Mr. Seller: I keep reading that it’s a seller’s market- and I have to agree! I decided to sell my home myself without hiring an agent.
Friend: Are you sure that was the wisest thing to do?
Mr. Seller: Heck yes- I put the sign in the yard and it sold in 2 days! I saved that seller’s commission and got full price! Well- that deal fell through because the buyer wasn’t qualified for the loan, but we got another offer right away- we just had to pay buyers closing costs and do about $3000. in repairs, but we did that all by ourselves- without an agent!
Friend: Really? Congratulations??
Agent 1- I’ve noticed that the housing inventory is pretty low now, making it pretty hard to get listings, but also making the transactions a little more complicated, don’t you think?
Agent 2- I represented a buyer in a sale from a FSBO (for sale by owner). It went pretty smooth on my end.- I had a good qualified buyer thanks to some preliminary work we did to get all credit issues cleaned up and financing prequalified. Unfortunately for the seller, when we got to the closing, the seller found out that his property appraised for several thousand more than he sold it for. I guess he might have benefitted from some expert advice.
REALTOR®- Now Mr. and Mrs. Smith, I want you to understand that getting offers will be easy with your home. We have it staged to sell, all repairs and maintenance addressed and home warranty offered. But you need to be aware that I will be checking to make sure that all offers will be pre-qualified (We don’t want to tie your property up with offers that can’t close); and the marketing gets out to everyone right away so that we can get the best offers early on in the listing and that we’ll have a good strategy on handling offers/multiple offers.
Mrs. Smith- Multiple offers? You mean we don’t have to accept the first offer we get?
REALTOR®- Not necessarily. Each situation is different and your options in dealing with each will vary based on lots of details. When you get into this kind of fast moving market- details matter, so we’ll carefully examine each thing as it happens- to come up with the best final contract we can for you!
Mr. Smith- I must admit- I didn’t agree with Mrs. Smith about hiring a REALTOR® since I was pretty sure I could handle selling this house myself, but after hearing about pricing it right, marketing it immediately and in the right ways, double-checking the buyers, handling objections and requests and analyzing and managing multiple offer situations- I realize that hiring you could end up costing me a lot less than doing it myself! Mrs. Smith is usually right….
The point of these conversations is this- you may not know how much you don’t know about what could go wrong in a real estate transaction until you find yourself in a pickle and don’t know how to undo what has been done by an amateur-you! You don’t want to spend money that you shouldn’t, you don’t want to leave money on the table, and you don’t want to miss out on opportunities that a pro might see that you don’t! Hire a professional- hire a REALTOR® You don’t want to save a dime- just to lose a quarter!
Peggy R. Smith is the Association Executive for the Old KY Home Board of REALTORS®. The Old Kentucky Home Board of REALTORS® owns and operates the MLS for the Nelson, Washington, Marion, Larue and Hart Counties in Kentucky and has over 50 years serving our local area.
Member of Kentucky Association of REALTORS® and National Association of REALTORS®.