I’ve met many people over my career who thought it would be easy to sell their own home privately. Some have been successful but, according to industry surveys, about 70% end up listing it for sale in the end. Of those who have had success, did they really save any money?

If you think about it, most buyers will expect the price of a home that is being sold privately, to be discounted by the value of the commission. In that case, the Seller may not have saved any money at all. Secondly, the Seller will incur expenses in marketing their home and in completing the transaction. The biggest concern though is the risk of making costly mistakes.

Selling your home is a complex procedure, involving potentially large sums of money and stringent legal requirements. It requires a tremendous depth of knowledge and experience, as well as a substantial amount of time to follow up on every detail promptly and properly. A professional REALTOR® has these qualifications and experience and is committed to spending the time and money it takes to help you sell your home successfully so you can focus on the things you do best and enjoy the most.

If you are thinking about selling your home alone, ask yourself these questions:

Will you really “save the real estate commission"?

No. Most buyers will see a bargain. They assume you will sell for a discount because “you don’t have to pay the real estate commission.”

Do you have the time?

Without a REALTOR’S® support, you’re the one who will have to write and pay for the ads to market your property, remain available day and evening for calls from prospects, run open houses on weekends and show your property on short notice, screen potential buyers, fill out all the paper work and do the dozens of other things required to sell a home. Throughout the transaction, your Broker is your partner. Last-minute contingencies concerning the transaction or anything else not completed before closing, can smoothly be managed by your Broker.

How will you reach potential buyers?

Without a REALTOR®, you will not have access to an extensive network of potential buyers. This network includes the MLS® or Multiple Listing Service®, where your home is listed for all real estate agents to see, and sell! Now the MLS® is part of an international database, so your buyer could come from anywhere in the world. A real estate agent is in constant touch with a wide array of professionals and consumers, a referral network, all of whom might send the right buyer to your door.

Do you really know the true market value of your home?

Setting the right selling price is critical. It requires extensive knowledge and training, as well as access to sophisticated market analysis developed over years of experience. If you set the price too high, prospective buyers will be frightened off; too low, and you could leave thousands of dollars on the negotiating table. A real estate agent knows the marketplace, knows your neighbourhood and is fully qualified to prepare a detailed market analysis. Plus, a Broker knows the competition and what to expect from buyers. Marg is one of just a few designated REALTORS® in the area who is certified as a Market Value Appraiser – Residential.

Are you ready to “prescreen” every prospect?

Pre-screening prospects is absolutely necessary to weed out the “lookers” from serious buyers. Do you have the skills and experience to ask the right questions over the phone before you let a prospect visit? How are you going to find out whether they’re really qualified to purchase in your home’s price range? Your broker can help buyers find the best financing alternatives and quickly pre-qualify and pre-approve them for mortgages, giving sellers a high degree of security toward closing.

How are you at selling and negotiating?

Understanding a buyer’s needs, dealing with concerns and completing the sale successfully through firm, impartial negotiation are all required. A real estate agent who knows both her business and the local area is invaluable in taking action to show the buyer the neighbourhood, competing properties, the special features of your home, the facts about the school system, shopping, etc. Your real estate agent will negotiate on your behalf and, in doing so, represent your best interests.

Do you have a thick skin?

The emotional investment you have in your home may prevent you from dealing objectively with comments from prospective buyers. Hearing every comment a prospective buyer makes about your home could make you defensive and interfere with the sale. And you will encounter buyers you don’t like personally but must still consider as prospects.

Are you up to date on real estate law?

Selling your home is a complex contractual and legal procedure. You will have to prepare your own legal documents or translate the language in an offer presented from a buyer.

Most of those who sell their home in Canada do so with the assistance of REALTORS®. Of the few who do try it themselves, most change their minds and end up going with a REALTOR® because the process is too complex, too time consuming, and too dangerous without the help of a professional.

An old cautionary adage expresses it best for those who feel they can sell their homes without the help of a real estate agent: “You can get rid of the broker, but you can’t get rid of the broker’s work.”

AND THEN, there are the other details:

• Appeal. Home Sellers don’t fully realize that clearly seeing a home through the eyes of a buyer dramatically increases the chances of the home selling quickly and at a higher price. Only a real estate agent’s experience can guide a seller to properly show a home to its best advantage.
• The Internet. Canada ’s public MLS® based web site is the most visited real estate web site in the country logging millions of hits annually. Only properties listed for sale by a REALTOR® appear on this essential site.
• Promotion to other REALTORS®. Although often over-looked, this is one of the most important roles a REALTOR® plays. Most buyers are working with a REALTOR® and it is often the REALTOR® who draws a property to a buyers attention.
• A professional yard sign. A sign can funnel buyers’ calls right to the qualified real estate professional with the answers they need.
• A flexible flyer. A flyer about your home can be distributed many different ways, to potential buyers as well as other brokers.
• Tours. Your broker can arrange tours of your home for top-producing sales agents who would benefit from seeing your home first-hand.
• Open Houses arranged by your broker for the public and other real estate professionals.
• A direct mailer. This can be launched with “Just Listed” cards to your neighbours and nearby move-up and rental neighbourhoods.
• Classified Ads. Ads might also be taken out for your home. Writing and placing these is an art in itself.
• Ongoing Information. Your broker will tell you about marketing conditions and the competition on a regular basis. This can keep you up-to-date with the market so you are prepared to make decisions.
• Multiple offer expertise. If more than one buyer makes an offer on your home, it takes an immense amount of know-how and integrity to handle the deal properly.
• Organization of closing details. Following through on the closing arrangements and handling any unexpected issues that crop up are all part of the REALTORS® expertise.
• Relationship. Your REALTOR® will be there for you to help in finding another property or in locating a top notch out-of-town agent. You build a relationship for down the road if you need advice on financing, property value, benefits of improvements and so on. The sale is often just the beginning.