An Open Letter to For-Sale-By-Owner Sellers in Windsor and Bloomfield CT
Lisa Orme-25 years in the Real Estate Business. She is a Realtor with a heart. For Sale by Owner, don't think Realtors are angry that you are trying to sell your home by yourself. We are just concerned about your ability to move forward when you need to, and more concerned about potential liability. Listen to Lisa, she is a wealth of knowledge and is honest, straightforward in her communication
Mr. & Mrs. For-Sale-By-Owner,
I applaud you in your desire to take on the job of selling your home yourself. Especially in the current economy. You are in the company of large numbers of people who have gone before you in the attempt to "SAVE" the money that you would otherwise pay to a real estate agent to manage your sale. I hope you are successful, as every dollar is important in these difficult times.
Before you commit to selling your home yourself, I would be remiss if I did not share some information with you. If you are successful in selling your home - and (according to the most reliable statistics I can find) at least 85% of the people who have gone before you were not - you still may not have been successful in saving the money you desired.
I know, you may not think that the statistics will apply to your situation. And who knows, you may be right. After all, a little more than 13% of all for-sale-by-owner sellers like yourself DO get their houses sold. And who is to REALLY say whether a real estate agent could have actually gotten a price high enough to justify the financial outlay of commission dollars?
But after 25 years in this business as a full time real estate agent in the Windsor and Bloomfield CT marketplace, I have learned a couple of things.
1. Market knowledge and pricing strategies are not something you learn overnight! Even with adequate information (which most sellers don't really have enough of) it takes time and experience to learn what all that information is really saying about the real estate market. One of the biggest reasons I think for-sale-by-owner sellers fail is that they do not understand the small fluctuations in the market and therefore they make their pricing and marketing strategy changes too slowly. If the market values are going down, this can be disastrous and costly.
2. Real Estate agents have knowledge of the necessary contracts, forms, and disclosure requirements and easy access to contract forms for almost any situation that can arise in a real estate transaction. After a substantial time in the business, they are very comfortable with these forms, they know what the "legalese" actually means, and they are trained on how to protect their seller clients in offer and contract situations. You may say that you have your attorney to take care of that for you, and you are absolutely right. But you WILL pay more in legal expenses than the average seller, so make sure you account for that.
3. When a buyer is actually interested in purchasing their home, who is it that is going to write up the contract? Who is going to qualify the buyer, and who is going to evaluate their qualifications for financing? Real estate agents have learned to be knowledgable about the various types of financing and what is actually reasonable in respect to both the buyer qualifications and the qualifications that your home brings to bear on the financing process.
4. Negotiations are often difficult enough between a seller who wants to get the best price, and a buyer who wants to pay as little as possible. When you are dealing directly with that buyer, you have less objectivity. Most sellers have at least some emotional connection to the home they are selling, and it makes it a little more difficult to know when the offer you have in front of you is the right one. Experienced real estate agents are often skilled negotiators, good objection handlers, and are able to help you look at a purchase offer objectively.
5. Experienced real estate agents have more extensive experience with a good home marketing plan. They also have a unique and skilled perspective on different marketing techniques and advertising venues. They already know for the most part when and where will be the most effective and most cost-effective venues for marketing your home.
6. A real estate agent is invested in the business of getting homes to sell. In many cases, this is their full time job. They have taken specialized training, ongoing education, and perhaps years of on-the-job skills refinement. Marketing your home effectively is often a full time job if you want the job done right.
7. Professional real estate agents have more access to a number of things that make all the difference. They have access to Multiple Listing Service information, statistics, properties, other real estate professionals, mortgage officers, problem-solving techniques, and professionals in real estate related trades. They also have more access to BUYERS. Many buyers value the benefits of having a professional real estate agent represent them and protect them in a real estate transaction. For that reason alone, many will not buy a home directly from a for-sale-by-owner seller.
In many cases, the buyer who will seriously consider purchasing a home from a for-sale-by-owner seller will do because they are trying to buy a house at a lower price, and they think they can out negotiate an owner who does not have direct representation.
The truth of the matter is, your home in Windsor or Bloomfield CT is most likely to sell at its best price and in a shorter time frame when you use the services of an experienced local real estate agent*. And this is really the reason I do what I do. I help people sell their homes, and I love to see a seller obtain the highest price possible for his or her property. I also take great care to navigate your transaction and helping to avoid the situations that cause a transaction to fail.
If you are serious about getting your home sold, and selling it for the highest possible price in today's market, please give me call so we can discuss your situation. With over 25 years helping buyers and sellers, I have the experience you need to get you the best possible outcome!
Sincerely,
The Master's Key Realty LLC, Windsor, CT
Feel free to call, text or email me with any questions!
860-688-1400 or 860-966-7694
* National Association of Realtor statistics show that For Sale By Owner sales accounted for 13% of all home sales. The typical FSBO home sold for $153,000 compared to $211,000 for agent-assisted home sales.
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Serving the North Central Connecticut region, Hartford County, and the communities of Windsor, Bloomfield, Hartford, East Hartford, South Windsor, Manchester, Windsor Locks, Suffield, Enfield, East Windsor, Somers and the Granbys...
Opening Doors to Home Ownership . . . The Master's Key . . .
Residential Sales, Short Sales and Foreclosure Prevention, Multi-Family and Investment Properties, Condominium and Property Management
LISA ORME
Licensed in the State of Connecticut, ABR, CRS, GRI, PSCS, SFR, Notary Public, Lic. #REB.755648
Broker/Owner of The Master's Key Realty LLC, 340 Broad Street, #320, Windsor, Connecticut 06095
To contact Lisa, call 860-688-1400 or send an e-mail to lisa@masterskeyrealty.com
Copyright, Lisa Orme, 2010. All rights reserved.
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