Why should I use an agent to sell my home?

Everyone is saying it's a "hot market". Why do I need an agent to sell my home?

The market IS good, however, statistics how us that even in the hottest markets, less than 60% of homes listed for sale actually do sell. If you are serious about selling, you need a top notch real estate agent working on your behalf.

Following are some of the important assets that a good real estate agent will bring to the table:

i) Knowledge of the market - knowing what similar homes have sold for, and what other homes are currently available.

ii) Qualified buyers rather than "tire-kickers". Almost everyone wants to buy a home. Many people can actually afford a home. Only a few people are ready to buy a home. How do you know who is ready, willing and most importantly, ABLE to buy your home. How do you know whether to accept a contract from someone you do not know? You could find easily find yourself spending a lot of time showing your home to unqualified prospects. Before even showing your home, an agent will qualify prospective buyers by finding out how much they can afford to spend, whether they can qualify for financing, and how quickly they can move.

iii) Marketing connections. Because agents are working the market every day, they have the contacts, connections and exposure to attract prospective buyers for you.

There is no law that says you have to use a real estate agent when selling your home. But you should be aware of the responsibilities and the pitfalls you can encounter if you go the For Sale By Owner route.

Here are just a few of the details you must take care of:

Marketing - You must place your own ads, put up a For Sale Sign, and prepare neat, professional-looking flyers for prospective buyers. Agents bring over 80% of the buyers to homes. This means you will be missing 4 out of 5 buyers that could possibly buy your home.

Pricing - You must determine the most reasonable price for your home, based on what similar homes have sold for recently. Buyers expect to pay less for properties For Sale By Owner.

Legal Requirements - You must be aware of your province's laws regarding selling a home, and protect yourself with the proper warranties and disclosures.

Open House - You must prepare for, advertise, and attend any Open Houses you hold, and be ready to handle a flock of strangers going through your home.

Screening - You must be able to tell the lookers from the buyers, so that you don't waste time with people who aren't qualified to buy.

Follow-Up - You must return phone calls promptly, and check up on any buyers who make offers on your home.

Negotiations - You must be able to handle tough negotiations once someone has made an offer.

Financing - Many home buyers do not know how to purchase a home. They cannot arrange for a loan themselves. Once you have accepted an offer, you may not know whether they can actually purchase your home for weeks. If your home is off the market during this time, you run the risk of missing potential purchasers.