When selling your house, you may consider using an iBuyer instead of going through the headache of hiring an agent. After all, there are dozens of real estate agents in Salt Lake, and finding the right one for you can take a long time and a lot of questions. However, working with an iBuyer isn’t as great as it may seem. There are some downsides to choosing this newer option in the home-selling market. Here are 5 benefits of hiring an agent vs. working with an iBuyer in Salt Lake.
In many cases, iBuyers offer sellers a price that is well below – sometimes tens of thousands of dollars below – what they could expect to get on the open market.
They take advantage of the fact that many of the sellers who contact them are desperate to get their homes sold in the way that’s the easiest for them, meaning they don’t have to worry about staging and keeping their home clean for showings. However, that means that many of these same sellers accept far lower prices for their homes than they’re worth.
When working with an iBuyer, they’re looking to pay you a price they can make a good margin on, which often means undercutting the market. By hiring an agent, though, the agent works to get you the best price so they, in turn, make the best commission.
A Market Watch investigation of iBuyer transactions found that many home sellers felt as if the repairs required following a home inspection were above and beyond what would have been asked in a traditional home sale. This led to an even further decreased sale price and more stress for the homeowners.
In a traditional home sale, the inspectors make their recommendations that the homeowner and potential buyer can then act on or not. For most sales, this process is limited to those items that are in major disrepair or which jeopardize the health and safety of the occupants.
Small items are left in the inspection report but not corrected, meaning the seller has to worry about fewer repairs.
Working with an iBuyer means you’re subject to their contractual fees. These fees vary widely and can significantly cut into the overall sale price of your home.
When hiring an agent, on the other hand, you only need to worry about paying their contractual portion of the sale price, which is usually between 5 and 7 percent.
There’s less worry of hidden fees that cut into the sale price, and you can always choose to not accept an offer that doesn’t leave enough room for a profit margin after you pay the real estate agent.
MORE CONTROL AND CHOICE
If you elect to work with an iBuyer, you either accept their offer and conditions or you don’t work with them at all. This can cause you big headaches and may drive sellers to accept low-ball offers they wouldn’t take otherwise just to be done with the process.
You also have to do things the way the iBuyer dictates, right down to the tiny details.
Working with an agent means you have more control over the sales process. You choose which agent to work with, whether to accept offers, and whether to agree to a buyer’s requests for repairs or deductions.
Hiring an agent means you get their personal help selling your home, start to finish. You may work with various members of the agent’s team, but that agent is invested in getting your home sold as quickly as possible and for the best price.
An iBuyer, on the other hand, is interested in getting your home for the lowest price possible so they can turn around and sell it for the highest price possible. You may never even see a representative of your iBuyer’s company in person during the whole process.
If you’re a fan of the personal touch, hiring an agent is the way you want to go.
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