Rest of the Story:
According to a study by Collateral Analytics, “For Sale by Owner” (FSBO) homes tend to sell at far lower prices than homes that are sold through Real Estate agents that list properties for sale via MLS (Multiple Listing Service). Generally when you hire a Prescott Realtor, the selling price more than makes up for the commission fee.
MLS reaches far beyond the realm of local buyers
MLS is a dynamic and comprehensive listing service for relaying property information to REALTORS®. The MLS system allows a listing agent to market your property to potentially thousands of other subscriber REALTORS® which can expand the marketing of your home well beyond local buyers.
Buyer's agents almost exclusively utilize the MLS service to access information about a homes location, the price point, size, number of bedrooms, architectural style, and other amenities the home has to offer. Also, the MLS includes helpful information on available financing, taxes, showing times, and specific closing requirements.
There’s more to lose than just profit
In contrast to a Realtor selling your home for you, when a homeowner lists their property as a FSBO (For Sale by Owner) the reality is they face the task of finding valuable resources to expose their home to the real estate market. Also, they are legally responsible for every step of the way.
- Liability rests in the hands of the seller. Should an item in the home be falsely represented, the seller bears full legal responsibility.
- Paper work legalities. With the advent of online sites, a Seller can indeed download a contract. The fact is not all contracts are one-size, fits-all, and private sellers often don’t have the experience or know how to customize a complicated transaction should the situation warrant it.
- FSBO’s tend to stay on the market longer than those properties that represented by a Real Estate agent. Let’s face it Real Estate agents not only have the experience, but they also have a greater number of resources available to them to market your home for increased exposure.
- Inspections and codes. Systems for homes are often changing, and unless you have the time and resources to track code changes, there is always the possibility that you could get into a situation where you make unnecessary and costly updates to your home.
- How much is your time worth? When you hire a Realtor to sell your home, they take on the responsibility of scheduling and showing your home to potential buyers. Of course, if you are selling your home yourself, the responsibility rests squarely on you.
The bottom line is that reputable Real Estate agents not only know their markets well, they also have far more resources available to them to get a home just the right amount of exposure to close the sale. Also, they are up to date on code changes and contracts, and you can rest assured that the sale complies with the current legal standards.
If you are thinking of selling your home on your own, please contact Kathleen Yamauchi Group Real Estate or call (928)771-1111 to talk further about the alternative advantage of hiring a Prescott Realtor to represent you.