A MUST-READ FOR TORONTO HOME SELLERS
“Do I really need a real estate agent, or can I sell my home myself?”
As online services geared to do-it-yourself (DIY) sellers continue to grow in today’s hot Toronto real estate market, this is a very good question.
FSBO (for-sale-by-owner) services typically highlight commission savings as the biggest benefit. What’s often missing, however, is a realistic picture of what it entails to be your own realtor – and more critically, what the seller can lose in the process.
So before diving into DIY mode read up on these three key roles a professional realtor steps into daily – because, if you decide to act on your own, these are the hats you’ll have to wear, 24-7, until the deal is done.
- THE STRATEGIST–DETECTIVE
While a lawn-sign attracts attention, the trick is in weeding out curious callers. A realtor can easily distinguish browsers from authentic, motivated buyers. They use all the resources at their disposal, including the brokerage’s own exclusive listings, to cast the widest net possible, which will draw in not just the highest number of buyers but also those most motivated to buy. This professional strategy typically results in a better price for homeowners.
In addition, each homeowner is unique. Experienced agents are armed with facts about your home and neighbourhood as well as Toronto real estate in general (which buyers and agents are scouting the area, the best listing price and numerous other invaluable details). With this knowledge, a realtor is ready to negotiate on the spot when the right buyer makes an offer. Most homeowners lack the resources of a realtor to filter out undesirables or handle new situations as they crop up.
- THE MANAGER
When mayhem strikes (as can happen in today’s Toronto real estate market) it doesn’t hurt to have staff answering queries, organizing viewings and the like. From fielding calls to handling home inspections and preparing for open houses, a real estate agent is a masterful manager. This might seem like the easy part, but imagine weeks of daily calls from agents requesting bookings and asking questions about the property – some of which you’re not sure how to the answer. Also, open houses may require special management. So if you’re juggling kids and work while packing for your new home, it can get stressful, leading to costly oversights and mistakes.
- THE NEGOTIATOR
While the odd deal may go through without a hitch, the truth is negotiations can turn confrontational. The process may involve not just buyers and agents, but banks, lawyers and other professionals. Most homeowners do not have experience negotiating major deals or dealing with legal matters as do experts in Toronto real estate. Realtors are skilled at assessing the validity of buyer terms as they relate to city by-laws as well as handling multiple offers, preparing documents according to guidelines, and keeping the paperwork flowing smoothly. When self-selling, you may need to add legal fees to your tab or risk missing details that can result in losses.
CLOSING TIME
While these roles described here are critical in selling your home, equally important is how it all works together seamlessly when a realtor acts on your behalf from extensive professional experience.
So before going DIY, ask yourself honestly whether you’re up to the task of selling what’s probably your most valuable financial asset – and if this is really how you wish to spend your time. You may be a savvy negotiator and manager in your own profession, but do you have the time, experience and knowledge that it takes to get the best possible return for your home – and for your efforts? Saving on commission is an illusion when money is lost in other ways. As for time, only you can decide how much you can afford to lose.
This article is the first of Series of Six Must-Read Articles for Toronto Home Sellers by Rossita Beshinska. Stay tuned for the next article The Home Inspector, Superhero of Home Sellers, for insights on how a home inspection can benefit you when selling.
Rossita Beshinska, BSc, MSc, is a realtor with Royal LePage Signature Realty. Rossita is passionate about helping homeowners and can be reached at 647.869.2949.