In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.
Here are the top five reasons:
Recent studies have shown that 95% of buyers search online for a home. That is in comparison to only 17% looking at print newspaper ads. We have an internet strategy to promote the sale of your home. Another key component is our ability to network with other Realtors. Although we advocate for our Sellers, other agents respect us and know that we are good to work with on transactions. They want to bring buyers to our listings.
Where did buyers find the home they actually purchased?
The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy including social media – is crucial, and we have this!
Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:
The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
Many homeowners believe that they will save the real estate commission by selling on their own. Most buyers have an agent representing them and their agent will ask to be paid by the Seller. This being the case, for only 3% additional commission, you will have full representation as a Seller if you hire us.
Also, there is proof that sellers NET more from the sale of their home when an Agent is listing the home For Sale. A study by Collateral Analytics revealed that FSBOs don’t actually save anything, and in some cases, may be costing themselves more, by not listing with an agent. One of the main reasons for the price difference at the time of sale is:
“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”
If more buyers see a home, the greater the chances are that there could be multiple offers for the property.
Also, as Agents with a wide range of experience, we have earned powerful negotiation skills that we use for your benefit. Our experience at negotiating can help you NET more on your home’s sale than you potentially can on your own.
Why would you choose to list on your own and manage the entire transaction when you can hire an Agent and potentially make more?
Before you decide to take on the challenges of selling your house on your own, please give us a call to discuss your options.