Selective Homes Blog

The Mega-hit movie Home Alone© featured some hilarious traps for the unsuspecting bad guys. Selling your home alone has just as many pitfalls for the unprepared good guys - and there's nothing funny about them.

That's why most of us use a professional real estate agent from the start. Yet experts say about 15% of potential home seller’s first try to save the agents commission by doing a For Sale By Owner, commonly referred to as a FSBO (pronounced fizzbow).

Could your FSBO be successful? Perhaps, but keep in mind that many of the 15 percent of would be FSBO sellers invest considerable time and money in the process, then turn to an agent when sales prospects dwindle. Moreover, agent-assisted sales typically put more money in the seller’s pocket, even after paying the agents commission, according to studies cited by real estate specialists.

How much more? "On average you net 2-3 percent more by using and agent" says Michael W. Owen, A Realtor® with Arvida Realty. "Your Realtor® earns that commission and you do come out ahead."

One of the reasons is the way shoppers approach FSBO's. The Buyers perception is often skewed by the absence of the Realtor®, perceiving they are getting a bargain or a steal, when in reality it's not true. The old saying "both sides cannot save the same fee" certainly applies.

There are other major financial and even emotional factors to consider as well. For example, an agent can give you competitive pricing and marketing edges that would require time, money or both to achieve success on your own, even with the unending resources of the internet.

And never forget that you’re competing against savvy real estate pros, so you should consider offering at least some of the many services offered by area agents:

• Be informed about the wide range of financing options buyers have.
• Be knowledable about the details of your home (dimension, building materials, average utility bills, schools, zoning and neighborhood / area planning)
• Be sure your home is staged properly to showcase its benefits from curb appeal to clutter in closets.
• Be available for showings 7 days a week, day or night, allowing you to reach the broadest range of potential buyers.
• Be very aware of your disclosure requirements, so you can avoid paying any unnecessary damages as a result from improper disclosure.

Yet even if you pay close attention to all of that...there is still the hardest part of all...the ability to screen prospective buyers. It usually starts with the time consuming tours, the curious neighbors, or financially unqualified visitors. It may be the concern of strangers parading through your home.

Regardless...most veteran real estate professionals agree, it's nice to have a buffer in between you and the prospective buyer. In fact, many of those same real estate professionals won't sell their home on their own...pretty telling isn't it?