3 Things to Think About Before Going FSBO

Reblogger Will Nesbitt
Real Estate Agent with Nesbitt Realty at Condo Alexandria 0225-089134

Three things to think about before going For Sale By Owner is a pertinent article that is relevant to Real Estate. Scroll down for the reblog.

Original content by JOE RYSTROM & TEAM
    For Sale By Owner vs. hiring a Real Estate Agent

Quick: Off the top of your head, what can a real estate agent do to sell a house that you can't do?

"Frankly, I don't think a Realtor® does much that I can't do myself," a New Jersey homeowner told CBS News. After all, real estate agents just stick a sign in the yard, hold an open house or two, and fill out a couple of papers, right? Since you, too, can perform these duties, why not sell the house yourself and keep the commission money?

This is a fallacy many Americans operate under when judging the job of a real estate agent. Keep in mind that lots of jobs look easy when you aren't the one performing them.

Before you decide to plunge head-on into the world of the For-Sale-By-Owner, here are there key points you may want to consider.

1. Getting the Price Right

When the National Association of Realtors® surveyed FSBOs about what challenges they faced when attempting to sell their homes without the aid of a real estate professional, 13 percent said that setting the right price was a key challenge.

What is the "right" price? A home should be priced at or very near its market value. Therein lies the challenge – how does a layperson determine a home's current market value? The calculations require access to recent sales in the area, information about those homes, and information about the current real estate market in general.

Without access to the Multiple Listing Service (MLS), it is nearly impossible for anyone to gather info on all recent home sales in a given area. Although many websites claim to have this information, they are relying on public records, and most of the time they don't have all of the information required to pinpoint market value.

Would you sell a used car without consulting the Kelley Blue Book, or something similar, to ascertain its worth? Without knowing the true market value of your home, setting a price for it is akin to throwing a dart – where it lands may or may not be the bulls-eye.

2. Getting the Word Out

One of the most important jobs of a listing agent is marketing the property. Once upon a time, all it took was an ad in the Sunday classifieds. Today, however, it requires a lot more work, and multiple marketing platforms – especially for homes with problems.

Homebuyers begin their search online, and that's where real estate agents shine in their marketing efforts. They employ multiple strategies across multiple platforms – something a homeowner with no real estate or marketing experience may find challenging.

3. Getting a Handle on the Paperwork

Understanding and completing paperwork is the one task of selling a home that stymied the largest number of FSBOs in the NAR survey. From the purchase agreement to how to deal with changes to disclosure requirements, the typical home sale requires a stack of legal contracts that few outside of the industry know anything about.

You will need to familiarize yourself with all contracts, reading and understanding every single line. Otherwise, when a buyer submits an offer to purchase, you may end up sitting there with a glazed look on your face and no idea how to decipher the pages in front of you.

 

Selling in or near Seattle?

Request a custom evaluation for your home at Home for Sale in the greater Seattle area.

 

To schedule a free seller's consultation, contact us at 425-610-7202.

 

Additional Client Resources:

Credit Report Fraud Alerts and Security Freezes

3 Easy Improvements to Help you Sell Your Home

10 Tips for a High Home Appraisal

Provided courtesy of the Washington Home Buyers Center
http://images.kw.com/agent_photos/4/6/7/467057/library/HBC_logo_1422916350176.jpg

Our goal is to be a resource for our clients and serve the community.

 

Thanks for joining us,

Joe Rystrom

(425) 610-7202

 

Whether you are buying or selling a home, we are your go to local Realtors. Our focus on home buyers, provides us first hand the current trends (i.e. likes, dislikes and needs of buyers) make us the ideal match to proactively sell your home.  Contact us for a free straightforward no nonsense consultation.

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Rainmaker
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Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

All so true Will. That's why so many FSBO's end up using a Realtor who really knows the market and can help them throughout the whole processs.

Apr 17, 2015 01:54 AM #1
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Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

Joe, I would add how are they going to handle the phone calls. Great post. 

Apr 17, 2015 01:56 AM #2
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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Will,  Nice re-blog.  This is important information as we are faced with the busy listing time of the year.

Apr 17, 2015 03:07 AM #3
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