FAQ's

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Why can't I sell my home myself?

Many people believe that the only things involved in selling a home are putting a sign in the yard, your house in the Multiple Listing Service and holding open houses. While it is true that the average owner is capable of these things, there is much more involved. A large part of your Realtors value comes from their experience and knowledge. Properly pricing a home is the single most important thing that happens in a sale. Only someone who sees houses, all day, every day can do an accurate job of this. Realtors also have access to recently closed sales, another important tool in pricing a home. Having an owner present at open houses and showings makes buyers uncomfortable. With no agent available to do these things for you, you are likely to scare off potential traffic, simply by being there. A Realtor can also look at your home more objectively. Expensive custom items that add value in a sellers mind, could often be seen as a negative by a buyer if not to their taste. When selling a home simple and neutral is best. Another value is the legal protections should liabilities arise. There should be an entire team working behind the scenes to limit your liability to almost nothing. Our real estate contracts are written by lawyers. Every transaction is followed by a transaction coordinator. They help to keep track of timelines, make sure all signatures have been executed and returned and that the buyers side submits everything that they are supposed to. Every file is reviewed by our office manager and in house lawyer. Realtors also carry liability insurance and have access to free and discounted mediation and arbitration. By law, every transaction that a Realtor does goes to arbitration, not court. Arbitration will save you time, and money. Buying a home is one of the largest legal transactions that you will be involved in, in your life. It is inadvisable to do this on your own as it takes someone familiar with the contracts and real estate law. It would be like going to court without a lawyer. Realtors are familiar with all of the legal liabilities involved and skilled at minimizing them for their clients. There are many contracts involved in every transaction and when utilized in the proper way are designed to protect you. Realtors are also skilled negotiators trained to you the best deal possible. Statistically, homes sold by owners take longer to sell. The average FSBO sells for 17% less than a home listed with a Realtor. And all because they were trying to save 6%.

 

If I sell my home myself do I need to pay a commission to the buyers agent?

YES! When an agent takes a listing they always offer the other side half of their commission, typically 3%. Although it goes against a Realtors code of ethics, many agents will not take a client to see a home where they will be paid less than 3%. These are the people most likely to find your buyer. It is very rare for a buyer walk in to an open house and decide to buy it without representation. Any agent who has been involved with a FSBO also knows that they will be doing double the work than if the transaction was with another Realtor.  

 

Are all Realtors the same?

No! In fact almost half of the real estate agents currently practicing are not Realtors, but real estate sales people. A Realtor is an elective designation created by our industry to separate professionals from non professionals. The way our industry has avoided government regulation is by policing ourselves using the strictest of guidelines. The Realtor designation is our strongest tool. All Realtors adhere to a code of ethics and high standard of work. In an industry that attracts people from many different backgrounds, this is essential.  

 

What is value range pricing?

This is when a property’s list price is a range, indicating that they will accept offers anywhere within that number.  

 

Why do people do this?

Often a seller wants more for their property than their agent recommends. As such, they will list the property with a range from the agent recommendation to the sellers’ ideal price. There are also agents that are unsure of exactly what a property is worth, so they put it in a range of what they think it may be worth. Lastly, sometimes a seller knows what number they will settle for but value range around that number hoping that the low end of the range will attract people to their home.

 

Is there any reason not to just offer the low number?

Ultimately it is up to every individual buyer to decide what they will offer but there is no reason why not to. If a seller does not like your offer they always have the right to counter it.  

 

Do you recommend VRP?

Not only do I not recommend it, I advise strongly against it. It is my job to know the exact amount that your home should sell for. Negotiating is still allowed, but will be much smoother and easier if you have set down your price from the beginning.

ann otto - 619-540-1003