Not only do you have all of the connections of a realtor if you hire one, but there's a lot in the home selling process that is just impossible if you sell by owner. In our case, the big drawback of not having a realtor is MLS. We tried hiring one of the websites that can just list to MLS for you, but we found out (the hard way) that our local MLS doesn't accept what is called a discount broker...meaning we would have to hire an actual realtor to list to this service. Big problem, considering most people and realtors find homes through the MLS around here.
5. Promoting your home when you're selling yourself can be a pretty big job.
I have been promoting this thing like nobody's business. I put it on Craigslist every couple of days, post it to Facebook Garage sale pages at least once a day (which has been a HUGE source of traffic), and we just put it in the paper. We have it on all of the free sites, and I'm pretty close to trying something like forsalebyowner.com...anybody had any luck with it?
We're not quite ready to hire a realtor just yet, but we're close. They are expensive, but I'm learning more and more that they earn what they're paid for!