Are you considering selling your home without a Realtor because you think Realtors are overpaid and are cashing in on your sale? Well, let’s evaluate this question a little more.
In 2017, only 8% of homeowners sold their homes without a Realtor, the majority of attempts to do so sans a realtor fell through in escrow, either because of the competing interests with the buyer, the lack of clarity or fiduciary responsibilities between the parties or overall frustration. Simply put, selling an asset such as a home can be filled with red-tape, confusion and emotions.
A Realtor, on the other hand, has already done a lot of the leg work in preparing your property for sale, often a lot of that work is completed before they meet with you. They also need to be able to market your property to potential buyers with a maniacal fervor in order to create a critical mass of interest and exposure. And while you may be comfortable negotiating with buyers yourself, hiring a professional fiduciary such as a Realtor that orchestrates agreements daily will oftentimes generate a 10-15% increase in profit, not to mention the time saved.
Bottom line, successful Agents sell homes for more money and they do it faster than you can. The reason? Because the Realtor you hire to sell your home will have a skill set tailor-made to negotiate larger acquisitions.
As for the concern over the 6% commission from the transaction, the reality is that percentage is split between yours and the buyer’s brokerage which means your broker only retains a 3% commission. And if you’re still thinking 3% is a good chunk of change, well let’s consider this; according to NAR (The National Association of Realtors,), the average Realtor earns about $60,000 a year and when calculated with all the tasks, that roughly translates to about $28/hour. Not exactly what you thought, right? Something to consider if you thought the profession was severely overpaid.
After all, what you really want is a higher net profit, right? A great Realtor can increase your bottom line well beyond the expense of commissions. And with the earnings you make from selling your home, you and your family can get on to the next chapter ahead of you.
Feel free to reach out to me for a no-obligation meeting to discuss your next move.