Sure, they can do it. 

They can pay more, make less or not get the most favorable terms...perfect for someone that thinks they know it all.

Eve

Some can do it better than some agents, however those who cannot seldom know the magnitude of their mistakes.

Anything is possible.

Mike & Eve nailed this one!

Absolutely, but they would be more the exception than the rule. A follow-up question is 'how many people would be even more successful if they partnered with a reputable, experienced agent?'

Richie Alan Naggar Author PEARLS SERIES of books yes is the simple answer.

However, they need to be educated!

Of course they can't. They are at a disadvantage and will likely trip up and not know where to watch out for the pitfalls and legalities.

Yes, I think they can, however, they open themselves up to a bunch of potential problems.

Unrepresented buyers/sellers just don't know what's right / wrong / indifferent. They have no vast experience or wealth of knowledge.  They can be suckered easier that way.  Sure they can do whatever they want, but even with experience there's always something new cropping up.  The thing with an experienced agent is . . . not only will they know this is "rather interesting," but they will have some direction on where to go and what to do when there's a nuance.  Unrepresented buyers/sellers don't know what they don't know.  They may "know it all" but what they know is not very much.

I have thought that a seller in a hot area does not need to hire a listing agent, as a determined buyer's agent will do the necessary work for them both in protecting their client and through custodial services for the seller.

I agree with Ron & Alexandra Seigel it can be done but only with ample self-education. Even experienced buyers and sellers usually prefer to use an agent.

I think they can, if they take the time to educate themselves, and that will take time. 

I don't believe so.  If you are not familiar with all the laws and regs, there will be issues and ther in lies the issue.

While a non-agent can certainly sell a home without an agent, there are a number of risks involved and deals are more likely to fall through. It's a matter of knowing the laws, along with experience and judgment.

Luck. Good intentions. Best efforts.

Of course all of those things can fall into place to benefit a seller, buyer or investor. However, I can not imagine the context in which this would be considered a good strategy.

For a person not familiar with real estate, who chooses to transact a deal will come to realize the luck, good intentions, best effort fell on the other side of the table.

But here is the GOOD NEWS, this person will be unware of what happened to them. Ignorance is bliss, some have said.

Without representation of some sort, an inexperienced person will most likely make some errors or omissions that can potentially cost them more than the sale itself.