There are chores in life that can be outsourced, like housework, while other areas should always be given to a licensed professional, such as going to a hair stylist instead of trimming it at home. We've all had to justify where to save and where to spend, though. Since we are well into the spring real estate market, let's talk about the pros and cons of selling the house alone.
First off, I get it, it seems like less hassle to go it alone. There are a lot of real estate agents around so selecting the right one to properly market your place can be stressful. Besides, everyone knows that word of mouth marketing is effective in getting sales of anything. So, putting a sign outside and then post on Twitter and Facebook to let your network know the house is on the market should be all that is necessary. But, how confident are you with the size of your network to get that word out? If your combined social media lists consist of family or neighborhood friends, which probably already know the house is on the market, this method isn't helping very much. Likewise, if the location of the house isn't located on a highly travelled road that sign isn't very effective either. Right now, with more buyers looking for that American Dream than sellers, a local agency has a plethora of names.
Also, not to get in your business but how was the home value calculated? If an online website, such as Zillow or Trulia, was used, the asking price may not reflect the value. Recent research has found that online estimates do not account for all value increases that a local agent will add. For example, did you know that if the neighborhood hasn't had many turnovers in years or if your renovation hasn't changed your property taxes, it won't find its way to that Zestimate? These websites are in no way trying to hide information but they can't account for all scenarios, which can mean a less return. For the most accurate information, obtain a comparable market analysis from a licensed agent and professional appraisal to ensure the asking price is correct.
So, if getting the best price out of your investment while offloading the work of properly marketing that asset is what you're after, hiring a licensed realtor is the avenue to take. If not, you might end up regretting the For Sale By Owner route worse than those crooked bangs.