Minto Jain – Use a Real Estate Broker or Do It Yourself

One of the major considerations for people that have homes for sale is whether they can sell their homes on their own or whether they need the service of a real estate broker to oversee the sale.
There are advantages and disadvantages for either option. Since there would be no need for agent commissions, selling your home by yourself will enable you recoup more revenue. However, the drawback is that selling your home yourself will make you responsible for knowing and following all the requirements and steps involved in selling the property.

With the emphasis on whether you need a real estate broker, this article highlights the basics a home seller needs to do before preparing his/her home for sale. Endeavor to review the points below to help you decide whether or not you need a real estate broker.

DO I NEED A REAL ESTATE AGENT BY LAW?
There is actually no requirement or law that mandates you to hire a real estate broker to help you sell your home, although many people think that they need a real estate agent in order to sell their home.
Suffice to this; many states require you to have a real estate broker in order to handle the paperwork that is always associated with home sale.

You should check with your state department to see if you need the help of an agent when considering selling your home, if you do not know the laws that applies in your state.

SELLING YOUR HOME BY YOURSELF
You will be engaging in a process known as ‘for sale by owner’, if you decide to sell your home by yourself. It is a great way for you to recoup full sale price of your home without having to pay commission fees, but you would soon have a better understanding of why real estate brokers charge the commission they do.

If you intend to practice FSBO, you should be prepared to put in more energy, time and effort.
Consider checking out the market in your area before you put your ‘for sale by owner sign’ on your property. You will probably have a hard time uploading your home by yourself if it is a buyer’s market. The reason is not farfetched; you will be up against real estate agents whole sole job is to sell homes, unlike you that will have to balance work and life against putting in time to sell your home. You should note that whenever there is a seller’s market, which is the best time to sell your home.

LEGAL CONSIDERATIONS FOR SELLING YOUR OWN HOME
You will need to learn about the laws of your state that govern real estate transfers in order to properly sell your home by yourself. This law will enable you know what kinds of paperwork you will need to prepare and who will sign the papers.

Further to this, you should find out if there are encumbrances that are on your home and what you need to do to handle them.

You should find out whether your state has mandatory disclosure laws in order to know certain physical characteristics of your home to disclose.

LISTING YOUR HOME
Consider posting your listing online if you are serious about listing your home by yourself. There are some websites that are dedicated to help you sell your home by yourself.

You should consider listing your home on MLS because Multiple Listing service is a service that lists homes for sale that are searchable by the area you live in.

There are several ways to get your home listed on the MLS, which include:
• Hiring a real estate agent to list your home
• Listing for free by using online real estate websites
• By using certain low-fee services provided by some websites devoted to FSBO.

WHEN YOU NEED A REAL ESTATE AGENT
If you have concluded that engaging in ‘For Sale by owner’ is not your business, you can hire a real estate broker to sell your home for you. It will save you time and effort in the long run, although the real estate broker will probably take a larger cut that you may like.

Real estate brokers are expert in setting up your home to be shown to prospective buyers and also listing your home in the right places.

However, you can always take a shot at selling your home by yourself first before hiring a real estate broker, if you are in no rush to sell your home.


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