DIY is big these days. There are countless blogs, television shows, and the granddaddy of all DIY—Pinterest—that show you how to do everything from unclogging a drain to installing your own tile floors. When preparing to purchase or sell a home, it can be tempting to “Do it Yourself”. Especially for sellers, the thought of not having to pay commission to a Realtor can sound really good. In theory. But are there pitfalls to consider when thinking about handling your own real estate transaction? The answer is a resounding “yes”.
If you are looking to purchase a new home, the first thing to understand is that the home seller pays the commission to the Realtor. It costs you nothing to work with an experienced professional when searching for a new home. A good Realtor will guide you in your search for the perfect neighborhood, schools, square footage, indoor & outdoor space, and layout to suit you and your family. With their access to the Multiple Listing Service, a Realtors can take your search criteria into the database of homes on the market and instantly narrow down your search. Are you looking for a home with a pool? A two-car garage? Three bedrooms? A gated community? Regardless of what you are looking for, a Realtor can find it for you. A Realtor can recommend reputable lenders, home inspectors and service providers. They will help you interpret the results of your appraisal and home inspection, and ensure that you are able to close on your new home and get those coveted keys in a timely fashion.
If you are selling your home, the temptation to avoid paying commission can be especially tempting. But consider this: when you list your own home, you are taking on a big job. You have to give out your own contact information and field calls from potential buyers, as well as agents looking to list your home for you. You will need to conduct your own showings. If you don’t have your home listed in MLS, you will miss out on having your home details viewed by dozens of local Realtors with buyer contacts that can often add up to thousands of prospective buyers. If you do not offer a buyer’s agent commission, buyer’s agents will not be motivated to show your home to their clients. You will also have to handle all negotiations, title searches, appraisals, and make sure all closing documentation is properly prepared for closing. If you can’t do that yourself, you will need to hire a real estate attorney, which is an additional cost. One last thing to consider: an experienced Realtor with accumulated database of buyers may be able to sell your home for a higher price. This could cover what you are paying in commission, and in some cases, can net you a profit that covers commission and then some.
For a great article outlining the benefits of using a Realtor and what to look for when hiring a Realtor, click the following link: http://www.fiscalgeek.com/2010/04/should-i-use-a-realtor-to-sell-my-house/
If you would like to find a great Realtor, visit our Realtor profile page at: /z/misc/members/index Here you will find profiles and contact information for every member of our Oceans Luxury Realty sales team. Contact a member of our experienced sales team today, and they will be happy to help you with all your real estate needs!