For Sale By Owner
Why for sale by owner can be risky
If you are considering selling your home and have thought about selling it yourself (for sale by owner) we have put this blog together for you. Many home owners feel their home will sell it’s self and the process will be a piece of cake. Home owners want to save money and they often think realtors are overpaid. (That is another myth and blog)
As a home owner you need to understand there is a lot more to selling your home than snapping a few pictures, entering it on a website and receiving an offer for the price you had hoped for. Below we will outline a few reasons why you are better off with professional and experienced Realtor handling the sale of your home. (such as The Sales Team)
See what clients are saying about The Sales Team!
Marketing. In today’s market where technology is king your home needs maximum exposure to be competitive. You want your home to be seen by the largest pool of potential buyers and their agents. Most for sale by owners will take a few pictures, enter it on Zillow or a for sale by owner based website and hope to get the price they THINK the home is worth. A Realtor not only has the latest technology to give your home the exposure it needs they also should have a data base of contacts and professionals to get your home in front of.
We not only market your home on the web, we come up with a specific plan that is best suited for your situation and unique to your home. This may include mass mailings, professional photography, email blasts, broker’s open, open houses, ads and social media advertising. Each property is different and your marketing plan will be customized to get your home sold quickly and for top dollar.
Legalities & Process. The residential purchase agreement is a legally binding contract. A for sale by owner needs to have a clear understanding of all of the contingencies, time frames, terms and conditions in this document. There are many parties involved in a real estate transaction. Including but not limited to: the buyers, buyer’s agent, escrow and title companies, home inspectors, lenders, appraisers and possibly contractors.
There are deadlines to meet and a lot of terminology that may be foreign to you. We educate our clients throughout the entire process and explain things clearly so there are no issues. You need a professional to guide you through this process and look out for your best interest.
Pricing. A for sale by owner may think they know what their home is worth buy getting a Zestimate or looking to see what other homes have sold for. Bottom line is you need a professional CMA (competitive market analysis) to determine the right price to list your home at. Over priced homes will sit on the market and get stale. If you under price your home you may sell it quickly but you are leaving YOUR money on the table at closing.
There are many factors that come into play when pricing a home. Real estate trends, updates, upgrades, location, size, age and of course comparable sales. Your realtor should also be able to give you suggestions on how to stage your home to show potential buyers the best use of space. Experienced realtors know the market, current trends and what buyers are looking for. Listen to their advice!
Unqualified Buyers and Safety. You do not want to open your door to strangers that are unqualified to purchase a home. This is not only a waste of time it could become a safety issue. When realtors bring potential buyers into your home the majority of agents make sure they are pre-approved for a mortgage. A good agent will also screen their clients for their own protection.
These are just a few examples of why for sale by owner is risky. There are financial and legal responsibilities that you need to be aware of. There is also the risk of selling your home for a lot less than it’s worth. Statistics have shown that the average FSBO home sells for about 15% less than homes sold through a realtor.
We charge our for sale by owner clients a 4.5% listing fee and we offer 2.5% to the buyer’s agent. You will get a full service listing, aggressive marketing with personalized service for a fraction of the cost. Put more money in your pocket at closing and contact us today. 702-845-5348
Best Regards,
The Sales Team
702-845-5348
