Consumers in the United States buy over 5 million homes every year. If you are ready to move on to the next chapter in your life and want to sell your existing home, you need to figure out how to approach this process. Deciding whether to use for sale by owner (FSBO) approach or using a real estate agent to help sell your residence is difficult.
Read below for the pros and cons of using a real estate agent vs. using FSBO to sell your existing residence.
FSBO Pro: You Can Save Money
Selling their existing home for a profit is usually a priority for most property owners. If you are new to the home selling process, you might be unaware of how expensive hiring a real estate agent can be. A real estate agent will recoup their fees by taking a percentage of what the home in question sells for. This means you will not be able to keep all of the money from the sale of your residence.
In most cases, a real estate agent will keep 6% of what a home sells for. While this amount might sound low, it can add up if your home sells for hundreds of thousands of dollars. This is why you might want to consider finding a buyer without the help of a real estate agent.
FSBO Con: The Time Factor
Selling a home without the help of a real estate agent can be extremely time-consuming. If you work a full-time job, you will have a hard time taking off to give potential buyers a tour of your property. A real estate agent will have the time and energy needed to handle these meetings with potential buyers. Some home sellers view hiring a real estate agent as a good investment because it helps them save time.
Real Estate Agent Pro: The Ability to Market Your Home
Using a real estate agent to sell your home is crucial if time is of the essence. Most real estate agents have a massive online presence, which allows them to advertise your home listing to thousands of people. Real estate agents also have access to a variety of multi-listing services. Potential home buyers use these services to find properties for sale in their areas.
Real Estate Agent Con: Competing With Other Clients
The average real estate agent has multiple clients. In most cases, an agent will focus more on selling properties with a higher price tag because of the larger commission they stand to make. This means that your property may be low on a real estate agent’s list of priorities. Instead of competing for a real estate agent’s attention, you need to consider using the FSBO approach.
Do you want to simplify the home selling process? If so, then you need to entertain the idea of selling to a cash buyer.