To Sell it Yourself . . .or Not

Posted by: admin  :  Category: Buying Boise Homes, Home Knowledge, Housing Market, Real Estate, Real Estate & Housing, Selling Boise Homes, Selling Homes

Selling Your Home on Your Own. . . To “DIY or Die Trying”?

“We thought we didn’t need realtors to help sell our house because we found our own buyer. Now, after listening to you go over our contract to purchase, we don’t feel like we protected ourselves on our sale. I guess we didn’t realize that was an important part of the process, and now, we wish we had hired an agent to protect us as sellers.” —Phil and Kelly Owens, For-Sale-By-Owners sellers turned Buy-Boise represented buyers.

There are homeowners who decide they’re ready to try buying or selling on their own. We recommend evaluating all the pros and cons of such a significant decision first. Confidence may be brought by increased access to information offered by the internet, or the “seller’s market” we’re in.

Do-it-yourself or DIY sellers would be right to declare that it’s not rocket science and no single step is too large to tackle. In a seller’s market, there also may be more room for error (assuming more sellers than buyers go off on their own).

 Some of these stories unfold with success, and some with the worst kind of losses (or the best, depending on how you look at it)… the unknown losses.

 There’s also more to a deal than the average person knows, if they’ve worked with agents in the past. Every deal includes a variety of terms and deadlines that experienced agents should have down pat, based on  sheer number of deals completed, continuous education and their consistent immersion in the intricacies of the market.

 I’m in the service industry and identify myself as a representative of and advocate for my client and not a commission-chaser, so this topic is a tricky one for me to try tackle, yet an irresponsible one for me to ignore. I’ve seen successful realtor-free transactions, but then hid my cringe at some of the terms in other seemingly “successful” transactions. The lesson here – sometimes it works. With my clients, it’s my job and responsibility to ensure that its’ not only going to work, but also work well, and in the best interest of my client. I also strive to make sure we’re worth our weight in gold, in terms of the value we provide.

Here are a ten reminders of what we do, with worthwhile considerations if you’re contemplating going at it alone on one of the biggest transactions life tends to bring:

  1. Value. We provide service in a way that it brings as much value to the client as possible. In some cases we simply try to earn it, in other scenarios, our service pays for itself. We’re skilled, conscientious and working hard on your behalf. We’re also well aware that not all Realtors can say the same and that’s disappointing.
  2. Zillow data is not known for accuracy.  Sites like Zillow and trulia are helpful for buyers to online shop, but fall short in terms of accuracy, because the information is derived purely from public records, like your tax assessment, because that information is made available for free, compared to a paid-for membership site like the invaluable offering that agents participate in, that is the multiple listing service.  Zillow’s prized ’Zestimate’ is based  soley on a flat formula (an algorithm) that does not take into account the how the desirability of certain parts of town or highly sought-after school districts substantially impact property value. If it were that easy to price property or determine value, tax assessed values would measure more closely to market values, and they don’t. Sure, give it a look, knowing it’s not your substitute for real-time MLS updates on market activity, agent-provided analysis, and the specific knowledge of an industry expert who can point out these subjective factors that impact pricing in the marketplace.
  3. Price isn’t the only term in a contract. It can be nice to have someone on your side, who has expertise at screening offers, avoiding unfavorable terms and helping you land as closely as possible to your target (with less trial and error). That said, hopefully a realtor helps you get the full fair market value.
  4. Not all buyers are equal. At one glance at a contract, an experienced agent can see a story starting to unfold, and help you respond or negotiate accordingly.
  5. Finding a Buyer isn’t the Hardest Part - it is one item, of many important things to take care of in the sale.
  6. A good deal is a good deal for everyone. Agents are obligated by ethics to play nicely and Sherri and I take that obligation seriously. We act in the best interest of our client to get them a good deal, without alienating the other party, or making them feel like they are not getting a good deal.
  7. Knowledge first. Negotiations second. We know the market, the contracts, the ins and outs, what’s fair and what’s attainable and can counsel clients on the pros and cons of aggressive versus attractive pricing. We help sellers choose a price that will set them up for success.  We’ll advise on practical preparations and have saved many clients from spending too much money on unnecessary home repairs (carpet cleaning versus carpet replacement). We’ve also saved clients from putting their house on the market before it was ready to attract the most amount of attention possible.
  8. Recommendations. If you’ve worked with us, you’ve heard me discuss the value of a home inspection, the importance of a quality, local lender who can get us to the closing table on time and reminded about items worth of discussion with an accountant, attorney or the county (e.g. the homeowners exemption office). You’ve also likely been provided the names of providers we trust from experience.
  9. Connections. This includes, but is not limited to the 3,000 realtors exposed to listings on the MLS.
  10. Ease. We watch the contingencies, manage the deadlines and escort you all the way to the closing table. 

Thanks for reading! As always, don’t hesitate to contact us with any questions you may have!

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise IdahoSherri Battazzo Signature

Shana Moore & Sherri B

Your Boise Market Trend Experts

 

 

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