When it comes to selling a home in Canada, there are two main ways to go about it: sell it yourself or use a real estate agent. In Canada , almost 60% of homeowners use a real estate agent when they sell, while the remaining 40% choose to go the For Sale by Owner (FSBO) route.
Although there are pros and cons to both approaches, the right decision for you will ultimately come down to your personal circumstances. Here, we take a look at some of them. Both have their pros and cons, which this article will explore. By the end of it, you should have a good idea of which route is right for you.
Pro #1 of Hiring a Real Estate Agent : You’ll Likely Sell Your Home Faster
On average, homes listed with a real estate agent sell faster than those that are not. In Canada, the average home spends just over 40 days on the market before being sold. Whereas, homes listed FSBO generally take much longer to sell. The main reason for this is because agents have access to a much larger pool of potential buyers.
Pro #2 of Hiring a Real Estate Agent: You’ll Get More Money for Your Home
Although you have to pay an agent a commission fee, studies have shown that, on average, homes listed with an agent sell for more money than those that are not. In fact, in Canada, homes listed with an agent sell for about 3% more than FSBO homes.
Pro #3 of Hiring a Real Estate Agent: You Won’t Have to Do as Much Work
If you use an agent, they will be the ones doing most of the work involved in selling your home. This includes things like marketing your home, showing it to potential buyers, and negotiating the sale. So, if you’re not interested in doing a lot of work, using an agent is probably your best bet.
Con #1 of Hiring a Real Estate Agent: You’ll Have to Pay a Commission Fee
The most obvious downside to using an agent is that you’ll have to pay them a commission fee for their services. In Canada, this fee is typically around 5% of the final sale price of the home. So, if your home sells for $500,000, you can expect to pay your agent $25,000.
Con #2 of Hiring a Real Estate Agent: You Won’t Have as Much Control Over the Sale
If you decide to use an agent, you won’t have as much control over the sale of your home. This is because agents will typically want to set their own schedule for showings and open houses. They will also be the ones negotiating with buyers on your behalf. So, if you’re a control freak, using an agent may not be the best option for you.
Con #3 of Hiring a Real Estate Agent: You May Have to Make Some Concessions
If you use an agent, you may have to make some concessions in order to get your home sold. For example, you may have to make some repairs that you wouldn’t otherwise need to make. Or, you may have to accept a lower offer than you would if you were selling FSBO.
The Bottom Line
Whether or not you use a real estate agent is ultimately up to you. There are pros and cons to both approaches. So, you’ll need to weigh the pros and cons based on your personal circumstances to decide which is the best option for you. Having said that, if you reside within the city of mississauga and are interested in working with a top real estate agent mississauga provider be sure to do your research! Ultimately however, the choice is yours! We hope this article has been helpful. If you have any questions feel free to comment down below!