To FSBO or not to FSBO, that is the question.An example of what you do not save by selling your home on your own!
An acquaintance couple recently told me they will save $9,000 by not using an agent to list their home. Here is a breakdown of their costs so far, both in time and in money.
They paid $850 to "list" their house on MLS.They must answer all inquiries, arrange showings and accompany showings of potential buyers who do not have an agent.They are paying their attorney $1700 to do paperwork (exclusive of the closing) and hold any deposits.The house has been on the market for over 3 weeks yet only 4 people have come to see it (two of them nosy neighbors).They've held 3 open houses totaling 9 hours of their time that could have been spent enjoying themselves elsewhere.They are panicking now, as they "need" to sell by the end of March.So what are they doing wrong that’s leading to their house languishing on the market?
- They lack captivating professional photos and video.Dark photos and strange angles do not entice buyers to come see a home in person
- Their MLS write-up should highlight the features & upgrades of their home and emphasize the amenities of their neighborhood rather than just saying “in a gated community”
- They need to point out the fact that the property is a free-standing condo and not a single family home and disclose that the property is in a 55+ development (they had one very disappointed young couple who came to an open house)
- They need to work with an attorney who specializes in real estate and understands the process
- They need continual market analyses and unbiased feedback, not just the “comps” they found on those home-search websites.These websites do not give them information on sales trends and pricing in specific neighborhoods, and do not compare condition and amenities of properties
- They need to understand and be comfortable with the forms, processes and timeline of selling
- They lack staging and marketing advice
- They are not sending out targeted mailings or networking with other Realtors and buyers, and their social media presence is limited to their personal Facebook pages
- They require excellent negotiating skills to get them the best price and terms of sale
Need I continue?
In the end, they aren’t really saving $9,000. They are just setting themselves up for a frustrating failure and leaving money on the table.