Almost every person who has set out to sell a home has once thought of doing it independently, without a Realtor® , and probably many have done so. However, as tempting as saving on those real estate fees might sound, you need to understand what you are signing up for. Not everyone can be a Realtor®

You need to have a knack for trends, numbers, research and have a whole set of skills, including knowing how to assert yourself correctly, if you want to go solo when selling your home. And looking at the situation of the Canadian real estate market right now, things are actually getting difficult for sellers. You need an experienced professional to guide you.

Still if you want to go independent, then do see the pros and cons of going solo –

Pros of selling without a Realtor

Well, frankly the one major plus point is that you could save money, probably significant amount of money. You might avoid paying real estate fees and that could amount to big money. But that has been proven many times to be false economy, as in many instances private sellers actually netted out less money than they might have if they had used a realtor.

Also, ask yourself, do you cut your own hair or repair your own plumbing? You usually contact the experts, so why would you not do the same when you are going to sell perhaps the largest investment you own?.

Apart from, perhaps, saving money, which is the major attraction for people selling their property themselves, there isn’t much that you could benefit from by selling your property yourself..

Cons of selling without a Realtor

The major drawback of selling without a realtor is that you need to do what they were meant to do; and, put time, effort and money into it. You will have to –

  • Research thoroughly and understand the real estate market in your neighbourhood including recent sales, listings properties that have been taken off the market and specific information related to your neighbourhood.
  • Get the word out on your home being up for sale.
  • Qualify potential Buyers, negotiate with them and, maybe, ensure the contract provides all the appropriate protection to you and the Buyers.

It is a lot more work than it sounds and you need to have clear facts and figures or you could actually lose a lot of money. For example, if you don’t know the current pricing trends in your area then you will not be able to get the right price for your home. Eventually, you may just give in to the pressure of selling faster and accept what comes your way.

Think, Analyze and Decide

Saving a significant amount of money by not hiring a real estate agent is surely an attraction, however, do consider the amount of time, effort (and, money) that you will have to put into it. Think about it and judge carefully whether you have the resources and skills to do this all alone, and then decide. Jumping into it without careful thought will be a disaster.

If you have any questions or want some guidance on buying or selling a home, get in touch with me – Barrie Seaton – at barrie@barrieseaton.com or 778.229.6627.