Selling Your Home – For Sale By Owner? Think Again.

by Ken Davidson

I personally believe that there are professionals out there to do most jobs. I think that if you really want to become a professional real estate agent, then considering selling your home For Sale By Owner is a good idea. If you are just dabbling and considering doing a For Sale By Owner situation, then you’re forgetting who you are in your profession.

You've got to understand why you’re doing it.

The reason I hear of people wanting to do For Sale By Owner is because it’s “cheaper”. Doing your own tax returns is cheaper too but I don’t recommend it. Pulling your own tooth out is also cheaper than going to a dentist but I certainly wouldn't recommend it!

Value The Work of a Professional

In a hot market, you've got a better chance of being a successful For Sale By Owner than in a slow market but most of the time the money saved is not worth the time and effort expended.

A professional real estate agent with a strong network is able to find additional potential purchasers for your property that you wouldn't be able to market to. I also believe that if you follow a professional Realtors® advice, you’re going to be able to sell your home faster.

You need to ask yourself: do you want to dabble or do you want to be a professional?

My advice is to be a professional in what you are already a professional in. Whether that’s being a plumber, electrician, doctor or a lawyer. It doesn't matter, focus on your profession and let a real estate professional sell your home.

Not Everyone Is Meant For The Job

Now this leads to another obvious and important question…aren't there Realtors® out there who aren't necessarily great at their job?

Of course.

Just like there are good and bad accountants, doctors and lawyers, there are also bad Realtors® that won’t get the job done to your satisfaction.

This is why it’s important for you to choose your Realtor® the same way you would choose any other professional service.  Do your homework.  Ask other professionals you know, including your accountant and your lawyer, for referrals of who they would recommend.

Remember that selling your home is both a financial and emotional decision.  To ensure that you hire the right person that is a good fit for you and your family, it is critical that you take the time to interview several Realtors®. You are hiring a professional to work for you, so why would you just pick up the phone and contact the first person that answers on the other end?

Remember What Is Really Important To You

Take some time upfront to review what is important to you in a Realtor®.  Do your research and make sure you’re getting the right Realtor® to work for you. Each Realtor® has their own approach and that approach to selling real estate has to meet with your expectations.

If you hire a Realtor® that likes to have auctions and you don’t want to auction your house, that’s probably not the best Realtor® for you.

If you want a  Realtor®  that’s going to do everything that you ask them to do (including set the price), you’re not letting the professional do what they are qualified to do. When you want to make all the decisions, you’ll have to expect the possibility that you might run into a situation where your Realtor® will say, “That’s great to list it at that price but it will never sell.”

What’s the point of hiring a professional if you’re not going to let them do their job?

You need to spend the time to find the right person, interview them and make sure that they are whom you want to be working with.

Don’t take it lightly and make sure you take in all of the information possible. Personally, I suggest staying away from For Sale By Owner. It’s not your business. Unless you've got a pile of time or a bunch of dumb luck, don’t bother and leave it to the professionals. You’ll be glad you did.

About the Author
Ken Davidson is a Chartered Accountant with BDO Canada LLP, with their Kelowna accounting firm. Ken specializes in helping Kelowna businesses that are in start-up mode, companies in Kelowna that are in their growth phase and are ready to take their revenues to the next level, and professionals to secure their financial future with solid investment advice. Ken is best known for his strategic planning advice that positions him as a trusted advisor above and beyond being a Kelowna accountant that gives typical tax planning advice. To contact Ken for a Strategic Business Review to learn how he may be able to help your Kelowna business, email him at kdavidson@bdo.ca.