Selling a house is a time-consuming process – especially if you decide to do it on your own, known as a For Sale By Owner (FSBO).

Working with real estate agents can make the process much smoother. From conducting market research to reviewing legal documents, handling negotiations, and more, it’s an involved and highly detailed process that requires expertise to navigate effectively.

That’s why many Chicago house sellers believe in the importance of hiring real estate agents. That’s one of the reasons why the percentage of people selling their own house has declined from 19% to 8% (See graph below):

FSBOs as a Percentage of All Home Sales - Real Estate Agents at KM Realty Group LLC, Chicago, Illinois

To help you understand just how much time and effort it takes to sell on your own, here’s a look at a few things you need to consider before putting that “For Sale” sign up in your yard.

1. Making a Good First Impression

While it may sound simple, there are a lot of proven best practices to consider when prepping a house for sale.

Do you need to take down your art?
What’s the right amount of landscaping to boost your curb appeal?
What wall colors are most appealing to buyers?

If you do this work alone, you may invest capital and many hours into the wrong things. Your time is money – don’t waste it. An agent can help steer you in the right direction based on market conditions to save you time and effort.

Since we’re in a hot sellers’ market, you don’t want to delay listing your house by focusing on things that won’t change your bottom line. These market conditions may not last, so lean on an agent to capitalize on today’s low inventory.

2. Pricing It Right

Real estate professionals have mission-critical information on what sells and how to maximize your profit. They’re experienced in looking at recent comparable homes that have sold in your area and understanding what price is right for your neighborhood. They use that data to price your house appropriately, maximizing your return.

In an FSBO, you’re operating without this expertise, so you’ll have to do your homework on setting a price appropriate for your area and the condition of your home.

Even with your research, you may not find the most up-to-date information and could risk setting an inaccurate or unrealistic price.

If you price your house too high, you could turn buyers away before they’re even in the front door or run into problems regarding the appraisal.

3. Maximizing Your Buyer Pool (and Profit)

Contrary to popular belief, FSBOs may profit less than sellers who use an agent. One of the factors that can drive profit up is adequate exposure.

Real estate professionals can get your house in front of more buyers via their social media followers, agency resources, and proven sales strategies. The more buyers view a home, the more likely a bidding war becomes.

According to the National Association of Realtors (NAR), today’s average house for sale gets five offers. Using an agent to boost your exposure may also help boost your sale price.

4. Navigating Negotiations

You’ll have to handle all the negotiations when selling your house as an FSBO. Here are just a few of the people you’ll work with:

The buyer, who wants the best deal possible
The buyer’s agent who will use their expertise to advocate for the buyer
The inspection company, which works for the buyer, will almost always find concerns with the house
The appraiser who assesses the property’s value to protect the lender

As part of their training, agents are taught how to negotiate every aspect of the real estate transaction and how to mediate potential snags that may pop up.

When appraisals come in low, and in countless other situations, they know what levers to pull, how to address the buyer and seller emotions that accompany them, and when to ask for second opinions.

Navigating all of this on your own takes time –a lot of it.

5. Juggling Legal Documentation.

Speaking of time, consider how much free time you have to review the fine print. Just in terms of documentation, more disclosures and regulations are now mandatory.

That means you must handle the stack of legal documents as the seller grows. It can be hard to understand all the terms and requirements.

Instead of going it alone, consider hiring an agent as your shield and advisor to help you avoid potential legal missteps.

Bottom Line by Real Estate Experts

Selling your house on your own is a lot of responsibility. It’s time-consuming and requires immense effort and legal expertise – all things a real estate agent is well-versed in. Before you decide to be one of the few house sellers doing it all themselves, let’s discuss your options with real estate experts at KM Realty Group LLC, Chicago, Illinois.

The assistance of a real estate agent will ensure you get the most out of the sale.

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