The decision of selling a house falls on the homeowner, but what’s next? Sell it yourself or sell through an agent? Here are pros and cons of each method.
Hiring a real estate agent is definitely the most popular way to sell a house fast. They sell houses for profit by representing both parties in the sale where they work for commission.
The pros of hiring an agent are:
Assistance in preparing your home for sell (curb appeal, additions made to the house, repairs, etc.)
Professional photos taken of your home that will be circulated on various real estate websites. Some agents may place ads with local newspapers. If you sell through MLS (multiple listing services), your house will sell fast. An agent lists your house in multiple websites and promotes it to sell quickly because they get paid for every sale made under their name.
It’s a very organized, systematic process that involves staging and marketing your home. Once the real estate agent takes over, you only need to wait for the offers to come rolling in!
You sell your house to the highest bidder, whether it’s private or cash buyers. You sell at a higher price because you sell it to who’s willing to pay that price, not just the first person who offers to buy it. If you sell directly to buyers without an agent involved, then there are no broker fees. If you sell to cash buyers, the closing process is way faster.
The cons are:
You get the least amount of money from the sale.
It’ll sell fast, but not for a great price. There’s more to that because there are fees involved in hiring an agent. Some agents might sell your house at low prices just so they can make commissions out of it.
The interest rate on your mortgage may go up.
If you sell your house with an agent, expect 5% – 6% of the selling price as commission.
Selling it on your own can be a successful option if you have good time management skills and want to sell your house fast. It’s definitely not for everyone because there are so many tasks involved in selling a house.
It takes time to sell a house through self-advertising because it’ll sell fast since there are no agents involved. You have to make sure that your house is ready for showings; prepare documents needed for the sale, and meet private buyers. You sell to who’s willing to pay the price you wanted, not just anyone.
If you sell directly to private buyers and cash buyers, there’s no such thing as low ball offers because cash buyers don’t negotiate their offers; they will buy your house regardless of the selling price. They’ll make offers only if they like what they see in your house.
The sale of a house is not something to be taken lightly because it involves closing, or settlement in real estate terms, which is when you sell your house by transferring the title from the seller to the buyer. There are fees involved when you sell through agents but if there are no agent involved then that’s good for you.
The first step is to sell your house for cash or sell directly to private buyers if you don’t want to sell it through an agent. You can make some adjustments on the inside like adding new furniture and kitchen appliances, but no major remodeling should be done on the outside of the house because buyers love curb appeal; they’d rather buy a house that’s been fixed to sell, not a fixer upper.
Before you sell your home without an agent, make sure it has these three things: elegant curb appeal, a good amount of space inside the house and one or two special features. Ask for help from friends or even hire a professional stager if you think this is beyond your skills.
If you sell directly to private buyers, make sure that you offer them with something special like sell house for cash in 24 hours for quick closing at their price.
Selling it on your own might be the best option even if it means parting ways with a good amount of money just so you can sell it fast.