These days, almost everyone has hopped aboard the D.I.Y. bandwagon, including people selling their homes. There have always been those who do so, but this is one trend that is not for everyone. Selling a home is not like selling an extra Christmas gift on eBay or parking your vehicle at the local park-and-sell lot. Homes are not just expensive, but the sales process can be complex and fraught with problems. These are problems that are best left to a professional, a real estate agent. Read on to find out more about what for-sale-by-owner (FSBO) sellers may encounter when they try to sell without professional help.
Your Marketing Is Amateurish
Everything about real estate is digital now, from listings to drone footage of homes to online closings. Buyers don't just want things this way, they expect it. Most buyers will access online listings to browse homes in a particular area. Some will even check out the multiple listing service (MLS) sections that are open to the public and find out historical data on the home and more details than most sellers would ever think about providing. Unfortunately for FSBO sellers, the MLS is only open to listings by real estate agents in most cases.
You Should Be Prepared to Work Hard and Stay Home
Some sellers are surprised at how difficult it can be to deal with interested buyers. They may call, text, and email you constantly, and they may even arrive unexpectedly and ring your doorbell. Just one of the many ways that real estate agents earn their commission and their weight in gold is by handling potential buyers for you. They will field calls and answer questions about your home, set up appointments for viewings, arrange for open house events, and more. Without an agent to handle customers, you might as well stay home and let buyers take over your entire life.
You Are Probably Not Saving Any Money
One main incentive FSBO sellers cite is that they can pocket the commission instead of paying an agent. Unfortunately, things don't usually work out that way. According to the National Board of Realtors, "the typical FSBO home sold for $200,000 compared to $265,500 for agent-assisted home sales". The disparity is likely due to the marketing reach of professional agents, the ability to set home prices correctly, understanding what buyers are looking for, and more.
Speak to your local real estate agents for more information.