There are details, and work, to navigate if selling your home
Remember, says Joe Richer: selling your own home takes time and effort.
I’m selling my home and I’ve heard that I can save money if I do the work myself. I would still use a real estate brokerage to put up a posting on MLS. Is that a good idea?
Real estate brokerages offer levels of service depending on their clients’ needs. In your case, you’re talking about what’s known as a “mere posting,” because you want the brokerage to simply post your property on the MLS® system, leaving you responsible for the other components of the selling process.
It’s important to remember that successfully selling a home takes significant time and effort. When you sell your home yourself you’ll be responsible for everything. Before you decide to go it alone, you should ask yourself a few questions:
It’s true that a mere posting will probably cost less than having a brokerage provide these services, but think about what your time is worth. Also consider how much knowledge and expertise you have in handling a real estate transaction. The guidance of a real estate professional could provide a more clear understanding of certain terms and conditions and potentially lead to a higher selling price.
And even if you don’t use a real estate professional to help you sell your home, you may still end up paying commission to the buyer’s brokerage.
Working with a registered real estate professional also brings three pillars of consumer protection: knowledge, professional standards and insurance. All three can be vitally important since selling a home is one of the most important financial transactions most people make.
Since selling your home can be an emotionally challenging experience, a real estate professional can provide a rational viewpoint.
Working with a real estate professional isn’t an all-or-nothing deal. There’s a lot of middle ground between full-service and a mere posting.
If you need help with certain aspects of the sale, it’s worth the effort to find someone that can provide the services you need at a fair price. Ask friends who have recently sold their home and interview several candidates before deciding on one.
Get a clear agreement in writing that details what services they will provide. Just keep in mind that, as with most things, the cheapest deal isn’t necessarily the best deal.
And regardless of the level of service you agree to receive from your brokerage, it is always advisable to hire a lawyer who is qualified to conduct real estate transactions to represent you. The buyers will most likely be represented by their lawyers.
With that in mind, it’s your choice. If you decide to go with a mere posting, the brokerage still has obligations under RECO’s Code of Ethics. They must conduct due diligence to ensure that the information on MLS® is accurate, which could include measuring the floor space, and checking details like the municipal taxes, zoning.