It’s official; this is the day of the “Do-It-Yourselfer,” thanks in no small part to the Internet, YouTube, and, to a disturbing but smaller degree, TikTok. No matter what you’re trying to do, there’s an article, a video, or an app for that, whether you’re building a new deck or fixing your own car. Why pay an expert when you can handle it yourself? There could be a cost savings involved. Or it could just be the ability to stand up and shout, “I did it!”
 
The Internet is also a vast resource of real estate advice, some good, some not. Selling your own home is referred to as “For Sale By Owner” (FSBO), and it’s starting to pop up more and more often.

Is handling your transaction by yourself a good idea? Or might this be one of those times where it’s worth obtaining expert guidance and advice? In this post, we’ll begin to answer your most pressing questions about selling a house on your own.

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Do I Need a Realtor® to Sell My House?

An argument could be made that you don’t need the help of an agent to sell your house. As long as you can find a buyer who can afford to pay your price, you might be able to make it happen. 

However, when you realize how much work goes into a real estate transaction, you may just decide that you want a Realtor®, even if you don’t technically need one. The research and preparation begin long before the “For Sale” sign goes up and the MLS® listing goes live. Many sellers believe that decluttering and cleaning your house are the most time-consuming aspects of the sale. They are – when you’re selling with a Realtor®. 

Going it alone means it’s on you to pull all of the relevant statistics and understand how they impact your selling strategy in the current market – which can change on a dime. You’ll also need to bring yourself up-to-speed on buyer psychology and what people are looking for in a home right now. This could mean making a few minor design tweaks or remodelling the entire kitchen in a way that maximizes the value of your transaction. 

Once your house is ready to welcome buyers, the real work begins. You’ll need to be available for showings at a moment’s notice and negotiate with potential buyers and their agents. If a buyer is interested, they will have questions, a lot of questions, and you must provide detailed and accurate answers every single time. Handling showings alone can amount to a full-time job. If you already have a busy career or family life, think of adding hours’ worth of items to your daily “to-do” list.  

If you decide that having professional guidance is the right path for you, here’s How To Find The Best Midtown Real Estate Team.

Selling a House Privately Is Not as Easy as It Seems

If you or anyone you know has ever sold a house and thought “that was easy,” the reason it was easy was likely because an experienced real estate agent stepped in to take care of the countless details. Even if you had the time to do it all, you might miss having an experienced expert to help create your winning strategy. If you go it alone, you’re the one in charge of everything, and the questions are endless. 

  • How will you reach the most likely buyers?
  • What should your initial list price be? 
  • Will certain updates increase the value of your house?
  • Should you entertain a bully offer?
  • Should you accept a conditional offer? 
  • What is the closing process? 

Selling a house in Toronto means knowing the market and being ready for anything. The posts below can help you prepare:

What Happens If The Market Changes After I Sell My House?

The Art Of Selling Your Midtown Home With Kids Or Pets

Should You Stage Before Selling Your Midtown Home?

What Are the Risks of Selling My House Privately? 

If a condition falls through or the paperwork has an error, the transaction may fail to close, and you could be right back to the beginning. In the worst-case scenario, you could be facing some legal troubles if you’ve misunderstood any of the clauses in the contract. Getting sued doesn’t necessarily happen often, but it is a risk to be aware of – which means you need to scrutinize all selling documents carefully. 

Perhaps the biggest risk of selling your house FSBO is the lost potential that you may not even be able to quantify. For example, you may be ecstatic to get an offer of $1 million and jump to accept it. If you do, you’ll never know if you might have earned an additional $300,000 just from understanding the current market and knowing how to negotiate. This is the value of representation, which brings us to the Trust in Real Estate Act (TRESA) and how it could affect you.

Can You Represent Yourself?

As a self-represented party, you are on your own in all aspects of your transaction. Under TRESA, a Realtor® can not help you in your specific situation unless they are representing you. The only information we could give is generic and factual. 

If your potential buyer has representation from a licensed agent, you might be at a significant disadvantage. By law, that agent must serve their client’s best interests – even if it comes at your expense. Unless you are very savvy and experienced with buying or selling a home, we’d caution against representing yourself in any transaction. 

Since a sale assisted by a skilled real estate team almost always out-earns a FSBO transaction, it doesn’t make sense to tackle this enormous task alone. Having professional guidance from start to finish typically results in a more profitable sale, a seamless close, and far less stress and fewer headaches along the way. 

Do you have questions about preparing or listing your home for maximum impact? Our Midtown Toronto real estate agents can help you achieve the results you’re looking for. Contact us today at david@batorigroup.com, bobby@batorigroup.com or call (416) 485-7575 to learn more.