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When the time comes to sell your home, you may be tempted to sell it yourself with the hope of saving the real estate commission. In most cases, however, selling your home without the services of a professional real estate practitioner will not save you money and could lead to unexpected problems.

An Ounce of Prevention - Worth a Pound of Cure

Before attempting to sell your home, ask yourself the following questions:

  1. Do you have sufficient knowledge of current (and ever-changing) market conditions to price your home properly and to put it on the market at a price that will be attractive to both yourself and to potential buyers?
  2. Do you have the skills and financial resources to advertise and market your property effectively? Are you prepared to be available on a 24-hour basis to handle calls? Bear in mind that only a REALTOR can list your home on the Multiple Listing Service® (MLS®) to ensure it receives the widest possible exposure.
  3. Do you have a network of contacts who can produce potential buyers for your home and who are able to screen out unqualified prospects?
  4. Are you a good negotiator? Are you comfortable haggling face-to-face over the price? Will you be ready to reveal known defects of your home and do you know what you are required by law to reveal? Are you conversant with the many laws and regulations that affect property ownership?
  5. Do you know what types of financing are available? Are you well versed on the various methods of financing and are you able to help a prospect arrange the necessary financing?
  6. Do you have the time to show your home to prospects and are you available seven days a week? Buyers will expect you to be available at their convenience, not yours.
  7. Even if you have the time, can you deal objectively with negative comments prospects may make about your home? Not everyone will share your taste in decor or appreciate your improvements.
  8. Can you draw up a legally enforceable contract? Do you have offer forms readily available? Do you have a lawyer to advise you on the essential terms that must be in the contract?
  9. Can you close a sale? Are you familiar with the many steps required after an offer has been accepted.

After considering these points, most homeowners recognize that it just makes sense to work with a REALTOR who is trained to handle the complex details of a home sale.

This information is provided by the Victoria Real Estate Board for the information and benefit of consumers.

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