Should we sell our home without an agent?

Reader question: We are considering selling our home without an agent. We have done this in the past and were satisfied with the outcome. We used a lawyer to handle the closing and paid a much lower fee compared to an agent’s fee. Do you think individuals can do this successfully?

Monty’s answer: The circumstances today have likely changed when compared with when you last sold a home. Does success mean closing a sale without an agent, or selling without an agent for the top price? The fact you are asking the question suggests you may be uncertain about repeating that decision. The answer depends on several factors; your home, your situation and your ability. An attorney knows the contractual piece but likely is uninformed about specific market conditions. Zillow and other online websites are not the best places to gather current, accurate information. On Zillow’s Zestimate page, the company explains Zestimates, and states “it should not be used for pricing a home.”

Understand property value

Some home sellers and buyers incorrectly focus on the amount of the commission when they buy and sell houses. The significant savings for a home comes with an objective understanding of the range of value of the home they want to sell or to buy. It is not hard to learn how to apply specific appraisal techniques to understand the worth of a house.

The second significant savings comes by identifying an excellent real estate agent, and knowing how to take advantage of their tools and their knowledge. Learning how to identify suitable agents is not easy to do, because marginal agents mimic the best agents in delivering a presentation, but cannot perform in the execution department. Learning how to test multiple agents for competency and then choosing the agent that best fits your circumstances is the final step in agent selection.