Homeowners who choose to sell their property without the help of a real estate agent are twice as likely to express dissatisfaction with their selling experience, according to a recent survey by Clever Real Estate. The survey, which involved 1,000 home sellers from 2022 and 2023, revealed that many of these sellers realized after the fact that they likely made less money on their sale and experienced more stress without professional representation.
Before going through the process, sellers who didn’t use an agent often believed that real estate professionals were overpaid and no more knowledgeable about the process than the average homeowner. However, after their transaction, many admitted that mistakes were made by not having a pro on their side.
In fact, over one-third of those who sold without an agent—such as FSBOs (For Sale by Owner) or those selling to an iBuyer—found the process more challenging than they had expected. Among the key issues they faced:
- 43% said buyers distrusted them due to the lack of an agent.
- 40% struggled to understand the contract.
- 36% admitted they made legal mistakes.
The survey also highlighted the other pitfalls of selling without an agent:
Lower Sales Price: Sellers without an agent were three times more likely to say they lost money. On average, homeowners who worked with an agent earned $46,603 more in profit compared to those who went solo. Nearly half of FSBO sellers wished they had priced their home differently, and many now believe their home would have sold for more with professional guidance.
Longer Time on the Market: Sellers without an agent were almost twice as likely to take over three months to receive an offer. By contrast, 53% of sellers who used an agent accepted an offer within a month. Ironically, many homeowners chose to go without an agent thinking it would result in a faster sale.
Increased Stress: Half of the homeowners who went through the process without an agent admitted to crying at some point, and 52% felt overwhelmed by the complexities of the sale. On the other hand, those who hired an agent reported feeling more satisfied and less stressed overall.
While some sellers who used an agent had their own complaints, such as feeling pressured or not fully supported, the vast majority—77%—said they were satisfied with their agent, and 72% would use the same agent again.
Despite the rise of online platforms, the majority of consumers still rely on real estate agents when buying or selling a home. According to the National Association of REALTORS®’ 2023 Profile of Home Buyers and Sellers, 89% of transactions in the past year involved an agent—an increase from the previous year. FSBOs, by contrast, represented just 7% of home sales, matching an all-time low. Data also shows that FSBOs tend to sell at a lower price, with a median sale of $310,000 compared to $405,000 for agent-represented homes.
In short, while some may think they can save time and money by skipping the agent, the numbers tell a different story. A professional agent not only increases the chances of a smoother process but can also help secure a higher profit from the sale.