Navigating a real estate purchase is serious business. It requires knowledge of legal agreements, the escrow process, negotiations and government requirements.
It makes sense to want to forgo hiring a realtor. After all, we live in a world of technology. Why can’t you just post your property on Craigslist for free and sell it?
The truth is, even in the most competitive markets in the world it takes a lot to get a property sold for the highest possible value.
Sites like Zillow and Realtor.com have made it possible to do a lot of the legwork yourself but there’s no substitute for an experienced professional.
The short answer is no. Technically, there is no legal requirement to use a real estate broker to sell your property in most areas.
Regulations change for each market. Requirements for City, State and Federal authorities may effect a transaction. A missed clause in a purchase contract might cost you thousands or you might get locked into an inspection period of time that makes you miss a better offer.
Using an excellent real estate broker will help navigate the process and avoid mistakes.
Yet, it’s within an owner's rights to sell a property without a broker.
Even though many people have the impression that they are required to use a real estate agent to sell their home, there is no universal law or regulation that mandates it.
However, some states require a real estate broker to facilitate the transaction and handle the documents and disclosures. If you do not know the laws that apply in your area, check with your states Bureau of Real Estate or the similar agency that regulates real estate transactions in your area.
Many homeowners dream of having a buyer call them up and agree to pay top-dollar for their home – that all they need to do is post a for sale sign in the yard and a wave of interested cash buyers will come flooding in.
However, reality dictates that it’s far more involved. Throwing some images on the Internet and then waiting for the offers to roll through is not a solid strategy. Not taking a transaction seriously can cost you tens of thousands and in some cases millions.
Before selecting which broker will be the perfect fit for you. Do your homework with the tools available. Many important aspects can be found within this book, we also offer useful links and tools to help you get a clear understand of what your home could be worth.
Take the time to talk to a real estate professional and have them do a market analysis for your property. This will give you the data of the recent sales in your neighborhood. Look for trends in the house prices and inventory.
Ask questions like:
- How many properties are on the market?
- What is the average price per square foot?
- What can be done to maximize my value?
These are great starting points on the journey to selling a property. Some owners decide to go down this path alone, opting to sell the home by owner only.
This is generally caused be a misconception of the owner. Many will claim that their reasoning is to save the broker commission percent generally paid on the sale. If that is their reasoning, it’s based on an opinion and not the facts.
According to the National Association of Realtors, over 92% of homes were sold with the help of a professional broker. Those homes saw a general increase of 13% in the sales price compared to the homes sold by owner. Even if the broker charges five or six percent, you would walk away with more money in your pocket. This is why you should considering hiring the best real estate broker you can find. It will save you time, headaches and will get you more money at the end of the day.