Community Realtor George Mango Syracuse New York

Should I Sell My House Privately or Via a Real Estate Agent Syracuse New York?

Today, because of the Internet’s ease of access and wide distribution, homeowners are electing to promote the sale of their homes without a licensed real estate agent’s involvement.  Over the past 10 years the internet has changed the face of real estate.  Some of the properties are being sold sight unseen.  As a Real Estate Agent in Syracuse New York and a homeowner I can well understand why some sellers would elect to do it on their own.  They know their house and have control over the way their property is marketed, and look at the money they would be saving if they did not pay a commission.  Seams simple and easy to sell a house or is it? Let me list some of the pros and some of the cons.

For sale by Owner.

The Internet now makes it possible for any homeowner to list their house for sale using an unlimited number of websites all at a relatively low price when considering the commission that would normally be paid to a real estate agent for selling your house. Let’s consider some of the advantages and disadvantages of selling your house privately.

Advantage: 

  • You know your property better than anyone.
  • You would have complete control over the way your property is marketed.
  • Today’s internet makes it easy to research the price your house may sell for.
  • You meet the people who are interested in buying your home.
  • You do not have to pay a commission to an agent.
  • You know the local area well.

Disadvantages:

  • You are emotionally attached to the house.
  • You’ll likely have less negotiating experience than a real estate agent.
  • You may not know the true selling price that could be achieved.
  • You may not be familiar with the laws of property disclosure.
  • Your knowledge of why people buy and what marketing techniques to use to both attract buyers and to bring them to the contract stage.
  • You will incur increased costs in having a lawyer prepare a contract.
  • You will have to deal with the emotional home buyer.

Should I employ a real estate agent to sell my home?

This is the most common way to sell your house. Most homeowners prefer to have an experienced professional take care of the sale of their house.  Would you go to a plumber to have your electric fuse box replaced with circuit breakers or a lawyer if you are sick and in need of medical attention.  Similarly, Going to a properly trained and experienced realtor should make the experience easier, and productive.

Let me explain some of the benefits of using a licensed Real Estate Agent.

They have had extensive training in property sales and marketing, are familiar with the State requirements for house sales, they have received training in Fair Housing laws, and Ethics, and maintain ongoing courses required to keep their license. Courses to include negotiating, Financing, what motivates buyer to buy, and the use of technology to sell. This training benefits the seller who will have an experienced and trained individual to represent and negotiate the sale.

Licensed Real Estate agents and their brokerages have data bases on thousands of potential buyers. In cooperation with other Realtor’s they can provide the greatest exposure to your house sale.  In addition to the Multiple Listing Service they can list your property on several Websites that they are affiliated with.

They can be objective in representing your interest free of any emotional attachments. No one property is exactly the same as another, knowing the differences can maximize your sale and financial return.

The experienced agent will know your community and the motivations of buyers.  They would be actively engaged in marketing and promoting your house for sale.

The commission which is paid for through the selling price of the home, compensates the broker and the agent for the services and knowledge they provide.

When hiring an agent, look at their track record, experience, and his knowledge of the community like Syracuse NY.

Whichever path you decide is right for you, just be sure to conduct your own research into property values around the area so that you know what is realistic and what isn’t. Also, if you choose to have a sworn valuation done on your house (by a licensed property valuation firm), just remember that a valuation and your end sales price will usually be different. Valuers are usually conservative in their estimates and base their values on historical sales figures (over the previous few months and further back if required). Keep your eye on the newspaper for asking-prices of houses that are similar to yours and use these to create a realistic sale price for your house. Remember, you can always come down in price, but not up (unless it’s a highly desirable property, you’re holding an auction or the market is red hot!). A sworn valuation will set you back around $300.