Since we're all always looking for new ways to bring in business I decided to go back over some emails that I was trading with my sister-in-law (a Realtor in another state). One of the topics that we were discussing was FSBO's and whether or not the market adjustment would bring out more or less FSBO's and whether or not this market was good for those that decided to take that route. What we collectively decided is that the FSBO diminishes their chance for sale dramatically in an adjusting market.
Here's what they want:
1. Top dollar (that's a surprise, huh!)
2. Fast sale (another surprise)
3. Low cost (three for three in surprise factor)
Here's why they won't achieve those goals:
1. "Top Dollar" Buyers have MANY more choices right now, meaning the FSBO has a ton of competition.
2. "Fast sale" in the adjusting market average days on market, even for homes that are marketed correctly, is rising.
3. "Low cost" Go back to numbers one and two! More competition means the need for better marketing for a longer time since average days as grown.
So does this mean that they shouldn't sell thier home at this time --- NO WAY! All it means is that it is time that the FSBO evaluate the market and then realize that it is time to get back to the time of reality -- as in Realtor! Now more than ever, when homes are marketed properly they will sell in the least amount of time and for top dollar.
So, as a FSBO, pick up the phone and interview a few agents. Here is a primer (although certainly not complete and I ask for more) on things that you should expect from the agent that you choose to market your home.
1- The basic approach should include the following: list your home in the MLS, advertise your home on their own website, market to their office, hold open houses, advertise in the local paper and real estate magazines.
2- Get commitment from the agent that they will bemarketing your home on the Internet. That doesn't mean the MLS (since that is part of the basic package). Make sure they review this plan with you. It should include multiple realty WEB sites, Craig's list, Visual Tours, neighborhood dedicated websites, etc.. No plan, next agent.
3- Work with a finance savvy agent or at least one that can bring a strong lender to the table. This way buyers can be qualified quickly with little or no surprises further down the road. If the buyer has their own lender then the one your agent uses can at least be there to consult on the process.
4- Get an agent that understands the staging of a home. A properly presented home will always sell faster and will be more likely to generate the proceeds that you expect.
5- Just because you were a FSBO don't look for a "yes" agent. A professional Realtor will lay it on the line to you. We earn a living selling homes day in and day out and no more want to waste our time than yours.
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