TOP 5 Reasons NOT to Sell Your Home on Your Own (FSBO)

By
Real Estate Agent with www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 228209

TOP 5 Reasons NOT to Sell Your Home on Your Own (FSBO)

 

Ah, the lure to sell your home on your own - high sales prices and the incredibly low inventory… just think of the benefits of being a FSBO! What could possibly go wrong?

 

FSBO, as it is known in the industry, is a For Sale By Owner and may very well not be the good idea the vast majority of sellers think it is. We’ve all read and/or written articles on this very topic for years now. 

 

The most interesting of all of the reasons to me is that a few years ago, the OWNER of ForSaleByOwner.com could not to sell his own million-dollar home on his own so, he hired a local agent who go the job done in record time. That says it all, right? Need more reasons NOT to be a FSBO?

 

FSBO

 

The top 5 reasons NOT to be a FSBO are:

 

1. NO Online Strategy for Prospective Buyers

NAR’s 2019 Home Buyers & Sellers Report shows that 95% of buyers search online for a home. Most real estate agents have an Internet strategy to promote the sale of your home. Do you?

 

2. Scheduling Issues & Safety Concerns

Scheduling appointments for ‘outside buyers’ so that you can be there is not only a lot of work and time but, dangerous for you. When you are listed with a real estate agent, a licensed, bonded agent shows their clients and customers. They access your property via a secure, infrared lockbox and you are not present. Listing on your own requires you to take on the task of showing your own home. Do you know who is on the other end of the phone, asking to show or tour your home? Are you also willing to jeopardize the lives of everyone who lives in your home - family, spouses, children, friends, fur babies? (Yes, we ARE talking serious safety issues here)

 

For Sale by Owner 

3. How Do You Negotiate With…

Have you thought of the people with whom you must be prepared to negotiate, should you decide to go For Sale By Owner?

  • The buyer (who, of course, wants the best deal possible)
  • The buyer’s agent (who ONLY represents the buyers’ interests)
  • The buyer’s attorney
  • The lender
  • The appraiser
  • The home inspector
  • The appraiser, if there is a question of value 

 

4. FSBO - Are You Familiar with Our Contracts?

The documentation involved in the process has changed considerably as industry disclosures and governmental regulations have become mandatory - with every single type of mortgage loan. Do you know all of the up-to-date documentation that is required to sell your home? Do you know where your liabilities lie? Do you know WHAT documentation is required to go under Contract? For the attorney to obtain the mortgage payoff? This is one of the reasons that the percentage of people who attempt to sell their home on their own has dropped from 19% to 7% over the last 20+ years.

 

5. YES, You DO Net More Money When Using an Agent

Ah, the real estate agent fees… Some homeowners believe that they will save the real estate commission by selling their homes on their own. Did you know that FSBOs don’t actually save anything by forgoing the help of an agent. In most cases, they actually cost themselves significant money. One of the main reasons for the price difference at the time of sale is the fact that agents network with other agents. There are also agents who won’t show FSBO homes - they don’t want to have to manage both sides of the transaction.

Sales by for-sale-by-owner

 

When relocation buyers move to the Charlotte area, they don’t drive around the city in search of FSBOs - why would they? Their agent has them set up on a search, specific to their needs; their agents are giving them professional tours of the area. When it comes to listings, most agents act as the buyers’ concierge - sorting through listings that ‘may’ fit their buyers’ needs. If they see a FSBO, they eliminate it even before the buyer sees it. Scheduling a FSBO in the middle of a showing tour, only to be told that the time isn’t convenient or the seller is late arriving home from the office to let them in, really puts a glitch in their entire schedule. It’s not worth the inconvenience to most agents. 

 

For these reasons, you have lost a very large pool of buyers. The more buyers that view a home, the greater the chance of a bidding war on your property. 

 


 

Listing on your own leaves you to manage the entire transaction yourself - AND take on all of the liability. Why do that when we have sold hundreds and hundreds of homes and know the process forward & backward? Wouldn't you rather be packing and shopping for your new home?

  

Before you decide to take on the challenge of selling your house on your own, let’s talk! Call or text (704) 491-3310. 

 

© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | TOP 5 Reasons NOT to Sell Your Home on Your Own (FSBO)

Originally posted at http://athomescharlotte.com/realestate/home-sellers-guide/top-5-reasons-not-to-sell-your-charlotte-home-on-your-own-fsbo/

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Roy Kelley 07/17/2019 01:00 AM
Topic:
Home Selling
Location:
North Carolina Mecklenburg County Charlotte
Groups:
North Carolina Real Estate
The Art Of Marketing You
Charlotte North Carolina Area
Advice for Sellers
Hyper-Local
Tags:
say no to fsbo
why not to sell your home on your own

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
3,799,311
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Debe I have done a number of loans on FSBO sales, and everyone of them both Buyer and Seller ended up wishing they had Realtor representation.

Jul 02, 2019 09:34 AM #1
Rainmaker
542,438
marti garaughty
garaughty.com - Montreal, QC
a highly caffeinated creative type...

 

 

Jul 02, 2019 09:44 AM #2
Rainmaker
3,331,511
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Debe - the reasons "why" someone may think selling their own home is the right decision but clarity brings much light to the subject. For many. And just in the nick of time.

Jul 02, 2019 10:41 AM #3
Rainmaker
1,917,152
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Debe - the Realtor in our BNI group always asks for referrals of homes that are FSBO.

Jul 02, 2019 11:25 AM #4
Rainmaker
2,017,044
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Debe Maxwell, CRS - I think as we (in my area, for sure) see more and more of those companies buying directly from the owner and flipping the property for greater profit, we'll begin to see more FSBOs. It takes time for consumers to catch on and if we can educate them before they sign off to the Flippers (again my area is becoming saturated with them) than they have a better chance to see the rational as you illustrated so directly!

Jul 02, 2019 04:52 PM #5
Rainmaker
2,911,498
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Debe.

We do have FSBO's around here, but not as many as we've had in the past. People in my area are getting the message

Jul 03, 2019 01:48 AM #6
Rainmaker
1,497,238
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Good morning Debe Maxwell, CRS, I see the same in my area as Patricia Feager, MBA, CRS, GRI,MRP,  just watching to see how long it will last.
We don't see much FSBO's in the Clermont area. 

Jul 03, 2019 05:53 AM #7
Rainmaker
5,375,741
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good advice to share with prospective home sellers.

Jul 03, 2019 06:09 AM #8
Ambassador
3,310,482
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Oh, I totally agree with that, George Souto - I told someone the other day, I've sold hundreds of homes in the last decade, I would venture to say the average homeowner has sold no more than 2-3 homes during that period of time. Do they REALLY think they can get through this unscathed?!

Jul 05, 2019 09:01 PM #9
Ambassador
3,310,482
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Thank you so much, marti garaughty - you know I love seeing you on my blog!

Enjoy your weekend! 

Jul 05, 2019 09:02 PM #10
Ambassador
3,310,482
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

LOL I love the 'nick of time' comment - my grandmother used to use that term all of the time and it was always with sarcasm! 

Hope you're having a wonderful weekend, Michael Jacobs

Jul 06, 2019 07:18 AM #11
Ambassador
3,310,482
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

What is funny is that I love finding FSBOs for my clients - I ALWAYS beat them at their own 'game' - negotiting! And, I do it significantly and on every level - my buyers get a steal in the end! And, the good news is that so few agents will show them because you really do wind up doing double the work. Your BNI agent is smart to go after them for his/her buyers.

Jul 06, 2019 07:21 AM #12
Ambassador
3,310,482
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Patricia Feager, MBA, CRS, GRI,MRP! We are inundated with them now here too and when given that option, with every single client, I have been able to prove my value and in the end, wind up getting them more than they thought they would get for their homes. What bothers me is those sellers who are none-the-wiser - those who are not educated on the topic and wind up falling for them, hook, line and sinker.  

Jul 06, 2019 07:24 AM #13
Ambassador
3,310,482
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

No, they are significantly reduced here too, James Dray! I always look for them during times of low inventory because most agents in my area don't want to sell them. They got me through several good 'finds' for my buyers, who were really the only ones getting great deals in a crazy, sellers market!

Jul 06, 2019 07:26 AM #14
Ambassador
3,310,482
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

You know, the funny thing is that those companies always tend to think they'll be disruptors but, they always come on the market when we're at all-time highs. They always tend to fall by the wayside when we hit a correction or recession too! 

Hope you're having a great weekend, Beth Atalay!

Jul 06, 2019 07:28 AM #15
Ambassador
3,310,482
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Thank you, Roy Kelley! If only they all took it to heart too! 

Happy Saturday!

Jul 06, 2019 07:28 AM #16
Rainmaker
4,989,070
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Debe Maxwell, CRS for most, it's all about the money.... and they just don't believe and/or realize they will make MORE when they list with an agent....

Jul 20, 2019 04:04 AM #17
Rainmaker
1,434,738
Kat Palmiotti
Grand Lux Realty 914-419-0270 (NY), kat@thehousekat.com, (MT) 406-270-3667, more information to be provided shortly - Kalispell, MT
The House Kat

Sellers may think they can save money by selling on their own. You've pointed out why that may not be the case.

Jul 20, 2019 11:16 AM #18
Ambassador
3,985,667
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Well said, Debe. Who can argue with any of these reasons? But there are still some who try, and it's all about the thinking they will net more money.

Jeff

Jul 22, 2019 10:33 AM #19
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
3,310,482

Debe Maxwell, CRS

Charlotte Homes for Sale - Charlotte Neighborhoods
Have questions about Charlotte? How may we help?
*
*
*
*
Spam prevention

Additional Information