It's not uncommon for a seller's thoughts to wander toward the idea of selling their home by themself. At first glance, it seems like an expedient way to sell their home and save money in the process. However, our REALTORS® caution that the process isn't as easy as it may seem, and even the most seasoned seller can make costly mistakes that an agent would avoid.
Time is Money
Selling a home requires a significant investment of time. You need to prepare marketing materials, schedule appraisals, and prepare the house before you even list it. Once the home is on the market, you'll spend hours each day answering phone calls, responding to emails, and preparing to host an open house. It's akin to taking on a second job, which can affect job performance and the ability to connect and close the deal with prospective buyers.
Moreover, you won't save that much money. In fact, you stand to lose far more money than you could make. Real estate agents are experts at negotiating the best deal for their clients. On average, properties listed and sold by a real estate agent sell for $230,000+, while FSBO properties sell for just $180,000. Using an agent can boost your profit by 10% to 30% or more when the home sells.
There is a perception in the market among buyers that FSBO sellers aren't eager to sell their homes. Many buyers feel that these sellers are heading out on fishing expeditions, hoping to reel in a fast sale and a quick buck from the first sucker that makes an offer. While this does happen, it is an unfair representation of the motivations of the majority of FSBO owners. However, the perception is there, and it is one that every seller will have to contend with when trying to sell their own home.
Liability on Every Level
Real estate agents have errors and omissions insurance that protects sellers when problems arise with the sale. Should a buyer choose to file a lawsuit over the condition of the home or damages from omissions in the disclosures, sellers have little recourse to protect themselves. Every step you take, every mistake you make, you can bet the buyer's attorney will be watching you.
Limited Market Exposure
Many buyers have real estate agents who will browse right past FSBO listings. There are many reasons for this, but the bottom line is it limits your exposure in the market. If agents don't tell their clients about your property, they are less likely to find it on their own. Moreover, if interested buyers do mention it to their agent, it is common for the agent to point their clients toward Mansfield homes for sale that are represented by an agent.
As They Say, The Price is Right
One of the most common mistakes is listing the home too high or too low for the market. Real estate agents are skilled at listing the property for just the right price. This increases the number of interested buyers, limits time on the market, and ensures the best price and highest profit possible for the home. Further, experienced agents can negotiate a square deal with everyone from first-time buyers to seasoned real estate investors.
Contact us to learn more about the ways we protect the interests of our clients and help sellers get the best price for their property. It is our pleasure to answer your questions and help you determine the best options for selling your home.