According to a recent survey, sellers who do it alone are twice as likely to be dissatisfied with the process and to believe that their prior belief that "agents are overpaid" was incorrect.
A recent Clever Real Estate poll of 1,000 home sellers found that those who choose not to engage a real estate agent are twice as likely to express dissatisfaction with the selling process. Respondents to the survey acknowledge that selling their house without a professional agent probably resulted in a lower profit margin and increased stress.
Before their transaction, those who didn't work with a real estate agent expressed the opinion that experts are overcharged for their services and don't know any more about selling a house than the typical seller. However, after the transaction, these respondents thought back on their experience and acknowledged that they had made some blunders without the assistance of a professional.
When selling to an iBuyer or as a for sale by owner, for example, over one-third of non-agent sellers reported that the procedure was harder than they had anticipated. Furthermore, many sellers acknowledged that: (40%) had trouble understanding their contract; (43% of buyers mistrusted them since they didn't have an agent.
- By not using an agent, 36% of them committed legal errors (36%).
- Forty percent of them had trouble understanding their contract.
Other effects of going it alone as a seller were also discovered by the survey:
- Lower sales price: Three times as many homeowners who sold their property without the assistance of a real estate agent claimed to have lost money on the transaction. According to the Clever Real Estate survey, homeowners who used an agent to sell their property typically made $46,603 more in earnings on average than those who did not. Nearly half of unrepresented sellers now think that using an agent would have increased the sale price of their property, and about half of them say they wish they had priced it differently.
- Lengthy selling process: In contrast to nearly twice as many sellers who claim they didn't accept an offer for at least three months, 53% of sellers who utilized an agency report accepting an offer within a month after advertising their property. However, many homeowners who chose to sell on their own stated that they did it primarily to sell their homes more quickly.
- Higher stress level:52% of unrepresented house sellers reported feeling overwhelmed by the entire sales process, and half of those who sold their homes without an agent admitted to sobbing at some point. Conversely, homeowners who used an agent were more likely to report feeling relieved and less stressed after the sale.
When asked if they were satisfied with their agent, more than 77% of those who employed one said they would use them again.
The majority of consumers still utilize real estate brokers when buying or selling a property, even though the vast majority of home searches begin online. In fact, according to the National Association of Realtors® (NAR) Profile of Home Buyers and Sellers, 89% of buyers and sellers utilized a real estate agent in the previous year, an increase from the year before.
According to NAR data, just 7% of homeowners sold as FSBOs over the last year, matching the all-time low set the previous year. FSBOs still don't perform as well in the market as properties with professional representation: According to NAR data, the median price of FSBOs sold for $310,000 in the previous year, while the price of listed homes was $405,000.
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About Realtor Scott Garrison:
Bringing over 36+ years of experience as a local Orlando Realtor, Top Central Florida Realtor SCOTT GARRISON at ReMax Town & Country Real State has helped perhaps more Orlando-Area families and investors buy and sell Central Florida Residential Real Estate than any other of the #19,000+ Orlando Realtors currently working in the Central Florida area!
Living in Oviedo and with RE/MAX Real Estate offices in both WINTER SPRINGS, Florida and WINTER PARK, FL, Top Realtor SCOTT GARRISON actively serves your best Residential Real Estate needs virtually anywhere you’d want to be in Central Florida… including Orange, Seminole, Volusia, Osceola, Brevard, and Lake Counties. Scott has lived here in the Central Florida local Orlando-Area for nearly all of his life, attending the local Winter Park High School and graduating with several degrees from the nearby University of Central Florida.
As a Top Seminole & Orange County Real Estate Agent, Realtor Scott Garrison also has extensive experience in Residential Sales and Purchases, Vacant Land and in helping clients with Foreclosures and Short Sales! He owns multiple Rental Property right here in the area, and over the years, has done many “flips” by buying “ugly houses” and making them Pretty for a new buyer, so he also understands the Real Estate Investor mindset! Call Scott today to find out why “This Realtor WORKS!”
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