alone" and selling it yourself. It looks simple enough to do, but if you consider all the complexities of a real estate transaction you may find that it is actually much better, safer and cost effective to get a Toronto Real Estate Board REALTOR® to help you sell your home.
In reality, a "for sale by owner" transaction usually doesn't result in the cost savings the homeowner may have hoped for. Most often, "for sale by owner" translates into "discount" for potential homebuyers.
If you're thinking about selling your home without enlisting the services of a REALTOR® here are some very important questions to ask yourself:
Do you have the time?
The first thing to consider is that it is time consuming to sell your own home, and you have to ask yourself whether you have the time, or if you do have the time, whether this is the best use of your time. The general principle that works here is that you should concentrate your time on what you do well and whenever possible delegate responsibility to skilled specialists.
A REALTOR® provides many services including identifying your needs and wants, helping to set a listing price within current market guidelines, developing a marketing plan, offering tips and advice to make your home more attractive and "saleable," and acting on your behalf during negotiations to ensure your interests are protected.
Even if you had the time to do all this yourself, how much would you really save when you factor in the amount of time you'd have to invest.
Do you have the knowledge and expertise?
While the prospect of selling your home on your own and "saving" the real estate commission may sound attractive, selling a home is not an easy task. The sale of a home is a big business transaction and requires an organized, step-by-step approach that many homeowners just don't have the time, skill or experience to carry out.
Selling your home is not a simple procedure. It involves large sums of money, stringent legal requirements and the potential for costly mistakes. All kinds of legal contracts and financial arrangements must be taken care of. Again this is an area that can quickly overwhelm the average homeowner, but REALTORS® are skilled at cutting through red tape and finalizing the sale with a minimum of fuss.
Do you really have the skill to determine the best pricing strategy for today's market?
Setting a sales price is one of the most difficult and yet critical steps in the home-selling process. This is an area that requires extensive knowledge and training as well as access to sophisticated market analysis. Most "do-it-yourselfers" lack these resources and end up "guessing" at their price. If you set your price too high, many prospective buyers will be frightened off without even looking at the property; too low, and you could miss out on thousands of dollars.
One of the most important services a REALTOR® will provide is helping you determine the "asking price" of your home. In addition he or she can offer a number of valuable tips on how to increase your asking price and speed the sale of your home.
A REALTOR® will work with you to decided upon and negotiate a realistic price that meets your objectives. With a comprehensive knowledge of the housing market, a REALTOR® will assess your property and use a sophisticated comparative analysis to determine a fair and workable selling price.
Do you know how to improve the marketability of your home?
Your REALTOR® will give you tips on how to improve the marketability of your home and make a first good impression to potential buyers. Often, minor repairs and fix-ups are all that are needed to make your home more "saleable." Your REALTOR® knows exactly what qualities buyers in your area are looking for and will advise you accordingly. As well, your REALTOR® may notice some serious flaws in you home or even some basic elements that are missing. They may not bother you, but could work to your detriment when it comes to selling your home. As a result, your REALTOR® is likely to make helpful, reasonable recommendations that will enable you both market your home successfully.
How would you determine the best marketing strategy?
If you're thinking of selling your home, you may think that all that's required is a "for sale" sign strategically placed on your front lawn or a simple newspaper advertisement -- but any real estate professional will tell you there's much more to it than that. While a sign on your lawn is of paramount importance to the sale of your home, a well-thought-out marketing plan is also essential. Your REALTOR®, of course, is another vital component in the process, and one of the first things he/she will discuss with you is a marketing strategy designed to give your home maximum exposure. Your REALTOR® will help develop an overall 'marketing plan' for your property. This is the strategy that will be used to expose your home not only to a maximum number of buyers, but to reach the specific kind of buyer that will be motivated to purchase your home.
How can you select qualified buyer?
Selling a home can also be tedious because, a lot of people come to your house, look around but are not serious about buying. You can save yourself this kind of agony by letting a REALTOR® pre-screen applicants to separate the 'lookers' from the 'buyers' and find out if they are qualified to purchase at your asking price.
Are you ready to negotiate the best deal all by yourself or would you rather have your own professional guiding you?
Once a suitable and motivated buyer is found, your REALTOR® will take on the tedious and often complicated task or negotiations. This is usually the stage where homeowners who do not use a REALTOR® get into serious trouble. Typically a buyer will be armed with professional advice when money is being discussed and a seller without a professional on his or her side will be at a distinct disadvantage. REALTORS® have been through this type of negotiation many times and know the finer points of offers and counter offers. Even more valuable is the fact that having a REALTOR® as your negotiator keeps you at arm's length, greatly reducing the emotional stress and anxiety involved in selling your home.
To avoid costly mistakes, the participation of a REALTOR® is a must.
The vast majority of residential homes in Toronto are sold with the help of a Toronto Real Estate Board REALTOR® and using a real estate professional has numerous advantages over going it alone. Throughout the entire process your REALTOR® will be looking out for you. From making your home as attractive as possible and exposing it to the right buyers, to negotiating on your behalf and closing the sale, a real estate professional is the one person you definitely want on your side when selling your home.
Invest in a REALTOR® and he or she will be committed to doing what it takes to help you sell your home in the least amount of time and for the best possible price.