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Pros and Cons of Getting a Real Estate Agent to Sell Your Chicago Home

by Oct 15, 2022

If you’re looking to sell your house in Chicago fast, you should explore all your options to sell. After all, factors like the condition of your home, location, and real estate market trends can affect how well your house sells and how much effort you’ll need to put in given the current market. 

The most popular choice for homeowners looking to sell is to hire a real estate agent and have them handle most of the work of the sale. While this option comes with its own advantages, it’s crucial to weigh in the pros and cons to see if hiring a real estate agent comes with more benefits for your situation. Here are some of the pros and cons to consider when wondering whether you should get a real estate agent to help you sell your Chicago home. 

Pro: Faster and More Efficient to Sell Than a FSBO Sale

Some people opt to save money by skipping out on the real estate agent and do all the work themselves. While it does save you from a percentage of your home’s selling price, there are a number of reasons why, compared to real estate agents in Chicago, FSBOs aren’t a good idea. Unless you have experience in real estate and negotiations, you could be getting the short end of the stick when you’re presented with a lowball offer. 

Selling in an FSBO manner can also lead to emotion-based decisions, time-consuming efforts to show the property to buyers who may not be serious about purchasing your home, and having to deal with the legal and regulatory requirements. With all these considered, it might be worth paying a real estate agent if you’re planning to list your property on the market. 

Con: Real Estate Agent Commissions 

On average, real estate agents get around five to six percent of the final sale price. If you’re not in a hurry and want to list your property on the market, it may not seem like such a big expense. However, if you’re looking to make the most out of your home sale, the commission you’ll have to pay might be a big chunk of your earnings out the window. This is especially true if you don’t have full equity over your home and are selling for reasons like debt or to avoid bankruptcy and foreclosure. 

Pro: Weed Out Unqualified Buyers

Not all buyers are serious about buying a home. You have the dreamers who like to window shop for homes, the ones who aren’t pre-qualified or pre-approved for loans, and the occasional low-ballers with insultingly low offers. On your own, it can be difficult to weed out these kinds of buyers. Real estate agents, however, are trained to ask questions and spot someone who isn’t serious about buying your Chicago home. 

Con: No Guarantee That Your House Will Sell

Hiring a real estate agent to sell your home isn’t a guarantee that your property will sell. In Illinois, the average home can receive an offer within 43 days. Add in the typical 35 to 45 days for closing, and you’re looking at an average timeframe of around 88 days. If you need to sell your house fast, this might not be the best way to sell your house in Chicago. Yes, depending on factors, some houses can sell faster, but keep in mind that those factors may also work against you, and it may take longer to find a buyer for your home.  

Pro: Access to an Agent’s Real Estate Network

When selling FSBO, you can only rely on a number of real estate listings and marketplace platforms while hoping that someone interested in buying a home in your area is browsing. But with a real estate agent, you get access to their extensive network of agents. This can help put your home in the path of interested buyers, as well as listing your home in exclusive areas that other real estate agents can access. 

Con: You Could Be Stuck with a Bad Agent

Most agents require a contract before they can work with you. Aside from their commission, it also states that they will be your exclusive real estate agent for a set time. Some real estate agents have a time limit, while other agents don’t let you out of the contract unless they agree to do so. So, if you end up with someone who isn’t meeting your standards, it can be difficult to dismiss them and find another agent to work with. 

Ready to Sell Your Home?

These are some of the key pros and cons of selling your home with a real estate agent. Keep in mind, however, that listing your property isn’t the only way to sell your home. At Onyx Homes LLC, we buy houses in Chicago, IL for good prices and quick sales. 

Get in touch with us today to learn more about our fast solutions to selling your home. 

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