4 Risks Of Selling Your Home Privately!
Tuesday May 14th, 2019Share
1. Marketing your home online isn't as easy as you think
Buyer start their home search online, and FSBO sellers likely are unaware as to how to advertise their listing to get the most exposure. Superstar real estate agents like myself are farmiliar with the whole process of advertising listings online, from the keywords that we put, to the right photos, to the proper web pages. I actually track the metrics as far as the activity on my listings concern… which is one of the reasons that my sellers send me so many referrals.
2. Showings are a drag
FSBO sellers may not realize how inconvenient it is to coordinate showings… and on top of scheduling the appointments, you have to deal with the looky-loos (people who have no intention of buying the property), and the “sharks” (investors looking to submit a low offer).
How an agent can help: Your agent will handle all the scheduling and staff the tours for you, so all you have to do is quickly tidy up and vacate.
In fact, that is another key reason to have an agent: Buyers can get uncomfortable with a seller hanging around during the showing, says Ferguson. Agents also will weed out unsuitable offers and collect feedback that potential buyers might be unwilling to share directly with the seller, which can make subsequent showings even stronger.
3. Preparing your own paperwork can be tricky
Unless you have a background as a real estate assistant, you’re likely very unfamiliar with the paperwork involved in the sale of a property. Having an offer submitted by a purchaser is only half the battle, in this market, very surprising things pop up, buyers sometimes wants to back out of the deal, which makes it ever so important to hire a superstar agent that can make the process as stress free as possible. If you fail to disclose particular things about your property, it could come back and bite you.
4. FSBOs sell for less
Unfortunately, I have yet to come across any particular study that shows the percentage difference between what a FSBO sells for, versus the price they would’ve sold for with a real estate agents. Some studies show they sell at 20% below market value, some studies show they sell at 15% below market value… based on what I’ve personally seen, I’d guess that they sell at around 12% less than market value… which naturally means they would’ve sold more money IN THEIR POCKET in the event they worked with a superstar real estate agent.