You might pay a real estate agent $30,000 or more to sell your home. But is it worth it?
Analysis by property data firm Cotality suggests it might be. Agents seemed to sell properties more quickly and effectively. The sales success rate is higher for agent sales – by an average of 11.5 percent over the 10 year period.
Real estate salespeople would often have an understanding of which buyers might be in the market for a particular property and could target them more effectively than a private seller might.
The typical days on market for agent sales is also most often shorter. In 2021 – the market peak – the median days on market for agent sales was 24, while it was 40 for private sales.
The median sales price for properties sold by agents was higher, too, but that could reflect a different mix of properties being sold.
Selling privately saves on high agent commissions and offers complete control, but it requires significant effort, expertise in negotiation, and risk management. Agents typically secure higher sale prices, often 10.9%–15% higher, offsetting their fees, and provide better marketing reach and legal protection.
Benefits of Selling with a Licensed Real Estate Agent
Most sellers choose this route for the peace of mind and professional negotiation skills.
- Higher Sale Value: Real estate salespeople use their market knowledge and negotiation skills to create buyer competition, which often results in a higher final price.
- Wide Exposure: Agents have access to large databases and exclusive marketing channels that private sellers cannot use.
- Reduced Stress: They take care of the “heavy lifting,” such as qualifying buyers, holding open homes, and managing the legal paperwork.
- Professional Protection: When you work with a licensed professional, you are protected by the Real Estate Authority (REA) Code of Conduct
Prepare to Impress
If you would like to know more about the benefits and how it could apply to your home, We’re happy to take your call and provide more insights.
