In the business of buying and selling homes it’s good to have friends, so I have plenty of friends who are real estate agents. I also frequently list my homes for sale with agents, even though I’m directly involved in marketing them myself, too. I want to make sure you understand that nothing I say in this article is criticizing agents as a group, but only identifying certain situations from my own personal experience that you can benefit from knowing. I contend that whenever you want to sell your home online you had better realize that you are probably better off to sell your own home than to list it with an agent. Now, that statement could definitely be taken the wrong way, as I said earlier. Please understand it the right way now – I am saying that there are advantages when the seller posts a home online compared to when a broker posts that home online, and that’s a competitive advantage for the seller.
Naturally, I will have many opponents regarding my opinions in this article. There will be disagreement with my reasoning because everyone is entitled to his or her own opinions. But I am asking you to follow me closely in my logic. What I have observed online is an interesting phenomenon with only one explanation that makes sense, so let me explain now.
Most sellers know about craigslist, a very popular website that has geographic sections so that a seller can post a house for sale in a particular area. Whenever you sell your own home and post it for sale on craigslist, you must indicate whether the posting is by “owner” or “broker.” There are no other alternatives, you have to select one or the other. It’s easy, really, because you are the owner, so naturally that’s what you select. And that’s your great advantage over real estate agents and brokers. You cannot see it right at the moment you click on “owner,” but once your posting is live on the site you will see that anyone who is looking at homes for sale can tell whether a posting was put up by the seller or by a broker. Obviously, real estate licensees are obligated to select “broker” on their postings.
Here’s where the whole thing gets interesting, in my personal experience. Remember, I have talked to a lot of buyers shopping for their new homes online, so I ask them questions when they call me about houses. For the most part, buyers shopping for a new home on craigslist very often wish to avoid brokers and agents entirely. They simply prefer to buy directly from a homeowner, and that’s why they often pass by the listings posted by brokers. This is the nitty-gritty truth. It’s what I mean when I say you have an advantage as the seller when you sell your own home. You can reach out and find buyers as well as, or even better than your agent. Ask yourself a few questions now.
Do you have the time and the willingness to make appointments and show your home yourself? Do you have all the necessary paperwork you need to fill out a Sales Agreement when people want to make you an offer? Do you know the state requirements to provide a Seller’s Property Disclosure Statement in your location? Do you know what earnest money is and what to do with it? Actually, none of these questions is difficult, but you may require professional assistance to answer them. Of course, a friend or relative who has experience selling a home by owner could help you out, but that is not too likely. Be sure you know what comes next, after you market your home and find a buyer yourself. The rest of the real estate transaction gets a lot more technical and is much more oriented towards legalities than the first part, finding the buyer. Keep that in mind when you sell your own home.