The real estate industry is ever evolving. This includes different brokerage models, marketing styles, platforms to sell real estate and DIY real estate sales models. Over the last five years, Comfree has dissipated only to be replaced by other “for sale by owner in Regina” models. Not to mention Facebook Marketplace and Varage sale make it easier than ever to list any tangible item for sale, inevitably giving the average person the idea that they could also sell their home on their own.
As a seasoned Realtor ® in Regina, I don't have a problem with the for sale by owner models or people who chose to utilize them. I believe in the power and value of my own work and I hope that I can prove to be more valuable than I cost. I will commend anyone who can accurately price, list, advertise, coordinate viewings and understand legal jargon entirely on their own. I will do my best to provide three unbiased pro & con points to selling your home on your own.
PRO # 1: There are no contracts to abide to
You can list your home for sale and take down the listing whenever you want, whenever you see fit. This means you can pause showings entirely through holidays, family vacations or other regular daily life distractions or you can decide not to sell the home entirely without any hassle from a real estate brokerage.
PRO # 2: You can speak directly to interested parties
Without a listing agent, buyers and/or their agent will be in contact with you. They will directly ask you questions and you will have the opportunity to ask them important questions as well. You can have blunt conversations with interested buyers about what price you are willing to accept or have conversations about furniture to sell, quarks about the property etc.
PRO # 3: You can increase profit by saving commissions
If you are not paying any realtor fees then you may end up with an extra 2-4% in profit at the end of the day. This statement is made with the assumption that your home sold for the same fair market value price it would have sold for if you had listed on the MLS system. There is also a caveat here in that many for sale by owner sellers still offer a buyer’s brokerage commission.
Okay, now for the cons.
CON # 1: You have to hire a lawyer to draw up and review a contract for you
Actually, you don't NEED to have a lawyer create and revise a real estate purchase contract for you, but if you want to ensure it's correct and legally binding you should. This is an additional cost to you and lawyers don’t work on time sensitive real estate offers like real estate agents do. They also may not have time to explain 100% of the contract to you so that you understand what you are signing. If you chose the for sale by owner in Regina route, make sure you vet your real estate lawyer to ensure they have time for you and your needs.
CON # 2: Lack of exposure to the buyer pool
Realtor.ca is the number #1 real estate listings website in Canada. If your home is not on this site, there are slim chances of it getting seen anywhere else. Interested parties who come to you through Facebook or other online selling platforms may not be qualified to buy a home and you run the risk of having your time seriously wasted. Good agents who run a properly running real estate business have social media platforms and strategies designed to get your property in front of as many eyes as possible. Not to mention when a home is listed on MLS, it is syndicated and pushed to thousands of real estate websites all over Canada.
CON # 3: Lack of support through the process
Regina real estate agents have excellent skills in technology and we know how to advise a client to get their home ready to list. We have connections to any trade you could possibly need. We qualify buyers and ensure people aren't wasting your time. We act as guides and provide advice when offers don’t come in as high as you wanted, or if you have hiccups during inspections. We are here to help you through the entire process start to finish and we are around long after you have possession or move away.
As a Regina real estate agent, I will be the first to tell someone if I don't think they have a chance at selling their home for what they need to get out of it. I’ve also seen people leave money on the table or leave themselves open to misinformation by buying & selling privately. My personal opinion is that if you have done your research, asked the right questions and have done due diligence to yourself regardless of whether you're buying privately or selling privately, it’s good with me! As long as you have done your due diligence and it works out, that's great.
If you have any questions about selling For Sale by Owner in Regina, please reach out. I would be happy to answer any questions you may have. You can contact me at 306-552-7047 or by filling out my online contact form.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.