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Should we sell our own homes?

Ok, not today...

Seriously, though. I ran across a post by Cynthia Tilghman asking if we would hire ourselves. It gave me a different thought though. I hinted at it in my response to her.

She asked if we would... If we looked right, and said the right things.

But, SHOULD we hire ourselves?

Odd question. Obviously we have the knowledge (or at least I would hope) to do the job. We should have the experience, skill, tools... everything it takes. But... there is one other thing that we have and when we sell our own property, I would contend that we don't have it anymore.

Distance.

I see properties all of the time that are listed by agents. Oddly, they have EXACTLY the same issues as other properties. There are even good agents that seem to have their properties over-priced. The staging isn't good... the houses need updating. The same agents would never put a property like this on the market in this condition priced this way.

I have started working more with expired listings... and there are a lot of agent properties there. One would think that if we have the answers, we should be able to get past the problems.

So, should we hire OURSELVES?

I haven't sold my home since I became an agent. Honestly, I don't know that I would want to hire an agent when I can do the job myself... and know that I have the skills and the knowledge. I can hire a stager... that will help. But, when it comes right down to it, the hard part would be having the emotional distance to set a real price.

I can't answer the question for everyone. But, I can give an answer. I think we should seriously consider hiring another agent. It is kind of funny, but lawyers don't represent themselves in court, and many accountants don't do their own taxes.

I'd love to hear from you...

Posted by Lane Bailey - REALTOR & Car Guy on 03/15/2008 09:44 PM

Comments (16)

Agent/Seller in the Sales Strategies / Tactics Channel

business of real estate, seller, client protection, fsbo, honesty

Originally posted at: Looking Out From the Garage: Should we sell our own homes?

This post has been included in Georgia Information Gwinnett County, GA Information
Post is included in group: Realtors®

16 Comments on Should we sell our own homes?

MAR

2008

Lane - we haven't either, but one of our most successful sales in '07, got more than list price in 3 weeks at $717,000, was for an out of area agent who wanted someone who knows the market to sell his home. Was an AR lead too.

best

Lane, you raise some valid points....some good food for thought.

I have sold my own in the past - but I may never again. I am told that you may not be covered by E&O Insurance.

Good points. We will be selling in the next year or so and I hadn't considered not selling my own house.

I have sold one of our investment properties, and I actually think I could have sold it for a little more than I did, but also I sold it in just two months, which is pretty good when we have a 12 month inventory. Selling investment property is different than selling a home that you are emotionally attached to. Would I list the home I live in myself? Yes, I probably would because of the money involved, and I know that I would do a better job at marketing the property than a lot of other agents in my area. But I would hire a good stager, and I would pay another agent to do an unbiased CMA for me.

Lane,

I have also sold my own home in the past. I think you hit the nail on the head though when you said you have to have the ability to distance yourself from the property. The bottom line is it comes down to integrity. The agent that brought the buyer to my home told me I probably could have sold it for another 5 -7k than I had it listed. The home was completely updated from roof to windows, kitchen and bath. All freshly painted. I offered a home warranty which came in handy when my furnace failed inspection. In replacing the furnace, I opted to upgrade from the warranty covered builder grade replacement to a Trane unit that cost me another $200. I made that decision because I did not want the single girl that bought my home to think that I would take the cheap way out. That is not who I am.

I think it depends on the property, the circumstances and the market. The key is whether you can be professional, remain nuetral and unemotional about it, and close the deal.

Lane, how about a compromise, you sell your house, but have another agent you trust, set the price and make the rules you must follow on price reductions and staging?

MAR

2008

Gary B - I wouldn't sell my Mom's house... I'm not in that area. I would have several agents to pick from to send the referral.

Jim - Bon Apetit.

Mary - That is a whole different issue...

JoEllen - I don't know what I'll do. For an agent, it isn't about time, it is about emotion.

Marlene - Investment properties are completely different. At the very least for our primary, getting a couple of good CMAs would a good idea.

Mike - I think that doing the right thing for the buyer is a whole different issue. But, being able to distance yourself and see it as you would see another property is key.

Bill - Absolutely.

Gary W - That is a fair compromise.

Well, there are some good legal liability issues we can avoid by having another agent list and sell our home. There's almost always another agent you can "trade" with. Keep in mind, when there's a commission...there are taxes on that commission. If you take the money as capital gain instead, you may be able to keep all of it, untaxed. Find a good agent you can trust for a trade and save your money and your behind!

Tony - I wasn't even thinking about the liability issues. I was thinking of the commissions. Part of the reason is that so many agents talk about consumers need the detached third party... and then they don't even think of hiring a detached third party.

MAR

2008

Hi Lane;

I really like the approach that you have for self examination! I have to say that the question " Would I hire myself?" will have an impact with a lot of agents that read this article; as well it should. The article brings true substance to the table and humbling questions such as:

Am I representing the client as well as I would myself?

How far will I go to make this sale?

Have I done my job in helping the client prep his home for market?

This list could go on and on .... Thank you Lane for the measuring stick that all agents should live by!

MAR

2008

Keith - I think your comment was more in line with the post that got me thinking about this subject. Cynthia was right there with asking if we would be able to or willing to represent the client well. My question is from the opposite direction. Can I represent myself as well as I can represent a client? Or, by being too close to the transaction, am I blind?

Thank you for commenting.

I sold and bought a home right after becoming an agent. It worked for me and gave me great appreciation for what sellers go through! I think that it's a great way to guage your own business. And, seriously, if there is something you'll do for yourself you gotta know that it should be part of your marketing campaign! :-)

I always think it's funny when I see agents homes listed FSBO. Now what does THAT say. I agree that I would hire a stager. Whether or not I represented myself would honestly depend on whether or not I had the time.

Lindsey - I agree that we should do everything for our clients that we would do for ourselves. No argument about that. But, let me ask you this... When you went through the buying and selling process shortly after getting your license, would it have been interesting to see how you were handled by another agent?

Melina - It says they are trying to save the money of franchise fees, commission splits and other costs that their broker might require. And it is the same motivation that drives other consumers to go FSBO. I'm not really struggling with this thought, but when it is time to move up... I'll be thinking about this post...

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