Risks when selling without a Realtor
Selling houses through real estate agents is not mandatory in Florida, but it is also true that there are many risks involved in selling without a Realtor. Some of these risks are:
- Limited exposure. When you decide to sell your home on your own, you won’t have access to the most recognized and used real estate platform in the United States, the MLS. Only Realtors or real estate agents have access to this platform. You should keep in mind that the less exposure you have, the less potential customers will reach out to you and the more likely it is that it takes you longer to sell it. Remember that most people who want to buy a house in Orlando work with a Realtor, and if your property does not appear on that platform, it will be very difficult to find it.
- Marketing strategies. If you don’t have marketing knowledge, you will make mistakes promoting your house. A Realtor has experience in the adjustments you should make to your home to make it more attractive, has tools to carry out comparative market analysis and to promote your property on the main platforms. This will allow you to obtain greater exposure and lead generation, so you will sell your property in less time.
- Sale price. As the property owner, you will see your house with different eyes than the buyer. Surely you are an expert in some areas, but if you are not in real estate you will risk putting a price higher or lower than the market, and ultimately it will end up being more expensive than the commission you would pay when working with a Realtor. A Realtor has powerful tools to analyze market prices and thus stipulate a price that is attractive to you and the market.
- Choose the wrong buyer. You can waste time and fail in business if you choose a buyer who can’t get a loan. This will represent starting the process again, which will take longer than it ultimately represents money. A Realtor will be able to confirm whether the buyer is approved for a loan for the amount of the property, and will ensure that there is a strict contract for the negotiation to proceed smoothly.
- Experience in real estate negotiation. When you decide to sell your house on your own, you will be the one who responds to all the offers you receive. Do you know how to respond to an offer? what aspects to review in the offer they make you? How to interpret the contingencies stipulated in the offer? If you do not have experience in this you can make mistakes that will cost you more than a commission.
- Time and money. Selling a house takes time, not only to show it when a potential buyer wants it, but also to get to know the market, to create flyers, signs and other marketing strategies. It also requires money to increase the exposure of your property through different marketing strategies. Typically, the time and money you spend to sell a home on your own is greater than the cost of hiring a real estate agent.
- Legal risks. When you decide to sell the house on your own you will be legally responsible for everything you do. Selling a property requires a lot of paperwork and paperwork. If you make a mistake in filling out these documents, you could end up giving up your rights, or be sued by the buyer after the sale for failing to supply certain property information that had to be notified to the buyer. A Realtor does this type of process permanently, so it would protect you from any error, since it will be in charge of carrying out all the required paperwork.
There is no doubt that the more you know what you do, the less risk you will take. Buying or selling a home is a frequent occurrence, but a mistake somewhere in the process can be very expensive.
If you have any questions regarding the process of selling your property, do not hesitate to contact us, we will be happy to advise you.