Have you (however briefly) considered selling your home without the help of a real estate agent? No one blames you. After all, we all want to get the biggest return possible on our most valuable monetary asset. But, before you actually choose the For Sale By Owner (FSBO) route, it is important that you have all the facts.
Do you really save?
You may save money on commission, but it is also likely, especially in a competitive seller’s market, that you will lose a lot in the pricing and negotiations.
It is difficult to price a home just right and that is where a knowledgeable agent can earn their weight in gold. If you price it too high, your home can sit on the market for long periods of time. If you have to lower the price after you have listed it, buyers may be skeptical and ponder what might be wrong with your home. Real estate agents know the market and can look up comparables so that you can hit the sweet spot on your pricing, thereby, bringing in lots of buyers and inspiring a lot of bids.
In addition, negotiation is a skill that requires experience and knowledge of the current market. If you go the FSBO route, be prepared to negotiate offers. It can be difficult to decide whether to accept or reject an offer and what terms and conditions are realistic and beneficial without market expertise.
It’s a full-time job
Another disadvantage of FSBY is that once you decide to put your house on the market, you will be on call 24/7 arranging showings, cleaning for showings, and conducting showings. It can feel like a full-time job with some overtime. By enlisting the help of a quality real estate agent, you will be able to hand off all the potential buyers as well as the weekend and evening showings.
Have you also considered…
If you sell your own home, you will also need to find someone reputable who knows real estate in order to cross all the T’s and dot all the I’s throughout the transaction. This can be a pricey and time-consuming venture.
Good real estate agents also have all the contacts you could ever want and need to sell your home. For example, to sell your home faster, you will want to find the best home stager in the area. If you don’t have time to do a deep clean, they know who to call. If you are going to hire a professional mover, they know just the company to contact. Do you need some handiwork done? They will likely know just the person.
If time is valuable, FSBO is probably not the way to go unless you already have a buyer in mind. Real estate agents will help you find a buyer, negotiate a contract, and get the deal signed, sealed, and closed, on average,4 times faster than you could do yourself. They have relationships with all the necessary entities like buyers’ agents and title companies that will speed up each stage of the process.
Finding buyers
One of the greatest advantages of hiring a real estate agent is their marketing expertise, resources, and the brokerage’s large database of clients. A successful agent will also get your home photographed by a seasoned professional who will capture all of your home’s greatest assets. They know what buyers are looking for so they will advise you on what to do and not to do to prepare your home for a successful resale. And, they have the ability to advertise your home on numerous sites to generate the largest pool of buyers possible.
One more thought…
By choosing FSBO, you could be opening yourself up to potential burglars and thieves. You should consider additional security because some lookey-looers might be looking to rob your home, not buy it. Buyers with agents are much less likely to be up to nefarious activities.
Whether you choose to go the FSBO route or hire a seasoned professional, having all the facts is essential. If you have any questions or concerns, call us at 616 REALTY. We will help you in any way that we can whether you choose us or go the FSBO route.