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Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we’re seeing multiple offers—and sometimes even bidding wars—for homes in the most sought-after neighborhoods. This has led some sellers to question the need for an agent. After all, why spend money on a listing agent when it seems that you can stick a For Sale sign in the yard then watch a line form around the block?

Some buyers may also believe they’d be better off purchasing a property without an agent. For those seeking a competitive edge, proceeding without a buyer’s agent may seem like a good way to stand out from the competition—and maybe even score a discount. Since the seller pays the buyer agent’s commission, wouldn’t a do-it-yourself purchase sweeten the offer?

We all like to save money. However, when it comes to your largest financial asset, forgoing professional representation may not always be in your best interest. Find out whether the benefits outweigh the risks (and considerable time and effort) of selling or buying a home on your own—so you can head to the closing table with confidence.


SELLING YOUR HOME WITHOUT AN AGENT 

Most homeowners who choose to sell their home without any professional assistance opt for a traditional “For Sale By Owner” or a direct sale to an investor, such as an iBuyer. Here’s what you can expect from either of these options.

For Sale By Owner (FSBO)

For sale by owner or FSBO (pronounced fizz-bo) offers sellers the opportunity to price their own home and handle their own transaction, showing the home and negotiating directly with the buyer or his or her real estate agent. According to data compiled by the National Association of Realtors, approximately 8% of homes are sold by their owner.1

In an active, low inventory real estate market, it may seem like a no-brainer to sell your home yourself. After all, there are plenty of buyers out there and one of them is bound to be interested in your home. In addition, you’ll save money on the listing agent’s commission and have more control over the way the home is priced and marketed.

One of the biggest problems FSBOs run into, however, is pricing the home appropriately. Without access to information about the comparable properties in your area, you could end up overpricing your home (causing it to languish on the market) or underpricing your home (leaving thousands of dollars on the table).2 

Even during last year’s strong seller’s market, the median sales price for FSBOs was 10% less than the median price of homes sold with the help of a real estate agent.1 And during a more balanced market, like the one we experienced in 2018, FSBO homes sold for 24% (or $60,000) less than agent-represented properties.3 This suggests that, while you may think that you’ll price and market your home more effectively yourself, in fact you may end up losing far more than the amount you would pay for an agent’s assistance.

Without the services of a real estate professional, it will be up to you to get people in the door. You’ll need to gather information for the online listing and put together the kind of marketing that today’s buyers expect to see. This includes bringing in a professional photographer, writing the listing description, and designing marketing collateral like flyers and mailers—or hiring a writer and graphic designer to do so.

Once someone is interested, you’ll need to offer virtual showings and develop a COVID safety protocol. You’ll then need to schedule an in-person showing (or in some cases, two or three) for each potential buyer. In addition, you’ll be on your own when evaluating offers and determining their financial viability. You’ll need to thoroughly understand all legal contracts and contingencies and discuss terms, including those regarding the home inspection and closing process. 

While you’re doing all of this work, it’s likely that you’ll still need to pay the buyer agent’s commission. So be sure to weigh your potential savings against the significant risk and effort involved. 

If you choose to work with a listing agent, you’ll save significant time and effort while minimizing your personal risk and liability. And the increased profits realized through a more effective marketing and negotiation strategy could more than make up for the cost of your agent’s commission.

iBuyer

iBuyers have been on the scene since around 2015, providing sellers the option of a direct purchase from a real estate investment company rather than a traditional direct-to-consumer sales process.4 iBuyer companies tout their convenience and speed, with a reliable, streamlined process that may be attractive to some sellers.

The idea is that instead of listing the home on the open market, the homeowner completes an online form with information about the property’s location and features, then waits for an offer from the company. The iBuyer is looking for a home in good condition that’s located in a good neighborhood—one that’s easy to flip and falls within the company’s algorithm.

For sellers who are more focused on speed and convenience, an iBuyer may offer an attractive alternative to a traditional real estate sale. That’s because iBuyers evaluate a property quickly and make an upfront offer without requesting repairs or other accommodations. 

However, sellers will pay for that convenience with, generally, a far lower sale price than the market will provide as well as fees that can add up to as much or more than a traditional real estate agent’s commission. According to a study conducted by MarketWatch, iBuyers netted, on average, 11% less than a traditional sale when both the lower price and fees are considered.5 Other studies found some iBuyers charging as much as 15% in fees and associated costs, far more than you’ll pay for a real estate agent’s commission.6 

In a hot market, this can mean leaving tens of thousands of dollars on the table since you won’t be able to negotiate and you’ll lose out on rising home prices caused by low inventory and increased demand. In addition, iBuyers are demonstrably less reliable during times of economic uncertainty, as evidenced by the halt of operations for most iBuyer platforms in early 2020.6 As a seller, the last thing you want is to start down the road of iBuying only to find out that a corporate mandate is stopping your transaction in its tracks.

If you choose to work with a real estate agent, you can still explore iBuyers as an option. That way you can take advantage of the added convenience of a fast sale while still enjoying the protection and security of having a professional negotiating on your behalf.


BUYING YOUR HOME WITHOUT AN AGENT

According to the most recent statistics, 88% of home buyers use a real estate agent when conducting their home search.1 A buyer’s agent is with you every step of the way through the home buying process. From finding the perfect home to submitting a winning offer to navigating the inspection and closing processes, most homebuyers find their expertise and guidance invaluable. And the best part is that, because they are compensated through a commission paid by the homeowner at closing, most agents provide these services at no cost to you!

Still, you may be considering negotiating your home purchase directly with the seller or listing agent, especially if you are accustomed to deal-making as part of your job. And if you are familiar with the neighborhood where you are searching, you may feel that there is no reason to get a buyer’s agent involved.

However, putting together a winning offer package can be challenging. This is especially true in a multiple-offer situation where you’ll be competing against buyers whose offers are carefully crafted to maximize their appeal.
And the homebuying process can get emotional. A trusted agent can help you avoid overpaying for a property or glossing over “red flags” in your inspection. In addition, buyer agents offer a streamlined, professional process that listing agents may be more likely to recommend to their clients.

If you decide to forego an agent, you’ll have to write, submit, and negotiate a competitive offer all on your own. You’ll also need to schedule an inspection and negotiate repairs. You’ll be responsible for reviewing and preparing all necessary documents, and you will need to be in constant communication with the seller’s agent and your lender, inspector, appraiser, title company, and other related parties along the way.

Or, you could choose to work with a buyer’s agent whose commission is paid by the seller and costs you nothing out of pocket. In exchange, you’ll obtain fiduciary-level guidance on one of the most important financial transactions of your life. If you decide to go it alone, you’ll be playing fast and loose with what is, for most people, their most important and consequential financial decision.


SO, IS A REAL ESTATE AGENT RIGHT FOR YOU?

It is important for you to understand your options and think through your preferences when considering whether or not to work with a real estate professional. If you are experienced in real estate transactions and legal contracts, comfortable negotiating under high-stakes circumstances, and have plenty of extra time on your hands, you may find that an iBuyer or FSBO sale works for you. 

However, if, like most people, you value expert guidance and would like an experienced professional to manage the process, you will probably experience far more peace of mind and security in working with a real estate agent or broker. 

A real estate agent’s comprehensive suite of services and expert negotiation skills can benefit buyers and sellers financially, as well. On average, sellers who utilize an agent walk away with more money than those who choose the FSBO or iBuyer route.3,5 And buyers pay nothing out of pocket for expert representation that can help them avoid expensive mistakes all along the way from contract to closing.

According to NAR’s profile, the vast majority of buyers (91%) and sellers (89%) are thrilled with their real estate professional’s representation and would recommend them to others.1 That’s why, in terms of time, money, and expertise, most buyers and sellers find the assistance of a real estate agent essential and invaluable.


QUESTIONS ABOUT BUYING OR SELLING? WE HAVE ANSWERS

The best way to find out whether you need a real estate agent or broker is to speak with one. We’re here to help and to offer the insights you need to make better-informed decisions. Let’s talk about the value-added services we provide when we help you buy or sell in today’s competitive real estate landscape.


Sources:

1. National Association of REALTORS -
https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers

2. Washington Post -
https://www.washingtonpost.com/business/2020/12/09/factors-consider-when-determining-whether-use-an-agent-buy-or-sell-home/

3. National Association of REALTORS -
https://www.nar.realtor/blogs/economists-outlook/selling-your-home-solo-to-save-money-you-ll-actually-make-less-than-you-think

4. Seattle Times -
https://www.seattletimes.com/business/real-estate/redfin-is-first-major-ibuyer-to-sell-in-seattle

5. MarketWatch -
https://www.marketwatch.com/story/selling-your-home-to-an-ibuyer-could-cost-you-thousands-heres-why-2019-06-11

6. Forbes -
https://www.forbes.com/sites/nataliakarayaneva/2020/03/19/billion-dollar-real-estate-businesses-ibuyer-suspended/?sh=c7f59f921747

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Roman is a highly experienced, professional, transparent, and reliable individual. He helped my wife and I through a very difficult transaction and never gave up on meeting our deadlines. He is an excellent negotiator with a very personalized touch. Highly recommended!

 

~ Slava

Roman, Liana, and the team successfully guided us to our first home purchase. It was a great experience - they are attentive, thoughtful, hard working and always had our interests in mind, while navigating our concerns as first time home buyers. We highly recommend Parkway and we look forward to many years of working with the firm.

 

~ Michael

Roman made buying our first home less stressful by walking us through the process, preparing us for all possibilities, and being by our side. Not only did he negotiate an amazing price (under ask), but he also got us a sizable amount of credits for issues he found in the house. He's a great guy and will have your best interest at heart. 2 thumbs, 5 stars!

 

~ Lawrence

Roman, Liana, and the team successfully guided us to our first home purchase. It was a great experience - they are attentive, thoughtful, hard working and always had our interests in mind. We highly recommend Parkway and we look forward to many years of working with the firm.

 

~ Allison

Roman Shersher at Parkway Estate Properties recently represented us in purchasing a home in LA and did a superb job. With his professional and quality help, we were able to close escrow swiftly and smoothly. He was on top of all the necessary items and procedures every step the way. He even went above and beyond to ensure the move into our new home was done properly. We highly recommend Parkway Estate Properties for anyone who’s looking to buy or sell a home knowing that you would receive the best services from them as we did.

 

~ Angela

Roman was instrumental in us finding and moving into our new home. He did everything in his power to ensure a smooth transition for us, even going above and beyond to arrange a moving service for me. Roman & Liana also helped arrange a plumber/handyman to help fix some minor things before we moved in. He made sure we felt comfortable with every aspect of the house before moving forward, constantly giving us updates as we navigated many things remotely post-COVID. Would highly recommend Roman Shersher and Parkway Estate Properties for your next property purchase! Thank you, Roman & Liana!

 

~ Elise

My husband and I just bought our first home thanks to Roman, Liana, and their team at Parkway Estate Properties. They made the whole process very smooth and truly took care of us. We couldn't be more grateful for how professional they were, trustworthy, personable and went above and beyond. They are a great team who we highly recommend to anyone buying or selling their home!

 

~ Anna

Working with Roman and the Parkway Estate team has been a delightful experience! Roman’s responsiveness, organization, and professionalism throughout the selling process showed me I made the right decision hiring him as my Realtor. I had a unique situation and needed to sell as quickly as possible. He worked with me and my timelines and got multiple offers within a week of listing my property using his incredible marketing tactics to get an offer accepted well-above our asking price! I would recommend Roman and the entire Parkway Estate team to anyone looking to sell their home.

 

~ D

Roman is one of the best brokers I have had the pleasure working with on both commercial and residential transactions. He is respectful, focused, intelligent, tactile, honest, and, most importantly, trustworthy. As his client, you will always feel like you are the priority. I would recommend him to both novice and sophisticated buyers/sellers alike. After working with Roman, working with others will be a difficult and uncomfortable experience.

 

~ Jonathan

Roman was great. We looked for a property for many months and couldn’t find what we wanted or get it accepted once we did. Roman not only beat out another offer but got us $40k off the list price and all the necessary repairs covered fully by the seller!

 

~ Fred

After dealing with a ton of brokers/agents trying to find my dream home for over a year, Roman stepped up to the plate and found me a perfect home within 30 days. He is persistent and follows up daily, while maintaining a professional demeanor. He is also a hell of a negotiator and gets the job done at the price you want. Highly recommend and will definitely use in any future real estate deals.

 

~ Jeff

Roman was our agent who sold our old house and helped us buy a new one. Our experience was unbelievably great, he is a very loyal professional, honest and very fair. He fights for you, and doesn't pressure you into making any moves that you are not comfortable with. Technology made life so easy for us to be able to just sign over the phone without any problems. He will definitely be our agent if we would want to make any kind of move in the future. He is trustworthy and take his business seriously I really appreciated his hard work

 

~ Tammy

Roman was sought for his house flipping expertise. Our house required work thus someone familiar with rehab projects was a big plus. From start he explained the pros and cons of various approaches to consider making the decision process easily comprehensible. Where he really shined was in escrow. He brought in multiple buyers and finessed a sweetheart close. Roman is a true professional with integrity.

 

~ Alex

It has been a wonderful experience working with Roman. I found him business-like, cordial, flexible, knowledgeable, and FUN! He was very reliable and I’m pleased indeed with him. A sincere person he is.

 

~ Gerry

I would recommend my friends and strangers that are going through difficult times with their housing problems to talk to Roman, he can help you work it out!

 

~ Oscar

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