Every market has its share of sellers who choose to market their home on their own rather than list with a real estate agent. In my market many of those sellers still are willing to work with real estate agents who bring buyers to see their homes, after all they are still saving money. If you plan to FSBO then do your homework first. Don't just put a sign in the yard and expect buyers to line up wanting your home, after all your home is the nicest in the neighborhood, right?!
If it were that easy all real estate agents would be rich! So much more goes into effectively marketing a property. Below are some things you as a FSBO (For Sale By Owner) need to think about before choosing to go it alone!
- Do you have the ability to put together a marketing plan utilizing high quality, professional marketing pieces?
- How will you qualify the prospects who inquire about your property?
- How will you handle showings?
- Can you afford to purchase a website to market your home and will it get traffic?
- Can you listen more than you talk?
- Are you familiar with the necessary legal disclosures you are required to provide to prospective buyers?
- Once you find the right buyer how will you handle preparation of contracts?
- Do you know what a CL-100 Wood Infestation Report is and do you understand what may be required by the buyer's lender?
- Are you familiar with different types of financing and whether your property meets the requirements for financing such a FHA or USDA Rural Housing?
- Have you considered safety?
These are just some of the things that experienced real estate agents handle when they have a property listed for sale. When you choose to be a FSBO you now have the responsibility for many of these items. Although you may choose to go it alone, make sure you have an attorney draw up the purchase contract and ask for advice from that attorney on how to handle some of the other issues regarding getting your transaction to closing. Don't totally go it alone!
Another thing to remember is that the buyer is trying to save that same real estate commission that you are trying to save! It is impossible for everyone to save the same dollar! And statistics show that most sellers net more money WHEN they are listed with a competent, knowledgable, real estate professional!
So in closing, you may want to think twice before going it alone!
Comments(18)