For Sale By Owners are commonly unfamiliar with the contract and related processes required to close the deal
The job of selling a home goes well beyond finding a buyer offering the right purchase price. Real estate contracts are riddled with deadlines and clauses full of contingencies related to mortgages, inspections, appraisals, not to mention the ones added by buyers and sellers. Finding competent professionals to handle loans, surveys (when needed), inspections, appraisals, repairs to a broken title, and home repairs-all without missing any deadlines can make reaching the closing date challenging at the least and near impossible for owners who work full time and aren’t ready to manage a contract of this size and nature.
For Sale by Owners usually lack the marketing know-how
While it is a Realtor’s® job to craft a professional and digitally comprehensive marketing plan that is tested and proven effective over many applications, a homeowner has not likely sold a home before, and as a result would be unable to advertise their home for sale to the degree and exposure a Realtor® can. Home owners commonly have a yard sign and a listing or two a couple websites at best, but an agent worth their professional metal will go far beyond that using: listing on the official MLS site (where the home owner cannot list) which populates listings on many other real estate-based sites, their broker’s website, the agent’s own website, and utilize paid advertising on many social media sites. More exposure equals best sale price.
For Sale by Owners do not have real estate network that a Realtor has
Being in the real estate industry has its perks such as developing a network of professionals who we can communicate with regarding a new listing. Realtors® keep on hand contact information for all the Realtors® they have ever worked with and can call on them when they are about to advertise a new listing which can be handy for both buyers and sellers to get wind of a new listing as soon as it happens. Tapping their network of agents who have clients watching the market ensures the greatest possible exposure for the home.
Homeowners are emotionally vested in the process which inhibits their objectivity
Homeowners are emotionally attached to their home, making it difficult to see beyond their fond memories of living there to what the reality is-what is the home really worth to buyers (not them) and what should be done to improve the curb appeal. Also, they run the risk of responding in anger when a buyer unintentionally offends them which can kill a potential sale. On the other hand, a Realtor® is a neutral party with much experience of knowing what sells a home and what does not. They can advise not only the best price possible, but how to stage the home to capture aspects popular with buyers in the current market. The Realtor® serves as the objective party who can bring the sellers down off the ceiling and back to the negotiating table when potential buyers offend them in some fashion. Without a Realtor® to help guide homeowners through the process, reminding them why negotiating a good counter offer is better than walking away, potential deals die before they ever came to life.
So, if you were considering the merits of listing your home yourself, I hope I’ve made a reasonable case for why you would be better served to use an agent. If I have, feel free to explore my About Me as a Real Estate Agent page and give me a call.
One thought on “Why for sale by owner isn’t a good plan, Part 2”
Great blog I ennjoyed reading