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8 Ways To Educate A FSBO
While selling your home by yourself, without getting a seller’s agent involved, may seem like a great way to save money on a commission fee, the fact is that most potential FSBO sellers end up regretting the decision. If you’re considering going FSBO, or you’re already listing your home that way and things aren’t exactly working out as planned, then keep reading. Using recent National Association of Realtors statistics, here are a few reasons you may want to reconsider.
1) FSBO Market Share is Shrinking
According to the most current data from the National Association of Realtors (NAR), FSBO sales accounted for only 8% of all home sales in 2015* Not too impressive, is it? Well, it gets even worse when you take into account that FSBO sales seem to have been steadily declining over the past decade from a 2005 peak of just 14%*.
Most difficult tasks for FSBO sellers:
Getting the right price:
Preparing/fixing up home for sale:
Understanding and performing paperwork:
Selling within the planned length of time:
Having enough time to devote to all aspects of the sale:
2) The Price Isn’t Right
The say “location, location, location” might be the home buyer’s mantra, as a home seller, that’s one variable you really can’t change. The key factor to selling your home in a reasonable amount of time is pricing it correctly, which isn’t nearly as easy to do as you might think. Sure, you can go online and see what nearby homes have sold for, but are you really comparing apples to apples here? An experienced Realtor will be able to perform a detailed market analysis which not only takes into account your home’s condition and any improvements you might have made, but can generate an up-to-the-minute temperature reading of just how hot your local market really is. Trust a Professional!
3) Yard Signs and Newspaper Ads Just Won’t Cut It
Believe it or not, many FSBO home sellers still believe that all they have to do is throw up a “For Sale” sign in the yard and the world will beat a path to their doors. Sorry, but today’s tech-savvy buyers prefer to house-hunt in more methodical ways than simply driving around the neighborhood. According to the NAR, this is still the top FSBO marketing method, as 36% of would-be sellers rely on yard signs. The key word here is “would-be”, since only 10% of all buyers actually find their homes via yard signs. Statistics are even more dismal for sellers who choose print media, since only 1% of buyers find homes through newspaper ads. Good Realtors have the ability to
4) Craigslist, Really?
Okay, so you are internet-savvy, and you know all about Craigslist and similar online, free classified listings. That’s fantastic, since NAR’s 2014 housing market profile shows that 92% of all home buyers use the internet to help them in their search, but on the flip sided these online classifieds are also seen as a happy hunting grounds for scammers, criminals, and dangerous people you really do NOT want to be admitting to your home to. Do you really want to put yourself through that headach? Realtors don’t have to resort to uncertaint bargain-basement listings or unqaulified buyers for your home who may wasted your time but realtors can instead list your home on highly-qualified sites such as Zillow or Realtor.com and many other qualified network and resources. Do you feel craigslist gives you the best chance to sell for top dollar with the least amount of inconveinces? Or hiring a Realtor?
6) Realtors Have All the Right Tools
Approximatly 91% of all Realtors make use of social media as a marketing tool. Just about everyone browsing their page is interested in buying a home in the local area. Realtors Like myself are actively engaged in driving traffic to their own websites to capture leads and they also have the capacity to list homes on the Multiple Listing Service. Realtors have all the access to many different networks and activley seek better resources to stay ahead of trends, a qaulity you will want your listing agent to have!
7) They Can’t Buy It If They Can’t See It
One thing that may not be taken into account as a FSBO is just how available you’ll need to be in order to show your home. Are you really going to be able to call in sick or cancel your plans every time someone wants to look at your home? Potential buyers aren’t going to want to work around your convenience. A professional Realtor, however, doesn’t need to take a day off work in order to show your home, since this IS his/her job. Do you value your time enough to hire a Realtor?
8) You Don’t Want To Waste Your Time With Bargain Hunters
If you’re acting as your own sales agent, how do you decide who’s a legitimate buyer and who’s just going to be wasting your time? Seller’s agents have the necessary tools to determine whether a buyer is pre-qualified with a home loan sufficient to cover the cost of your listing. Statistics indicate FSBO homes are more likely to appeal to the type of buyer who’s out for a rock-bottom bargain-basement deal and may even go so far as to want you to give them a cut of the commission you’re saving by foregoing a Realtor’s services. Make the right choice and hire a realtor to negotaite on your behalf!
Justin Torres is a Professional Interpersonal Communication Specialist who is an associate broker with EXIT Realty and was previously an Inside Sales Agent to help bridge the gap between sellers and b....