Do For Sale by Owners Get Sabotaged Here?
The kids were mostly launched, and the large house just didn't make much sense anymore. With an eye towards retirement, the client said it's time to downsize. Time to sell their existing Hillsboro home and move into a smaller, single-level home nearby. During the meeting, I mentioned that multiple sources will be used for their home search. Naturally, MLS listing are included, but I also search FSBOs, broker's pocket listings, my own mailing lists, pre-foreclosure properties...any pool of homes with potential. The search has begun and that's when I saw something a little surprising.
There are ten or twelve For Sale By Owner (FSBO) sites that I actively search for buyer clients. Some sites are better than others and you often have to sift through duplicate entries, minimal information, and the scammers. While the information can be inaccurate or outdated, with the October 2018 supply of homes in Hillsboro at less than a month (0.9 months) a real estate broker has to aggressively look everywhere! After using several of these sites over the years, I have to admit that I never really noticed this verbiage in the fine print before:
Wow...that's a surprise to read these words. This site is telling prospective buyers that FSBOs are "a good buying opportunity" offering "potential buyer savings". This makes it sound like a FSBO seller is likely take less money for their property compared to other home sellers.
Was this site the only site that said this I wondered? Here's what I found at the very next site...
This site says it even more bluntly than the first. I'd wager most buyers will only hear: "savings back to the buyer." That's only natural, right? After reading that, many buyers will think they can negotiate a lower price with a FSBO. That's something I've never heard a For Sale By Owner say...that their goal was getting less when attempting to sell a home by themselves!
Obviously, when selling a home in Oregon or Washington, we all want the most money possible. And a handful of home sellers here do decide to take a chance, going it alone without an experienced Realtor protecting their side of the sale.
These homeowners may consider signing up and paying one of these sites to help them sell. Several companies offer tiered pricing plans, starting with a bare-bones free plan. A larger mix of options, such as more pictures, local MLS entry, hosted buyer showings, are included as the price escalates.
Here's what I'm wondering: If you, the seller, pay for the service, do you expect the service provider to sabotage your efforts? Even if you only use the free option, do you expect them to tell prospective buyers that you're likely to take a lower price than the seller down the street?
In these examples, what appears on some sites clearly suggest that FSBO sellers are ripe for negotiating a lower price. Do you think these companies tell home sellers this before they sign up?
Thanks for reading Do For Sale By Owners Get Sabotaged Here?
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