Why someone shouldn't sell their own? Part 1
Why someone shouldn't sell themselves and while Purple Bricks implies that they provide a basic realtor it can be the similar as in most cases they are doing much of the transaction on their own. In either case I gave you a complete list here that may apply to the situation.
There’s a saying that says just because you can do something doesn’t always mean you should. Like a barber who wishes to cut his own hair or a great attorney who gets in some trouble & thinks he should represent himself.. The personal attachment for the lawyer clouds his judgment and prevents him from being objective, the barber can’t see all the angles he needs to in order to perform the cut he usually does. I learned this when running my own business as you are: that even though many things you can do yourself there are many that you should pass on.
Below are some points to consider on both sides of the pros and cons equation:
· On a $800 000 house listing you could be saving 2.5% in the selling side but you still will have to pay 2.5% on the buying side
It's important to note that buyers when they see Com.free , Purple brick or Private, they automatically deduct in their mind the commission fees that would have provided so the seller doesn't really save it just changes what the buyer is willing to offer. So for example if a seller has a property listed at $799 000 and the buyer was planning on offering say $780k if they say private sale or Purple Brick they end up offering $760k which is 2.5% less as they figure the seller is getting the same net price. Buyers are not foolish they do the math and know what a seller is netting. Sellers believe they are saving 2.5% but what is actually happening is they lose 2.5% and don't receive the service..
· The agent representing Purple bricks in this case is barely making anything so you need to ask are the representing you best interest in mind or just wanting to make a quick sale. This seem obvious
· The Marketing they provide is very limited and cookie cutter approach. This works in a market like 2017 where things were just selling themselves but when the market tightens up you need real marketing, real focus and attention to a deal all things Purple Brick can't real provide with their business model.
· Not sure but I believe Purple brick makes the Seller coordinate their own showings which is a head ache at best and often the seller is not the best person to show the home.
· Also most private sales don’t really understand what marketing a home really means or what’s involved. Putting it on MLS or a lawn sign is not really marketing.
· Agents and brokerages pay for insurance to protect the home owner against damages and theft, also no one gets to visit the home without an agent present which adds to safety and security. Each and every appointment is registered with the brokerage and everyone knows exactly who was in the home when. Open houses get registered as well. Makes it easier for follow up to as in the case of an offer date you can let all agents know in advance to put in an offer.
- Ken Klinaftakis