Why do I need a broker or agent to sell my home?
My neighbour said I should sell my home myself and save the commission.
There is no law that says you have to use a real estate agent when selling your home.
But you should be aware of the responsibilities and the pitfalls you can encounter if you go the "For Sale By Owner" route.
Here are just a few of the details you must take care of:
You must place your own ads, put up a For Sale Sign, and prepare neat, professional-looking flyers for prospective buyers. Agents bring over 80% of the buyers to homes, This means you will be missing 4 out of 5 buyers that could possibly buy your home.
You must determine the most reasonable price for your home, based on what similar homes have sold for recently. Buyers expect to pay less for properties that are for sale by the owner.
You must be aware of your province's laws regarding selling a home, and protect yourself with the proper warranties and disclosures.
You must prepare for, advertise, and attend any Open Houses you hold, and be ready to handle a flock of strangers going through your home.
You must be able to tell the lookers from the buyers, so that you don't waste time with people who aren't qualified to buy.
You must return phone calls promptly, and check up on any buyers who make offers on your home.
You must be able to handle tough negotiations once someone has made an offer.
Many home buyers do not know how to purchase a home. They cannot arrange for a loan themselves. You may not know whether they can actually purchase your home for weeks, and your home is off the market during this time.