It is very common that when a seller decides to sell property, the idea of selling by owner comes up. The main reason that sellers are interested in selling by owner is to save the money they would be paying a Realtor for their service. In most cases sellers that try to sell by owner are doing themselves an injustice and eventually end up selling with a Realtor. Below are a few reasons why sellers should not hesitate to hire a Realtor.
· For sale by owner market share is shrinking: In 2017 only 8% of sales were FSBO’s.
· The price isn’t right: The key factor to selling your home in a reasonable amount of time is pricing correctly, not as easy as you think. An experienced Realtor can conduct a detailed market analysis which will take into account your property’s condition and any upgrades that you have done. Sellers tend to price with their emotions instead of data.
· Hiring an agent shouldn’t cost you a penny: In fact, you might make more with a Realtor. According to the National Association of Realtors, on average an agent assisted sale can net 11% larger profit. Even after the typical 6% Realtor commission fee, sellers still net 5-6% higher than they would’ve selling on their own.
· Avoid low ball offers: As sellers are looking to save money by selling by owner, buyers are looking to save money by finding homes that are being sold by owners. Some buyers assume that FSBO's are willing to accept lower offers since they know that the seller will not be paying a Realtor's commission. FSBO's often receive low ball offers from buyers looking for bargains, most likely these buyers are not working with a buyer's agent to help them make educated offers.
· Yard signs and Facebook posts don’t cut it: Only 10% of buyers found find their home’s by seeing a for sale sign and your Facebook friends just don’t want to buy. Realtors have the proper tools to advertise your property and run social media business accounts with actual buyers looking to buy.
· Buyers will not wait for you: Buyers quickly forget about a property. If you are not available to show your property when a buyer requests, there is a good chance that you will not hear from them again. Having a realtor manage your showings and granting access when you are not available will help minimize missed opportunities to sell your property.
· Make your life easier: Let a professional worry about listing, marketing, negotiating, showing, screening buyers, selling, and closing on the sale of your home.
In conclusion, don't waste your time and energy trying to sell by owner unless you have a marketing plan, time to manage showings, are open to entertaining low ball offers, are okay with netting less money, and are confident that you can coordinate the transaction all the way through closing. Keep in mind that the selling process may sound easy but only 8% of sales are FSBO's for a reason.
I hope you found this article interesting and helpful. If you have any interest in selling your home feel free to visit www.WestBrowardMarketUpdate.com or call me (Herson Richiez) at (954) 829-6073 to get a free home value estimation.
