Are you thinking of selling your home without the help of an agent? While many sellers embrace the idea of having a real estate guide, some wonder if they should bother working with a professional. The answer will depend on your level of skill when it comes to performing essential selling activities.
Unfortunately, making a home sale isn’t as simple as throwing together a listing, posting it online, and waiting for the offers to roll in. If you’re considering going the for-sale-by-owner route, here’s the type of expertise you should have in order to achieve the best outcome possible…
Local market expertise
There are many steps involved in the selling process, and each one should be informed by in-depth local market knowledge. Before you put your home up for sale, you’ll need a thorough analysis of recent sales data for homes similar to yours in your neighbourhood. Without this information, you’ll run the risk of setting the wrong price, which could mean selling your home below market value (or failing to sell it at all). Whether you’re identifying your most likely buyer, pricing your house or condo, or entering into negotiations, having a firm grasp on what’s happening in the local market is absolutely essential.
Home marketing expertise
Effective marketing is about getting the right message to the right people. In real estate, that means knowing which buyers are most likely to purchase your home—and creating a highly-appealing listing to attract them. Low-quality images are one of the biggest turnoffs for buyers, while failing to market your home in the right places will limit who sees them in the first place. If you’re thinking of selling without an agent, you should have professional-grade staging and photography skills (or seek help from someone who does). You should also know how to access the right buyers and networks—through the multiple listing service (MLS) and appropriate marketing avenues.
Can you negotiate effectively?
Negotiating isn’t a skill we’re taught in school, and few people have the opportunity to do it regularly. If you’ve worked in sales, you may have a solid understanding of how negotiations work. That said, the process is unique when it comes to buying a home. To get the best price possible, it’s a good idea to access and familiarize yourself with recent sales data for homes comparable to yours. In many cases, you may be able to use this information to get a better deal. You should also have a basic understanding of home-seller psychology, since people tend to be at least somewhat emotional when they’re selling their biggest assets.
Are you confident about showing your home?
The truth is, most buyers are uncomfortable viewing a home when its owner is present. That said, if you decide to show your house or condo on your own, make sure it’s in immaculate condition. In addition to decluttering and cleaning, you may want to consult with a professional stager or decorator. You should also be prepared to answer frequently-asked buyer questions. Know the age and condition of your home’s major systems and structures (such as your HVAC system and roof), and be aware of any potential issues you should disclose.
If you’re thinking of selling your home without professional guidance, you should be absolutely certain that you have the skills and support to do the job right. If not, you should strongly consider finding an agent you’re comfortable with. It could mean the difference between a successful outcome and one that falls far short of your expectations.
Preparing to put your home on the market? We have the experience and local market knowledge to help. Get in touch, and we’ll discuss your needs!
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
