by Diane Callahan

Created on: May 07, 2011   Last Updated: April 28, 2012

Homeowners typically try to sell their home themselves in order to save the cost of the real estate commission.  What they don't realize is that the value a qualified real estate agent brings to the transaction often far outweighs the cost of commission.  Let's look at the things you will be losing by not using a real estate professional.

• You're Going It Alone 

Literally.  Unless you have a network of thousands of  friends who devote the majority of their waking time to buying and selling real estate so they can show your house to their buyers, you are on your own in every way.  This includes marketing your home, knowing about legal issues, showing your home and to top it off, no advice from anyone except your know-it-all neighbor and whatever you might scratch out of the internet.

• You Must Always Be Home

 If you are selling on your own, there is no one to coordinate showings for you, so you must be home at all times to accommodate people walking up your path and wanting to get a look at the inside.  There is no way for you to screen them beforehand to weed out the tire-kickers and the curious, the people who can't afford your house and the neighbors from down the street who "just want to see".   Unfortunately, when you are not home there is always that possibility that the perfect buyer stopped by.  Maybe they'll return, and maybe they won't.  You'll never know.

• You Have To Research 

Your home sale is probably going to be a transaction in excess of $100,000.  If you had an income tax problem of that amount, would you go it alone and do all the research yourself, and hope that you got it right?  Each state has laws about the selling of real estate, including Fair Housing and disclosure laws.  Everyone is required to comply with these laws, whether you are a real estate broker or a private person.  Unfortunately, for correct information this kind of research cannot be done solely on the internet.  Having an attorney friend give you free advice would be of great use here.  In lieu of that, however, you'll have to get ready for long and tedious sessions at the library or perhaps even your local government offices.  

• You Have To Price It  

Setting the price is the most critical part of selling your home.  It is also the most common mistake made by those selling on their own.  Before pricing your home you must know the market area and what adds and detracts from the value.  Just because you spent $30,000 on a new deck and pool doesn't mean your home is now automatically worth $30,000 more than it was before.  In some markets, adding a pool actually detracts from the value of the home.  Sellers pricing their own homes also have an emotional attachment to the home, and that is often reflected in a inflated listing price.

This is not to say that people absolutely cannot sell their house on their own.  Of course it has been done and will be done in the future.  But history has shown that most homeowners who go it alone either end up selling to friends or relatives, or not selling it at all.  Is it worth saving the commission?  You decide.

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