If you’re looking to sell your home in the near future, you may feel inclined to list it as a For Sale By Owner (FSBO) before working with a REALTOR®. For some, this is considered one good way to cut back on costs to try earn a little more profit on the sale.
However, there are certain aspects you may want to consider before going down this path. Statistically, over 80% of homes For Sale By Owner end up being listed and sold with a REALTOR®. Therefore, it pays to take the time to fully assess whether or not this is the right plan of action for you.
Properly Marketing Your Property
First of all, listing a home for sale can be a very time consuming and difficult process. Unfortunately, this typically is not as easy as posting a sign in the yard and setting up a classified ad in the local newspaper. There is certainly a lot more than meets the eye.
For instance, many FSBO websites will tout that you can obtain a wide exposure to buyers nationally, but this pales in comparison to the results that you can expect from big named sites like Realtor.com, which only agents can post to.
Next, your agent will have a lot of expertise with implementing online real estate marketing strategies that will gain you locally targeted searches. In fact, nearly 90% of all home searches start online today.
REALTORS® will also have a strong network of both agents and buyers that they work with on a regular basis. This is a business where it pays to network. More contacts equals greater exposure.
Asking Price & Showings
For starters, a lot of FSBO’s will start at the wrong asking price. This is by far one of the most important factors that goes into marketing your home, so you want to do this properly off the bat. But, without being fully invested in your local market and understanding the current trends and market data it can be difficult to price the home accurately.
As alluded to in section one, selling a home can be a lot of work. Most individuals these days have to juggle a full time job, family obligations, recreational activities, household chores, etc. Where do you find the time for fully investing into the sale as well?
When the opportunity arises for interested parties to view your property, you need to be available to schedule individual showings, open houses, inspectors, appraisers, etc., while also trying to stage and maintain your property’s appearance. Miss out on a good opportunity for matching schedules and you can quickly lose interest.
Negotiations & Contracts
If you get to the point where you negotiate with a buyer, it is much more difficult to handle this aspect without a qualified agent. Selling your home can be a very emotional undertaking, so it is easier to set unrealistic expectations, or to even concede on more than necessary when you don’t have a third party as a buffer.
During most real estate transactions, both the buyer and seller will typically have a set of concessions and contingencies. For a majority of buyers, they will expect to have some type of a financing, and inspection contingency.
This is set up for their protection, in order to complete their due diligence on the home before moving forward to closing. If other issues are found, this may even been grounds for further negotiation or eventually walking away from the deal.
You may be faced with a situation where you will be expected to lower the price, fix the issue or offer a concession on something else in order to alleviate the problem. Likewise, you want to ensure that the buyer is not overstepping their boundaries or that you are pressured into giving away more than is reasonable.
In summary, it’s worth taking the time to carefully consider these 3 areas before making any final decisions. If you still decide to take the FSBO route, we sincerely wish you great success. However, if you want to discuss the benefits of working with an experienced agent with the tools, technology and resources to sell your home quickly, contact a REALTOR® today.
If you are looking to sell a home in the San Antonio, Texas area, contact Trudy Edwards with Legend Realty Group, KELLER WILLIAMS Realty Heritage to schedule a complimentary home seller consultation.
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