Thinking of Selling Privately? Ask Yourself These 8 Questions First
Wednesday Jul 13th, 2016Share
When selling your home, you normally have two options – hire a real estate sales representative or stick a “for sale by owner” sign on your lawn.
In Mississauga’s booming real estate market, many home sellers are choosing to list privately without the help of a realtor in an effort to save on costs. Depending on the sale price of the home, the commission saved can be upwards of 5%, which translates into tens of thousands of dollars.
This money can go a long way towards the purchase of a new home or a future investment. Sounds nice, right?
Well, before you commit to selling privately or pay a flat upfront fee to a private sale real estate network, here are eight questions to ask yourself:
1. Are you confident that you can sell your home for a fair price and for what it’s worth? Your home is your biggest investment, so you’ll want to be sure that you get top dollar for it.
2. Do you want to be involved in the sales process? This means being 100% responsible for taking calls, booking appointment, conducting showings and answering questions about your home.
3. Do you have time in your daily schedule to manage and handle the sales process? Be honest! Most real estate professionals are on call 24/7 – you should be too.
4. Are you prepared to pay for all of your marketing costs? This can include real estate photography or videography, home staging, promotional material, print advertisements and online listings – all of which are paid upfront whether you successfully sell or not.
5. Are you comfortable showing your home to strangers? This can be a safety concern for many private home sellers.
6. Are you capable of negotiating with buyers and/or their realtors? Remember, even though you are selling privately, many buyers prefer to work with a real estate sales representative. This means that you’ll be negotiating with a proven professional and also responsible for paying them a commission in and around the 2.5% range.
7. Have you factored in all of the additional costs that come with selling your home privately? One major cost is legal fees, which can be higher compared to selling with a realtor. Your lawyer may require additional time to make sure that the details of your private sale are correct and in order.
8. Are you ready to navigate the intense Greater Toronto Area (GTA) real estate market? As housing prices continue to climb and inventory levels remain low, the market is more competitive and cut-throat than ever before. It’s not for the faith of heart!
If you answered “no” to any of these questions, it's wise to enlist a professional when selling your most valuable asset. Real estate transactions are complex, time-consuming and involve a lot of legal documentation. Jennifer found this out the hard way:
As an experienced realtor, I work closely with my clients to help them navigate the competitive real estate market, price their home accordingly, sell quickly and for top dollar. I also handle all aspects of your home’s real estate marketing initiatives, which means no upfront or additional costs to you.
To learn more about my array of comprehensive home selling services or to schedule a free no obligation home evaluation, please contact me by clicking here.