Las Vegas Real Estate News

For Sale By Owner - The High Cost Of Saving Money

For sale by owner sounds great.

“I can save the 6% commission.”

“I can control who comes in and out.”

“I can ask for any price I want.”

“I can negotiate better than anyone.”

In general, none of this is true. Even the most famous real estate moguls use agents to buy and sell properties for them. The reasons are simple: Your time is worth something and they are the experts.

The truth is that the average sales by owner are about $60,000-$90,000 less than when sold by a real estate agent. Since the fee is usually $7,500 to $15,000, you’re still making money.

Real estate agents have access to financial qualifications systems that you don’t. A real estate agent will often pre-qualify buyers before even starting to look for homes for them. The reason is simple: they don’t get paid if the buyer can’t complete the sale. It’s a waste of their time to show people around to houses they can’t afford.

There is a lot of technology that goes into modern home selling. Photos, videos, virtual tours, drones, and websites are all part of the mandatory arsenal of real estate agents. Most homeowners don’t have access to this type of equipment. It can seem like it’s okay to sell a house with a few photos, but today's tech-savvy home buyer wants more than that.

For sale by owner sounds great, but most owners leave money on the table.

Do you really want to spend your weekends hosting open houses? The real estate agent will take care of being there and watching over your house during an open house. You can take the day off instead, knowing your agent will be at your home and will take care of it during the open house.

You will still need a real estate agent or lawyer for the paperwork anyway. The truth is that you need a professional to review every contract to make sure that it’s legal and protects you. If you don’t, you might find yourself in a world of hurt after the sale.

The reality is that that 6% fee might seem really high, but it’s paying for a lot of work from both your agents and the buyer’s agent. All of that work is meant to make your home sell faster and easier. There are lots of places in life to save money, but like other places where you need a professional, like surgery and legal services, you need a professional to sell your house and to do it well. In all likelihood, they will pay for themselves in both cash and your time.

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