WHY FSBO CAN BE A BIG NO-NO
WHY CAN FSBO (for sale by owner) BE A BIG NO-NO in this DIY-age? Saving money is great and there are so many things today that we can do on our own after a simple Google search or a Youtube video. And it’s ALWAYS tempting to save yourself a few dollars, however, that isn’t always the case when selling your home. The thought of saving a 5-6% realtor commission is very enticing to a seller. But the reality is the seller could very well end up losing out thousands and thousands of dollars by not listing with an agent.
A few reasons why FSBOs should not list their own properties
1. Keeping emotions out can be difficult
Your home typically means something to you. It is where you’ve created memories. It can be very challenging for sellers to remove their emotions from a sale. Agents are there to be a mediator for rejections or negative feedback. It can be emotionally tolling to have your home rejected multiple times. Having an agent there to negotiate terms, repairs, and everything in between will offer peace of mind instead of stress and heartbreak. For Sale by owner sounds like a good idea until you realize the risk.
2. Selling a home can be a full-time job
Most sellers overlook the fact that selling their home can consume all of your time. They need to look at their schedule and understand that their schedule has to be very flexible. At any time there may be a request to meet for a viewing or answer potential buyer calls during the week as well as weekends. In order to be successful in selling a property, you have to have a solid understanding of marking. This can very well be a daunting task and if you’re not seasoned with marketing it could very well damper the success of selling the property. This is why you should hire an agent. They are experts in getting the best exposure to the masses and presenting your property in the best light.
3. You could be sued
There is a reason agents need training. Legal paperwork is a core part of home selling and buying properties. Unless you are a lawyer, there is a chance you may miss something in your paperwork. If you forget to disclose something you are aware of, even accidentally, you could be held liable for fraud. Why risk the cost of a major lawsuit when you can hire a knowledgeable agent instead? FSBO ( for sale by owner) can easily overlook certain factors which can be very costly.
4. You aren’t actually saving money
When you have minimal knowledge of how to negotiate the price of your home or how to market properly, the fact of the matter is that you are probably going to have to sell your home for much less than you planned. That loss is usually much more than the price of an agent’s commission. Buying or selling a home is probably the largest transaction you’ll encounter during your life. You can try to do it alone, but why not hire someone who wants to help you? If you are ready to sell your home and hire an agent to get you the best deal and peace of mind, call me!