REMAX Hallmark I Brian Ross and Dean Da Silva - weknowhouses.ca

The Ask an Agent page provides answers to some of the most common questions we receive about buying and selling real estate in Toronto.

If you have a question thats not answered here, use the form below to contact us confidentially. Were happy to help. 

 

Q: Why do I need a real estate agent? Im pretty sure I can sell my home myself.

A: You probably can! But prepare yourselfselling a property without the help of an experienced real estate agent is a huge undertaking. What youll need is an understanding of real estate law, strong neighbourhood knowledge; an aptitude for sales, marketing and negotiation; and patience. Youll also need to prepare for the following challenges:


Undervalution/Overvaluation

Without strong knowledge of the neighbourhoods market trends, buyer demographics, and in-depth analysis of comparable properties in your neighbourhood, you risk undervaluing your house. On the other hand, a lack of objectivity could cause you to list too high, in which case the property will stagnate on the market.


Low-Ballers

The primary reason buyers scout for homes that are up for private sale is because theyre looking for deals. These aggressive buyers know that you're saving on commission fees so they expect an exorbitant discount on the property.


Fraud

While private buyers and sellers must abide by municipal and provincial laws, they are not regulated by the same stringent laws that govern licensed agents. Consequently, we hear many disaster stories about private real estate transactions gone awry because of unscrupulous individuals running egregious scams, often at the expense of the seller.


Complicated Contracts

The provisions in an Agreement of Purchase and Sale are meant to protect both the buyer and the seller, but without a strong knowledge of real estate law, you could be putting yourself at major legal and financial risk.

Yes, you can hire a lawyer to help, but do you really want to be billed in six-minute increments at upwards of $200 per hour? While lawyers generally offer flat-rate fees to close a sale, they charge extra for services above and beyond the closing.


Hidden Costs 

In addition to legal fees, youll have to pay for marketing costs that are usually absorbed by the agent, such as staging, photography and listing on MLS. 

And if you think that selling your home privately means that youre totally saving on commission fees, think again. When a buyer is represented by an agent, its normal for the seller to pay the buying agents commission.


Limited Network

When you go it alone, you dont have access to a professional real estate agents wide network of buying agents and their clients.


Lack of Time

Ask yourself if youll be able to field calls from potential buyers at all hours of the day, promote and host open houses and juggle multiple individual showings.


Closing Day Hiccups

Its not uncommon to have last-minute issues pop up near closing day, such as title discrepancies, the discovery of major structural problems or the buyers financing falling through.

An experienced and well-respected real estate agent will know exactly how to overcome these hurdles and save the sale, often leveraging their relationship with the buyers agent to make the process fast, painless and mutually beneficial.

So, while it may seem that selling your home is simply a matter of placing a listing online and watching the offers roll in, the actual process is much more complex. When it comes to selling one of your most valuable financial assets, theres truly no substitute for the experience that a seasoned real estate agent brings to the table; experience that can save you a lot of time, money and headaches in the long run.


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