It is not unusual to hear of a home-buyer or seller that chooses to skip hiring an estate agent. After all, commissions tend to be hefty, and there’s a separate estate agent fee as well. On average, their fees are 1.18% + VAT of a home’s sale price.
But without a reliable estate agent, selling your home can be a tedious process. If you spend most of your day working, you may be forced to put your tasks on hold numerous times a day to answer inquiries. This may tamper with your productivity and affect your daily work performance.
If you’re not yet convinced of their importance, here are the other possible scenarios you may encounter if you sell your home without an estate agent:
1. You May Be Deemed Untrustworthy
Agents of home-buyers may not recommend for-sale-by-owner (FSBO) deals to their clients. Even if their client expresses their interest on your property, their agent may still discourage them, citing the absence a professional representative on your end as the reason. They typically view FSBO deals as risky or unreasonably priced.
But there are still agents willing to show FSBO deals to their clients, but under certain conditions. Usually, it is that the seller formally agrees to pay them a commission if their client buys their property.
Considering that, foregoing an estate agent isn’t a cost-efficient option at all. Though you may refuse to agree to the terms of the buyer’s agent, you may lose the chance to close the deal in return.
2. You May Price Your Home Unreasonably
Selling your home can be an emotional process, and as such, you may be driven to make wrong decisions, like pricing your home unreasonably high. And because the home holds a sentimental value to you, you might get offended if a buyer makes a low offer.
Estate agents understand the attachment sellers have for their homes, but you still need a keep a level head when selling, and that’s what they help you achieve. Their professionalism will help you cope with rejection without taking it personally. And of course, they’ll help you set a realistic price for your home.
3. You’ll Deal with Lots of Complicated Paperwork
When you have a full-time job, dealing with complicated real estate documents is the last thing you need at the end of the day. Purchase agreements alone can already be ten pages long. Besides that, you also have to read local and state documents.
So unless you have a thorough understanding of those paperwork, then you’ll do better with an estate agent. They can also spot mistakes or ommissions in those documents, things that may cost you far higher than the commission you’re trying to avoid paying.
4. Limited Access to Buyers
Though you can list your home on listing websites, an agent’s large network of buyers remains unrivaled. Even if you’re affiliated with other professionals, there’s still no guarantee that they’ll spread word about the sale of your home. But with an agent, your property will make it to many more listing platforms, reaching other agents and more eager buyers.
5. You May Fail to Negotiate
Though it is usually the buyer who negotiates, sellers will benefit from having an expert negotiator on their end, too. Agents will know if an offer is reasonable or not, helping you avoid a haggling buyer. What’s more, their judgements aren’t influenced by their emotions, so if you’re having a hard time parting with your home for a certain price, you can trust your agent to handle the job for you.
Considering all of these, don’t risk dealing with bigger stress, and just hire an agent as you sell your home. Selling any property is a full-time job, and if you already have too much on your plate, an agent will have your back.