Homeowners obviously know their homes better than anyone, but that doesn’t mean they’re the best salespersons for their properties. Some sellers are tempted to try a For Sale by Owner (FSBO) transaction because their local community is in the midst of a sellers’ market. They think they can sell easily without help. Others try the FSBO route because they want to maximize their profits and avoid paying a commission to a Realtor. Sometimes For Sale by Owner Sales Fail.
However, statistics show that selling your home with the assistance of a professional will garner you a higher profit. By doing this, it allows enough to cover the commission as well as put more money in your pocket.
Why to Sell With a Realtor
Choosing to sell with a professional rather than on your own makes sense for a variety of reasons:
- A Realtor has access to market data about recent sales and other homes on the market that can be used to price your home appropriately. Studies show that homes priced right sell more quickly and for a higher price.
- A Realtor can show your home when you aren’t available. They can also respond to inquiries from potential buyers and their agents. Realtors can get valuable feedback from visitors – all things that save you time.
- A Realtor can look at your home objectively and suggest ways to improve its appearance. This helps to appeal to more buyers.
- Buyers typically prefer to look at a home without the seller present so they can feel more comfortable. At a for sale by owner sale, the seller must be present.
- A Realtor can screen visitors to your home, which provides a measure of safety that FSBO sellers don’t have. In addition, by checking to see if the buyers are legitimate, a Realtor can help you avoid wasting time showing your home to unrealistic buyers.
- Realtors have professional marketing expertise. They also have the support of a brokerage that can market your home more widely than you can as an individual.
- A Realtor can help you negotiate a contract that not only garners you an appropriate price for your home. This allows you to meet your needs for a settlement date. In addition, a Realtor can make sure your contract is in compliance with all local regulations.
For Sale by Owner Dangers
Most buyers today work with a buyers’ agent to represent their interests. If you choose to sell your home, you’ll be negotiating with a professional and relying on your own skill. You could you end up selling your home for less money. In addition, you could leave yourself open to potential legal problems unless you have the contract vetted by an experienced real estate attorney.
For sale by owner transactions can be successful, of course, but 90% of homeowners prefer to work with a professional.
Written by Darren Wilson, The Wilson Team
Did we mention For sale by owner deals are not that great? Here’s why.