Trying to sell your home on your own means trying to do by yourself what professional REALTORS™ do everyday. Obviously we are a little biased about this but before you go to Staples and buy a ‘For Sale’ sign, think about this:
Professional REALTORS™ know how to:
- Price & position your property in the marketplace
- Professionally market your home online, direct to buyers and extensively to the network of local real estate professionals
- Manage showings, meet buyers, conduct open houses
- Handle paperwork, disclosures and other legal issues
- Help potential buyers obtain financing
Why Do Sellers Try to Go It Alone?
- 49% of sellers who sold their own home say they “did not want to pay a commission”. Most assume that they will put that money in their own pocket. However the buyers of FSBOs say they expect to be able to put that money into their pocket!
- 26% sold their home to a friend or relative
- 11% were contacted directly by a buyer
- 4% did not want to deal with an agent
Selling your own home usually does not result in the best price:
- The median selling price of FSBO homes was $172,000 compared with $215,000 for agent-assisted home sales
- Sellers who “did it themselves” realized a 20% lower sales price!
Owners are not (Real Estate) Marketing Professionals
They frequently use the least effective and most costly methods to attract buyers, including:
- 44% relied upon yard signs
- 22% placed newspaper ads
- 15% effectively conducted open houses
- Only 25% put their listing on the internet
- 3% had the ability to send direct mail to a database of prospective buyers
Other Downsides of FSBO
Most FSBOs are not prepared for the complexities of the real estate transaction. As a result, they often lose potential buyers and valuable market time.
- They may also face certain risks with respect to paperwork and legal issues. Only 15% said they understood the paperwork involved
- They may leave money on the table or fail to sell by inappropriate pricing. Only 15% said they were able to set the right price in the marketplace
- They may waste time with unqualified buyers or lose those who could qualify. Only 5% could help buyers obtain financing
- Time is NOT of the Essence! Only 13% said they sold within the length of time they had planned on and 5% said they had enough time to devote to all aspects of the sale
So, if you’re going to make 20% less money, take ALL the legal liability and risk on yourself, be overwhelmed by the amount of work required AND do a poor job to boot, why would you do it?
Call us for a fresh breath of professional consultancy. We can lead you through the process, get you top dollar and save you time, money and heartache. After all, your home is probably your largest single investment, why would you trust that to an amateur?
Source: 2009 Profile of Buyers and Sellers, NAR Research