Should I Hire a Real Estate Broker or Do It Myself?

Date: Oct 22, 2022

Real estate is a big business. Real estate brokers make a living by helping people buy and sell homes. But some people choose to cut out the middleman and sell their own homes. There are arguments for and against both methods of home selling.

Many people choose to go through a broker because it means less hassle. Having a broker handle all of the legwork saves the seller substantial time. Instead of spending your time putting up signs, writing descriptions, ads, and fielding calls from those who may or may not be interested, you can concentrate on simply keeping your home showable. The broker can do the rest of the work.

Brokers possess market knowledge that the general public does not and, in many cases, have little or no access to potential buyers. This means they can more accurately determine a workable price for your home. They are also experienced at handling negotiations and may be able to help you get a higher selling price than you would be selling on your own.

The downside to going through a broker is that one has to pay commissions. These are usually a percentage of the home's selling price. Whether directly or indirectly, the buyer pays the commission. So, by cutting out the middleman, the seller can lower the cost and still receive the same amount for his home. Keep in mind, though, that by not going through a broker, the amount of time, effort, and resources you will spend by doing it yourself is equivalent to the fee you will be paying the broker.

Selling your own home requires more work than going through a broker. You have the job of marketing your home, taking calls, showing it, and closing the deal. You will probably need a lawyer to do the paperwork and ensure everything goes smoothly.

There are now numerous ways to get exposure for your home when selling it yourself than ever before. You can run ads on social media and commercial websites where potential buyers will see them. You will have to stage your home to look attractive before taking pictures and uploading them on the internet. The perceived advantage of not hiring a broker is the ability to negotiate with the buyer at a lower price, reflective of the lack of brokers' fees. If you have more time available, doing it yourself may be your best option.

The benefit of working with a broker is that they are trained professionals and can take care of all the tasks that go into selling a home. On the other hand, a broker’s fee is an added cost of sale. But, if you don't have the time or patience to take care of everything yourself, then you might want to hire a broker.