In today’s market there are basically four types of buyers. If you are trying to sell your home on your own, you may want to be aware of these buyer types and how they might impact your sales strategy.
Serious and in a Hurry
These buyers may be relocating and only have a few days to find a home. They usually come into to town for a short period of time and contact an agent to see as many homes as possible so they can make a quick decision. Others may be local and may have sold their house last night and have to find another home in the next few days.
Serious and Not in a Hurry
Many times these are first time home buyers or someone looking for their perfect home. First time home buyers will seek a professional who can explain the process and walk them through step-by-step. Those homeowners looking for their next home, will list their home with agent, and will need help coordinating the logistics of a sale and purchase at the same time.
Investors are always looking for a good deal and want to pay as little as possible for a home.
These are dreamers or people who just like to look at homes. The dreamers may not be able to qualify for a home and may be looking for someone to provide seller financing. Most Realtors won’t show them homes without a pre-approval so they like to look at For Sale by Owner homes. It’s also common for people who are visiting from out of town to look at homes to get an idea of what home values and styles are like in the area. If they are considering buying in the area it’s usually not in the immediate future.
Now that we know the four types of buyers and that serious buyers are working with agents, where does that leave the homeowner who is trying to sell on their own? Maybe an agent will bring a buyer and you agree to compensate them. They agree to write the contract, coordinate the inspections and the closing, but are they looking out for the seller’s best interest or are they being paid to use their professional negotiating skills to negotiate the best deal for their client? Who’s really saving the remaining commission?
If you are trying to sell your home on your own, it may be in your best interest to list your home with an agent. Ask to be represented using single agency. This will insure your agent is putting your best interest first and just might net you more money at the closing.