For Sale By Owner – Do Not DIY

The term “do it yourself” usually brings a bevy of flashing dollar signs to mind- think of all the money I’ll save! Well, today I’m here to burst your bubble. While it is known there are exceptions to every rule, this is one such example. Statistics show that for sale by owner do it yourself-ers tend to encounter a plethora of problems- some small, some serious- and more times than not, end up with 15% less money in their pocket than those who go with a professional REALTOR®.

The question is…WHY?

To put it lightly, pricing a property is both an art and a science. Professionals use credible and statistically relevant databases to analyze comparables and determine an accurate price. Do it yourself offerings may offer you a “pricing tool” but realize it is not the same database, and the skills involved in interpreting the data are only available from a professional paid to analyze your unique situation in comparison to other sales.

A professional:

  • Is specifically skilled in this type of analysis, and only uses relevant information
  • Knows how to interpret the information correctly and is not biased. (As a homeowner, you will be naturally biased toward your own home, which is a definite negative toward an effective sale)
  • Can recommend appropriate changes in decor, furniture placement, or smart renovations that can actually increase the value of your home (over the amount spent) and decrease time on the market
  • Does an enormous amount of work during the sale period that the homeowner would otherwise have to do. Ask yourself, ‘How valuable is my time?’

Pricing for what is being offered tends to be the largest money-losing mistake. Buyers avoid homes that are priced too highly, and if the home is priced too lowly, are you getting all that you could be?

A house becomes more and more work the longer it remains on the market, and the longer it remains on the market the more stale your offering becomes.

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You pay for what you get

The job of a professional is to get you the maximum price and profit possible, with the best terms, the least amount of time, and the least amount of stress and aggravation. They do so with knowledge and a skill set that even an educated seller does not possess, since it isn’t their 9-5.

Beyond pricing, mistakes are often made in negotiation and contractual documents, and these mistakes in details can be extremely costly…sometimes even leading to court. It is in your best interest to seek out a professional, get the maximum profit for your home, and ultimately do so stress-free!

Serena Taylor wrote this article on behalf of Heather Mac.

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