Beyond the For-Sale Sign: Why Going Solo in Home Selling Could Cost You More Than You Save

Have you ever thought that you may need surgery and decided you were going to just take out your own appendix or perform open heart surgery on yourself? When it comes to things as important as our health, most people seek the advice and skills of a doctor. What other investments do people make that are more important and costly than their home? Since we understand that few people own anything more valuable than their home, why do we continue to see sellers trying to sell their own home? I like saving money as much as anyone, though I also understand the legal pitfalls and safety concerns that may arise.

In North Carolina, there are specific forms required by law that a seller is required to give to prospective buyers, even if there are no real estate agents involved. The way a seller fills the forms out can impact the transaction both positively and negatively. With one of the forms required by law in North Carolina, I have had two different attorneys tell me that form is still around as that is the one they make their money off of because it causes more lawsuits in real estate than any other form that is signed by both the buyer and seller. I am just a realtor who has been involved in over 1500 home sales so therefore, I cannot advise a seller or buyer on how to fill out the forms. However, having someone with the knowledge to ensure a seller is filling out the proper documents and telling stories about different scenarios based on how the forms are filled out can have value.

Due to the internet, there is a lot of information private owners can gather about their home and advertise about their home. However, even well-known real estate websites state in their fine print that the values that are placed on a property and the data about a property need to be verified and determined by professionals. Allowing a computer to generate the value of a home can cause lower values, such as when a seller leaves money on the table or when a seller asks too much and cannot get their home sold. A computer algorithm does not know the intricacies of a neighborhood or area, which can impact value. Having someone with the knowledge to help navigate the process and who has professional marketing people working for them can help homeowners sell for more with the least number of headaches. Homeowners typically have access to 2-4 websites for advertising, and I know we have well over four hundred websites where we feed our clients’ properties, too. The more eyes on a property, the better the chance of getting it sold.

Finally, the safety behind a homeowner allowing strangers from the internet to come into their home and walk through it with them there baffles me. It does not take much watching of the evening news to realize the world we live in is not as safe as it once was. The thought of a homeowner trying to sell their home and allowing any stranger who contacts them from the sign in the yard or their couple of internet ads to meet them at their house and come inside is frightening if I was thinking of my daughter, mother or wife going through that process. As Realtors, we have resources to ensure who the folks are before we start bringing them through people’s homes. This creates awareness and adds a layer of protection for everyone involved in the process.

Not only is navigating the paperwork, negotiations, and inspections part of the process that can cause pitfalls, there are many other liabilities that real estate agents remove from people selling their home. It has been proven over the past 21 years that, on average, real estate agents typically get $10,000-$20,000 more for homes than for sale by owners. I do understand saving money and being frugal. I also understand that a professional real estate agent can more than make up their value and save sellers time, money, and headaches. So, if you are thinking of making the biggest investment of your life for sale, it is worth using a real estate agent as an additional layer of protection.