Why You Shouldn’t Be a “For Sale by Owner”
Why You Shouldn’t Be a “For Sale by Owner” Seller
You’ve probably seen a few “For Sale by Owner” (FSBO) signs in people’s front lawns over the years. At first glance, this do-it-yourself approach to selling a home might offer some attractive possibilities, since you wouldn’t have to pay a real estate agent to facilitate your sale. But don’t plant that sign in your turf just yet. Here are just a few of the reasons you should leave your sale to an experienced agent instead of trying to wing it on your own.
FSBO’s Success Has Declined
FSBO homes just aren’t selling as well as they once did. In recent years, a mere 7 percent of U.S. homes were successfully sold by their owners, as opposed to 14 percent in 2003. In fact, that 8 percent is the lowest number recorded by the NAR since 1981. Part of the reason is the implementation of mandatory disclosures (water damage, foundation damage etc.), which makes the sales process that much trickier and riskier.
Today’s Sellers Need a Detailed, Web-Based Sales Strategy
One upon a time, you could sell a home through an ad in the classifieds and/or a sign in your yard. These days, however, buyers rely heavily on the MLS (Multiple Listing Service) to find the homes of their dreams — which means that you need a real estate agent who can post your home on this online directory. Your MLS listing should be just one aspect of a coordinated, Web-based sales strategy. Our real estate agents understand these intricacies, and they’re willing to devote the necessary time and energy toward handling them correctly.
You’ll Probably Cost Yourself Money
Any commission money you might save by taking the FSBO approach can quickly disappear if you don’t really know how to sell a home. For instance, it’s all too easy to low-ball your own asking price, or price yourself right out of business, simply because you don’t have a firm grasp of the local real estate market. You may also receive more than your fair share of low-balling buyers and agents who “smell blood” when they encounter a DIY seller.
Mistakes in Your DIY Sales Contract Can Leave You Liable
A single mistake in your self-written sales contract can leave you open to serious legal liability down the road. But you don’t have to worry about these pitfalls when you sell through a licensed real estate agent. That’s because these agents carry E&O (errors and omissions) insurance that protects them from such slip-ups.
Just as you wouldn’t perform surgery on yourself, you should leave the delicate matter of your home sale to the experts. Contact our agents to enjoy a smoother sale!