Should you sell your home on your own, aka “For Sale By Owner”? Stay tuned to find out.
Why would you want to sell your home on your own? In our industry, there are a few top answers that homeowners give to this question:
- They want to avoid commission fees
- They don’t see the value in using an agent
- They’ve had a terrible past experience with an agent
- They simply hate agents
You, as a seller, might think that you’re looking for buyers to purchase your home, but in reality, you should be looking for agents—they’re who you’re marketing your home to. Why should you be looking for agents? Well, they have all the buyers; 98% of homes are listed and sold with a real estate agent on both ends of the transaction.
So, forget the buyers: How do you find the agents?
1. Offer competitive compensation. The last thing an agent wants to do is bring a buyer to your property when you’re offering just 1%, or even significantly less than what they’re used to.
2. Market to the agents. Hop onto Zillow to see who the top agents in your area are and contact them. I can’t tell you how many times sellers will reach out to me and tell me that they’re selling their home on their own, but still want me to come show their property to our buyers. And so what do we do in those cases? We do bring them buyers if their listing is a good match.
3. Do more than just list on the MLS. If you think that simply putting your home on the MLS is going to solve all your real estate agent problems, it’s not. Around 8,000 homes are listed for sale on the MLS, and no agent can possibly know them all. That’s why it is key to get in front of the top agents in your area to help you market your property.
Laura Payne, also from the Caul Group, has her own perspective on “For Sale By Owner” sellers (aka “FSBOs”):
If a client of Laura’s told her that they wanted to go see an FSBO listing, her first response would be one of hesitation, since many FSBO listings are priced much higher than their market value. Her second response would be to say that at least she’d have a competitive edge; there won’t be that many buyers looking into the listing, and sellers don’t really know the process because they don’t sell hundreds of homes like agents do. There’s no bulldog in the seller’s corner.
It’s not that we want to talk advantage of anyone, but the reality is that the buyer hired us as a fiduciary; they want the home for the cheapest price and the lowest down payment to hold the house.
In general, FSBO listings are harder to deal with, since the sellers don’t have anyone with professional experience to guide them. However, we do recognize that not all FSBOs are doomed to failure; there are thousands of success stories where people have sold their homes on their own. But, since most homes are listed and sold with the help of agents, it’s in your best interest to hire your own professional help.
If you want a bulldog like Laura on your side when it comes time to sell your home, feel free to reach out to us. We’ll be happy to look at your home and give you the best advice to help you succeed in your goals.