I'm a Seller, where do I start?
Determine your home's value. This can be done using public records and searching for recent sales in your neighborhood, or by going straight to a Realtor for a competitive market analysis. A Realtor is better because they are area specialists who are intimately familiar with recent sales and market pricing.
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Here's the problem: Sellers hate paying commissions. I do too, but a good Realtor will pay for themselves, literally, that is not a BS statement (But I'll get to that later). In a typical deal, a Seller can expect to pay 6% in commissions. 3.2% goes to the Listing Agent for marketing your home to Buyers, 2.8% to the Buyer's Agent who physically shows and brings in the Buyer that purchases your home. Commissions are money out of your pocket, but it's money well spent. When you consider the entire process: contracts, marketing, photography, prepping the property, closing, title companies, showings, and negotiations --- a Realtor is certainly worth the price.
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Still not convinced? Here are two examples based on a recent FSBO (For Sale By Owner) who wanted to work alone and not pay commissions:
Selling without a Realtor:
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$450,000 price determined by Seller
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Placed ads online for: Zillow, Trulia, and Facebook
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Ran open house (2 visitors, neighbors)
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6 months until first offer
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Offer negotiations went roughly, lost potential Buyer
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Determined a Realtor was needed
Selling with a Realtor:
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$425,000 price determined by Realtor to be market value
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Placed ads online for: Zillow, Trulia, Facebook, Realtor, Homes, REColorado, and MLS website that all CO Realtors use.
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Ran open house (20 potential Buyers visited)
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20 days later, received 3 offers
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Offer negotiations went roughly, but Realtor got property under contract for $450,000
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Property sold and Seller was left with the following: $450,000 x 94% = $423,000
Wait... what?
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Okay, so this Realtor is a good one, but you're probably saying "nuh uh, he sold it for $25,000 less than it's worth!". Well yes and no, the $450,000 was determined by the Seller, but that's not necessarily what it's worth. The marketplace determines your home's actual value. It's only worth what other people are willing to pay for it. The Realtor determined that the home was worth $425,0000 because that is what people would be willing to pay for it in today's market. So through his marketing strategy and expertise, he was able to conjure up 3 offers and negotiate the price up to $450,000.
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By the end of the process, the Seller received a net total of $423,000 and sold the property in 50 days rather than having to restart 6 months later. All in all, the Seller saved 6 months of costs associated with paying the mortgage and got top dollar for the property because of the Realtors savvy negotiating skills.
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Unless you are a Seller who is a marketing professional, and knows exactly what to sell your house for --- call a Realtor. We know how to serve you, and we hold your interests above our own. And Once your home goes under contract
Youre' ready,
to start
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