Welcome, and thanks for returning to Part Two of...
Why For Sale By Owner Isn’t A Good Idea.
If you haven’t had a chance to check out reasons #1 to #5 in which we addressed the practical benefits of using an agent to sell your home, you may want to read that article first.
Ready? Let’s pick up where we left off!
6. Prepared To Negotiate Alone With Several Buyers?
A major purchase such as buying a home is going to come with it’s share of negotiation. Do you have the personality and experience to work with a wide demographic of buyers in the hope of receiving your asking price? These conversations can be a slippery slope to navigate and are not for the faint of heart. When you have a selling agent in your corner you can speak candidly about your needs and requirements, knowing full well they are experienced experts able to convey your perspective and best interests.
7. Be Ready To Take Several Phone Calls
Yes, your phone will ring, hopefully a lot. Be forewarned, these calls can come at the most inconvenient times, even if you list strict hours in your advertising. Buyers are conditioned that they are the customer; if they want to speak with you they will call or possibly even show up unannounced. As your representative, licensed agents understand it is their duty to act as your personal answering service when it comes to your property. When teaming with a professional, the only phone calls you should receive regarding your listed home will come from them, not a random number of prospective buyers who may not be qualified or even serious about potentially purchasing your home.
8. For Sale By Owner Can Be Misleading To Buyers
For a variety of reasons, buyers habitually view For Sale By Owner listings as distressed properties that need to be sold quickly. In these situations, bargain hunters feel they will have the ability to negotiate a price much lower than what you are asking. Don’t believe us? If you list your home alone, be prepared to deal with several unrealistic “low-ball” offers, after all, the impression is that you’re not paying a seller’s commission—share the wealth!
9. You Should Still Consult With An Attorney
In any real estate sale, it’s always wise to consult with a lawyer, but should be considered an absolute requirement when it comes to FSBO transactions. Real estate agents cannot provide legal advice, but are well versed in the entire process leading up to closing. You will need to be prepared before sitting across the table from buyers at closing with your documents in proper order. Legal fees in a FSBO sale can quickly become costly, but failure to comply with the extensive requirements of selling your home by yourself are bound to be even more expensive.
10. While Your Home Is On The Market You’re Spending
This may be the most important reason you should rethink the idea of selling your home by yourself. Every month, week and day that your property doesn’t sell, you are still obligated to pay your mortgage, interest, property taxes and insurance (PITI). Are you prepared to keep your house on the market for several months or possibly even a year? Commonly, the longer a property sits unsold, FSBO homeowners will slowly reduce their price. Being that you’ve read this far, you can certainly see the error in this logic: the final sale price of your home may end up putting less money in your pocket than if you began the process with a quality agent!
The months of mortgage payments, coupled with the inconvenience to your privacy, expense of marketing materials, and sleepless nights wondering why your property isn’t selling doesn’t sound like much fun, does it?
A quality agent can sell your home quickly, actually saving you money while simplifying the entire process. All things considered, the small commission involved when you enlist the services of a strong, well-known broker is well worth it!
If you currently have your home listed as For Sale By Owner, or are considering selling your house, contact us! We can explain in more detail the benefits of using an agent to sell your property.
Call 301.745.1500 and any of our friendly Coldwell Banker Innovations agents will be able to help you reduce your stress, and save money while listing your Maryland home!