In my last post, “Whose Fault Is It If Your Home Doesn’t Sell?”, I talked a little bit about the value an agent can (and should) bring to the table -- and how to protect yourself against agents who may fall into market funks (or just fall away altogether).

Today, I ran across an interesting debate, from earlier this summer, on U.S. News and World Report’s “The Home Front” site.  The debate was between a fellow Phoenix-area real estate agent and blogger Jay Thompson and Greg Healy, an executive at ForSaleByOwner.com.  The subject of the “Housing Rumble” debate: “Do you need a real estate agent to sell your home?”

The two debaters talked a lot about commissions -- they spent most of their time talking about it, actually.  Yet for the most part they missed the most crucial points of the debate: what does selling a home right entail, and can homeowners successfully do it on their own.

(Disclosure: I go to sleep at night feeling proud of the work I do for my clients.  As such, I think that good real estate agents provide an invaluable service that most homeowners cannot do themselves.  Just to clear up what side of the debate I’m on.)

What does selling a home entail?  Can homeowners successfully do it on their own?

Selling a home isn’t rocket science, but it is a complicated process.  And it’s about more than just paperwork (that really only comes in at the last stage of the game -- signing the sales contract).  Here’s a step-by-step rundown of what the home sales process entails:

Step 1: Pricing it right

In today’s slow market, making sure your home is priced to sell is absolutely key.  An overpriced home will actually detract potential buyers -- even if you lower the price down the road.  In the debate, Healy said that homeowners looking to sell on their own can use an Internet market report service or an appraiser to price the home.  Yet a good real estate agent will leverage those source -- and more.

Step2: Positioning it for the buyers

Do you know the tips and tricks that will help prospective buyers feel at home in your house?  A good real estate agent does.  From enhancing curb appeal to making your home more décor-neutral, a good real estate agent will help you make your home look its best.  They’re tips and tricks you could probably learn on your own, by reading lots of books, but do you really have time for that?

Step 3: Marketing

Healy suggested (maybe he didn’t mean to) that, because most buyers look on the Internet at some point during their home search, advertising your home for sale on a website or two will get the job done.  Maybe.  But a good real estate agent will leverage the Internet (multiple websites, including some that only agents have access to), and more.  A good real estate agent, especially one who works with buyer’s agents, will have a direct contact list of hundreds or thousands of potential buyers -- something no homeowner has access to (unless the homeowner’s a real estate agent, of course!)

And, again, while marketing your home to sell isn’t rocket science, it takes experience and expertise -- and a lot of time.  Most of us have plenty to do between taking care of our full-time jobs and our families -- not many homeowners have time to take on the second full-time job of selling their home.

Step 4: Negotiating with the buyer

Find a real estate agent that’s a Certified Negotiation Expert -- a designation reserved for only the top 1% of all agents nationwide.

If your buyer isn’t working with his or her own real estate agent, then maybe being a trained expert negotiator isn’t a big deal.  But if you’re selling your home yourself, and your buyer is working with an agent who’s an expert negotiator -- you’re probably going to get the short end of the stick.

Step 5: Signing the sales contract

Healy said that a real estate attorney will help clients flesh out the sales contract for less than $1,000.  That’s true, and I can’t really argue with that, except to say that because you need an expert for steps 1-4, why not leverage your real estate agent for the fifth step, as well?

Thompson touched on the issue of expertise as one reason to hire a real estate agent.  He made a funny (and very true) point:  “Yes, someone can sell (or buy) a home without an agent. I can also rebuild my own transmission, cut my own hair, and even represent myself in a court of law. Personally, I'd rather leave all those to an experienced professional who does it every day, and does it far better than I'll ever hope to.”

What do you think?  Have you sold (or tried to sell) your home on your own?  What was the experience like for you?  Share your story!