One of the main gripes that people have with real estate agents is their commission. Many homeowners (mistakenly) think, “Why should I pay a real estate agent to do something I’m perfectly capable of doing myself?”
The reason people avoid working with agents is they think it’s going to cost them money. But in reality, working with a qualified real estate agent is worth far more than what you’ll pay in commission. In fact, working with a real estate agent can actually make the process of selling your home less stressful, less time consuming, and less expensive.
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Here are three ways real estate agents more than earn their commission — and can actually save you money — during your home sale:
1. They know the right people.
As the old real estate saying goes, when it comes to selling your home, it takes a village. And if you don’t have the right villagers in your corner, the process of selling your home can get expensive, fast.
During your home sale, there are all sorts of vendors you’ll need to work with: contractors, landscapers, inspectors, tradesmen, professional stagers, movers… depending on your needs, the list can be lengthy.
Finding all of those vendors on your own will take a lot of time — and there’s no way to ensure you’re getting a good deal when you hire them. But when you work with an agent, they have professional contacts across the board and can recommend the right vendors at the right price.
Having access to your agent’s network is a huge time and money saver during the sale of your home.
2. They know exactly how to price your home
Pricing your home is tricky business. If you don’t price it high enough, you’ll be kicking yourself when you get less than what you believe your home is worth. But price it too high and you won’t get any offers, leaving your house on the market — possibly stigmatized as “having something wrong with it” — and costing you money in the process.
When you try to sell your home on your own, pricing your property can feel like a guessing game. But when you work with a qualified real estate agent, their deep market knowledge will help you price your home in a way that works for both you and potential buyers.
It’s an agent’s job to know what’s going on in your market. They know how much homes are selling for, how long homes are sitting on the market, and exactly how you need to price your home if you want it to sell quickly and profitably. This information will significantly speed up the process of selling your home AND help you fetch a higher price — both of which put money right back into your pocket.
3. They give you your time back
Many sellers who try to manage their home sale on their own start the process thinking that it’s going to require a minimal time investment. They think posting a few ads on home listing sites, hosting an open house or two, and signing a contract are all it takes to get a house sold. But unfortunately, that’s not the case. Selling a home is a full-time job. That’s why there’s an entire industry built around it! Homeowners who go the sale-by-owner route in an attempt to save money often find their time, and lives, completely monopolized by the process. And, as they say, time is money. If you’re spending all of your time trying to get your house sold, it’s taking you away from your life — your family, your job, your hobbies. And there’s no price tag for what that’s worth. Working with a real estate agent takes all that time burden off of you. Selling your home is their full-time job, and they can devote the time and attention necessary to get it done quickly. The amount of time and hassle this will save you is invaluable.Not working with a real estate agent to save money on commission fees makes sense… in theory. But in practice, working with a real estate agent saves you immeasurable time, energy, and cash. Any good real estate agent will more than earn their commission — and then some — before the time comes to sign the closing papers.