SELLING A HOME IN UTAH

I am frequently asked about the benefits of using a Realtor vs. the benefits of trying a For Sale By Owner. To be honest, I have done both, and had mixed reviews with both. I am not a Real Estate Agent. The first home I sold was about the easiest thing I have ever done. I put the ad in the paper, a sign up front, and had an open house. Within 2 weeks it was sold—above my asking price. Then again, I tried to sell a home on my own, and after 5 months finally asked for the help from an agent.

I am convinced that the easiest way to get your home in front of potential buyers is through a listing on the Multiple Listing Service, or MLS. That, of course, means that you need an agent. If, however, you are not in a terrible rush, or you have some extra cash for some aggressive marketing strategies, then you can save significant money by selling on your own.

LET ME MAKE THIS CLEAR: I don’t have a preference one way or another.

If you do use a realtor, here are some things to consider:

• Standard sales commissions are 6% of the sales price, but only 3% goes to your agent, the other 3% goes to the buyers agent
• Realtors are not “greasy sales people.” I mean, sure you may find the occasional scum bag, but no more than any other industry.
• It is still your home for sale. That means that you should work with your realtor. Stay involved in the process, follow up with marketing efforts and ask questions.
• Consider interviewing multiple agents before listing your home. They stand to make a significant amount of money, you deserve to make sure you are comfortable with their approach.

If you try on your own, consider these:

• More frequently people are turning to the internet rather than the newspaper.
• Without an agent you may be able to decrease your price to better position yourself.
• Make sure you use an official Real Estate Purchase Contract (available on the state department of real estate webpage).
• Consider one of the various For Sale By Owner websites. I have a property listed at www.isoldmyhouse.com and have been pleased with the attention it has received thus far.

This much I can tell you: The market is slowing, but it isn’t dropping. I have no reason to think we are going to have 15-30% drops in value as so many states are experiencing. That being said, don’t expect people to get in a bidding war over your home.