- Hi everyone, Chris Loschiavo with Home Team Epic and I Think Realty, I've been doing market updates for Polk County for almost a year now. And in the last month had some requests to take a look at
7 Costly Mistake For Sale By Owner Sellers Make
Dated: April 23 2018
Should you sell your home without a real estate agent?
Our area is experiencing a very active real estate market, and the thought of selling your home without hiring a real estate agent could mean thousands of dollars in your pocket, which sounds promising, especially with local home prices on the rise. But is it the best move for you?
The internet provides quite a few websites that allow you to bypass the listing agent and offer your home "For Sale by Owner." However, FSBO home sellers should be prepared to do quite a bit of legwork to market and manage the sales process without a guarantee of a completed sale. It might be a good idea to think back to your own purchase experience of finding a home you could afford, getting the mortgage, going through the due diligence period and finally closing.
Selling a home if far more difficult than selling practically anything else. When you think about it, this isn't the Realtor's® first rodeo, but it might be yours. A good Realtor® is not only knowledgeable about your home, the neighborhood and the overall area, the selling process, paperwork involved, he/she are not emotional about the sale and so much more.
Ask Yourself the Following;
Do you know you the market value of your home in today's market?
Are you ready to work with a buyer's agent?
Will you take charge of the marketing and sales activities needed to sell your home?
Are prepared to bear criticism of your home?
Are you prepared and willing to screen potential buyers?
Are you prepared and willing to manage the inspection, financing and closing processes?
These Are 7 Most Common Mistakes FSBO's Make:
Mistake # 1 - WRONG PRICING
The most common and serious mistake FSBO's make is pricing their home too high leaving the property to languish on the market, becoming not only "stale" but also a "bounce house" or the one people use to confirm they're getting a good deal somewhere else.
Mistake #2 - BAD (OR INEXISTENT) MARKETING
Just because you have a knack for selling goods on Ebay or Craigslist doesn't mean you should make the jump onto the housing market. Did you know that in 2018, 89% of all home buyers in the United States used the services of a Real Estate Agent? Those agents are most likely to work with agents representing properties when looking for the perfect home for their clients. As you probably know it is common practice for real estate agents representing home buyers to look at various homes before the homes are even officially on the market.
Mistake # 3 - NOT QUALIFYING YOUR BUYERS
Mistake # 4 - NOT BEING AVAILABLE
When people want to buy a home, they expect someone to respond to their inquiries and show the home when they want to see it. But many FSBO sellers show the home only when it’s convenient for them effectively loosing a large percentage of people who actually find their home.
If you can't easily communicate with buyers or show your home in a timely manner, expect buyers to move on. By working with a real estate professional at #ITHINKREALTY we can handle all showings with the least amount of inconvenience to you, always making sure your property and belongings are secured and protected.
Mistake # 5 - YOU ARE EMOTIONALLY INVOLVED
When selling your home is never a good idea to be emotional. Try using logic instead of emotion. Otherwise you might not take a strong first (and usually best) offer from fear of making a bad deal.
Your connection with the home can also get in the way. Many time sellers think of their property as their home, not just a house on the market, and this emotional attachment tends to get in the way of rational thought and facts get lost in the emotion. Never a good idea when trying to sell your home as you might miss one or several good, qualified and ready buyers from moving forward with your house.
As real estate agents, we do not have this emotional attachment and will always give you the best advice and information, based solely on facts and thinking of your goals and interest.
Mistake # 5 - YOU'RE BAD A SHOWINGS
You might know every nook and cranny of your home, and you might have given tours to guests. But that doesn’t mean you know how to show a house to prospective buyers. Some people, for example, don’t want to be led around. They want to look on their own and ask questions later.
One other important consideration is that many buyers are not comfortable being candid with a homeowner about their concerns and issues with a home, and unfortunately when they are the homeowner tends to get defensive and argumentative, definitely not a good atmosphere to find common ground and sell your home.
Mistake # 6 - NOT WORKING WELL WITH BUYER'S AGENTS
89% Of all home buyers will use a real estate agent. But buyer’s agents, for the most part, don’t like working with FSBO sellers, believing they’re difficult to work with and require extra time over working with a listing agent.
To top it off, For Sale By Owner's usually don't offer a buyer's agent commission, or they offer an extremely low commission discouraging agents to show the home, let alone do the work needed to get it sold.
Mistake #7 - REAL ESTATE SCAMS HAPPEN
Without someone knowledgeable overseeing the transaction, scams happen to both buyers and sellers, usually with little recourse besides hiring an attorney.
Common scams include fraudulent documents, such appraisals, loan documentation, foreign buyer deposits, purchase through third parties, as well as phishing for personal information. The commission you expected to save might seem like a huge bargain if you're targeted for one of these or many other real estate scams.
Besides these common mistakes, there are a few other issues that may haunt the seller in a real estate transaction anyone can make mistakes. A seller (or buyer) who doesn’t have the representation of a licensed agent pays for those mistakes. So if homeowner Sandy lists “hardwood floors” as a feature and the buyer discovers it’s just a wood veneer, chances are Sandy is going to pay for that mistake. An agent would have either caught the mistake or covered it with E&O insurance. Let’s face it: this is a litigious society, so what homeowner wants to be a target for lawsuits?
Call us at @ 863-292-6895 so that we can help you with the sale of your house, we serve Auburndale, Haines City, Davenport, Lake Alfred, Lake Hamilton, Lakeland, Dundee, Clermont, Kissimmee, Bartow, Winter Haven, Polk City.
My name is Manny Quiros, I’m a real estate professional in the “Disney Area”, I have lived in this area since 1999 and have called this area my home and place my wife and I to raise our three wo....
Latest Blog Posts
- Hello, everyone. Chris Loschiavo with Home Team Epic and I Think Realty, here once again for our market update. This is for the month of April, 2021 for Polk County Florida. We're focusing on