There are a lot of things to consider before you offer your home ‘For Sale By Owner” commonly known as FSBO. Many homeowners believe they will save the real estate commission by selling on their own, but statistics show homes sell for more than by working with a real estate professional.
The main reason buyers look at FSBOs is because they believe they can get a better deal and negotiate a lower price on a home. Both seller and buyer want to get the best deal. Often times neither wins without a real estate professional to take the sale from showing to closing.
With a FSBO, an owner should be prepared to do a lot of research before embarking on selling their home. A few weeks of internet research can’t replace the knowledge of a real estate professional. A few mistakes can cost the owner much more than the real estate commission. Failure to disclose a known defect, overpricing the home or ignoring Fair Housing Laws can result in lawsuits, fines and court costs. Become familiar with real estate laws, most pertain to licensed real estate professionals as well as home owners.
There are basic questions that a home owner should ask themselves before marketing their home.
Do you know the value of your home in your market? Don’t rely on tax information or your gut feeling, what your neighbor’s home sold for last week or what you paid for your home 10 years ago, or how much you have spent remodeling. Markets change quickly and REALTORS© have current data on for market values in your area. You may want to have a valuation performed by a real estate appraiser. Leaving dollars on the table is just as bad as asking too much for your home and having it sit on the market overpriced and ‘shop worn’.
Can you handle the marketing of your property? It takes a lot of effort and time to properly market a property. Professional photos will show your home in its best light. Cell phone photos will not be sufficient. Real estate agents and REALTORS© are paid not just for the time they spend selling your house, they are paid for their experience marketing homes and getting the most money possible for a seller. They work for you and market your home every day, not just when they are showing your home. Recent studies have shown that 92% of buyers search online REALTORS© also have access to the MLS (Multiple Listing Service) which will allow your property to be instantly marketed to other agents who have clients looking for similar properties
Can you be available to show your home every day? Do you work? Most buyers want to look during the day, in the early evenings after work or on the weekends. Are you willing to give up your free time to try to sell your home and answer calls almost any time of day or night?
Can you bear criticism of your home? It may be perfect to you, but a buyer may not see it that way. Often a buyer will tell you all the shortcomings of your home in order to negotiate a lower price. Try not to take criticism of your property personally. A REALTOR© serves as a buffer between the seller and the buyer and can handle the critique of the property professionally and objectively.
Can you effectively negotiate the price and terms? Without a real estate professional to negotiate for you on your behalf, the buyer may want to know immediately what you will take for your home. If you are not a good negotiator, don’t try to sell your home yourself. By using a REALTOR© they will present any buyer’s offers to you along with your costs and proceeds. This will allow you time to make the right decision.
Can you bring the sale to closing? Are you willing to take the time to work with all the people involved in finalizing the sale and bringing the sale to closing? Appraisers, home inspectors, surveyors, lenders, title agents, attorneys, termite inspectors… the list is not endless but it takes time and coordination and patience to get everything prepared. A REALTOR© does this all the time. They are trained to do it correctly and efficiently.
Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional and see what they have to offer. At Azalea Real Estate in Grand Bay we can help you from first showing to closing. We can answer your questions and help guide you through the home sale or home purchase. Why not take advantage of our 40+ years of experience? Visit www.azalearealestate.us or contact Aleta Boudreaux, REALTOR© at 251-656-4576 – Azalea Real Estate Agency 251-865-4266 for your real estate needs.
