There are two options when deciding if you should hire a real estate agent to help you sell your home. Is it feasible or realistic to sell your house without professional help?
These are questions that many sellers ask, but only a few end up selling without an agent. Only 11% of sellers choose the for-sale by-owner (FSBO). Another 5% took on the majority of the work themselves, but hired a real estate agent to help them close the deal. About 13% tried to sell themselves before hiring an agent.
Does the law require me to hire a real estate agent when selling my house?
You are not required to use a real estate agent in Myrtle Beach for the sale of your home. FSBOs can be used in all 50 states.
You may need to have a real estate lawyer to help you with the paperwork depending on where you are selling. Alabama, Connecticut and Delaware, District of Columbia are the states that require a closing attorney.
These requirements could change as state laws are changed, so make sure to check the rules in your state before you sell.
Can I sell my house without an agent?
Selling without a listing agent is legal. Selling on your own is possible depending on your goals, your skills and your willingness and ability to work hard.
It is estimated that it takes between 55 to 70 days to sell a house nationally. However, this can vary depending on where you live. Expect to devote a lot of your time to the process, including the preparations necessary to list your home.
Why would I need an agent to help me sell my house?
Most sellers choose a listing agent to help them sell their homes. This is because the job requires dedication, patience, expertise, and skill. Many FSBO sellers work full-time and have other obligations that make it difficult to devote the necessary time to sell their homes. Sellers often find that the 2.5% – 3% commission they pay to their agent is more important than a faster close, higher selling price, or smoother transaction.
An agent is your trusted advisor who will help you understand your local market and provide tips on marketing your home. You can also view past sales, review an agent’s listings, and connect with them directly when you are ready.
Why sellers prefer to work with real estate agents
Agents are chosen by sellers for their wide range of services. These are the top services that sellers depend on when they sell a house.
- 74% of the respondents have their realtor offer guidance in the selling process.
- 73% of respondents have them organize and submit paperwork.
- 71% turn to real estate agents for help in finding interested buyers.
- 70% rely on real estate agents to manage contract negotiations.
Why do FSBOs eventually enlist agents?
Half of those who try FSBO eventually hire a real estate agent in Myrtle Beach. These are the top three reasons they made the switch.
- Selling is easier when you have an agent.
- Selling FSBO takes too much time.
- They needed assistance with paperwork.
Before you decide to take the FSBO route, here are some things to consider:
1. How much time do I have?
At least one activity related to your home’s sale should be planned when it is put up for sale. You might be collecting paperwork for pre-listing, hiring a photographer the next day, or hosting an open house on weekends. You will be available anytime to answer questions and schedule tours round the clock.
2. Are you familiar with the local market?
It is easier to FSBO in a seller’s market because homes sell more quickly and at a higher price than the asking price. There are also fewer price reductions. It can be more difficult to sell in a buyers market. This is because it takes longer to get a great offer and there are many listings that have a professional agent who handles the marketing for the entire listing period.
3. What price can I set for my house to sell?
It is crucial to correctly price your home. This can be difficult. To set a fair listing price, you will need to learn (or practice) how to run comparables. Your listing could become stale if you exaggerate the value of your home. In this case, you might have to lower the price. You could lose money if you underprice your house.
4. Can I get rid of my emotions?
While your home is likely very important to you, it’s also important to remember that you are acting as an agent and must be objective about negotiations, offers, as well as buyer feedback.
5. Are I willing to pay a buyer’s agent?
Selling alone is a popular choice because it saves you commission fees. Even if you are able to avoid paying 2.5% to 3.3% commission to your agent, your buyer’s agent will likely still charge 2.5%–3% of the sales price — unless the buyer uses an agent. So be prepared to pay their commission.
6. How can I get my house marketed for maximum exposure?
First, find an agent to sell your house. Agents spend a lot of time marketing early in the selling process. You may need to hire an agent to help you sell your home. A professional photo, 3D tour, and captivating description are all necessary when listing your home.
7. Are you familiar with the laws of the state?
Real estate is a highly regulated business. This is why you should hire a real estate attorney if your property is being sold FSBO. You will need to know about fair housing laws, closing requirements, disclosure laws, and paperwork.
8. What happens if my house doesn’t sell at all?
You should be able to pivot to a different plan if your home does not sell in a reasonable time. It’s no surprise that 83% of home sellers use an agent to sell their homes. Selling a house is difficult work. The costs of a listing agent’s fee may outweigh the lower sale price for your home if it sits on the market too long.
Options selling with non-traditional commission
Here are some alternatives to FSBO if you are hesitant about selling traditionally because of the high costs.
Negotiate the commission
If you are willing to do some of the listing-related tasks yourself, sometimes agents will offer lower commissions. If you are both selling and buying with the agent, they may be more inclined to negotiate a lower commission. Nearly half (46%) of sellers negotiate with their agent. Just over half (55%) of sellers are successful in some manner. 61% of sellers who were buying simultaneously with their agents changed some or all of their terms. This is higher than the 45% of those selling only.
Hire a broker
You could instead of hiring a full service agent, consider a discount broker. A discount broker will usually offer limited services in return for a lower rate.
You can, for a few hundred bucks, have your house listed on the local MLS. The agent will do all the work. An agent might be willing to charge a reduced rate for a shorter list of services. Make sure that your listing agreement clearly states what your agent will be responsible for and who you will be responsible for.
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