A recent survey conducted by Clever Real Estate sheds light on the challenges faced by home sellers who choose not to enlist the services of a real estate agent. The survey, which included responses from 1,000 home sellers in 2022 and 2023, highlights key reasons and consequences for bypassing professional representation.
- Dissatisfaction with Selling Experience: Homeowners who opted not to use a real estate agent were twice as likely to express dissatisfaction with their selling experience.
- Financial Impact: Sellers without an agent were found to be three times more likely to claim financial losses on their home sale. On average, those who used an agent earned $46,603 more in profits compared to those who sold without representation.
- Complexity of the Process: Over a third of sellers without an agent, such as For Sale By Owner (FSBO) or those selling to iBuyers, found the process more challenging than expected. Common challenges included distrust from buyers (43%), difficulty understanding the contract (40%), and legal mistakes (36%).
- Extended Selling Timeline: Home sellers without an agent were nearly twice as likely to report not accepting an offer for at least three months. In contrast, 53% of sellers with an agent accepted an offer within a month of listing.
- Increased Stress: Half of the sellers without an agent admitted to experiencing stress during the process, with 52% feeling overwhelmed. In contrast, homeowners with an agent expressed higher satisfaction and lower stress levels.
- Many sellers initially perceived real estate professionals as overpaid and not more knowledgeable than the average seller. However, after the transaction, they acknowledged making mistakes without professional guidance.
- Unrepresented sellers who faced difficulties expressed regrets about their pricing strategy, legal complexities, and buyer trust issues.
- While some sellers with agents had grievances, the dissatisfaction was comparatively lower. Concerns included agents solely focused on making a sale, lack of interest in client concerns, and perceived pressure into decisions.
- Notably, 77% of respondents who used an agent reported satisfaction, and 72% expressed a willingness to use their agent again.
Despite the increasing prevalence of online home searches, the survey underscores the value of real estate agents in navigating challenges, providing peace of mind, and ensuring successful transactions, especially in dynamic market conditions.