Myth #1: You Will Sell Your Home Faster Than Anyone Else
Reality: Nearly 90 percent of home buyers use an agent to find a property.
The majority of calls a FSBO receives is from experienced agents. Experienced agents are busy looking for homes for their buyers and homes to list and market. If your home isn’t listed, it is practically invisible to those 90 precent of buyers. This drastically reduces your buyer pool. It is difficult to sell your home faster AND for more money by ONLY marketing it to 10 percent of the active buyers in the market.
Myth #2: You Will Walk Away with More $$$$ in your Pocket
Reality: Homes Listed with Agents sell for 32 percet more than FSBO
According to studies, agent-assisted homes sell for an average of 32 percent MORE than FSBO sales. Which means when you think you are “saving” five to six percent, you are actually losing 26 percent! In addition, a majority of buyers that look at FSBOs are expecting a DISCOUNT on the purchase of a FSBO by the usual commission. Unfortunately, both buyer and seller can’t get receive a “discount,” so you will probably have to budge if you want to sell.
Myth #3: You Will Sell Your Home Better Than Anyone
Reality: Because it’s your home, you will probably have a harder time selling it than a neutral third-party would.
Why? Because you have an emotional attachment to the property. It is very difficult to separate yourself from your home to “sell” it to a potential buyer. Someone selling their own home does not see the home with an objective eye or the benefits of staging.
Myth #4: You Will Sell Your Home, Period.
Realty: Not necessarily. 90 percent of FSBO sellers go on to list their home with a REALTOR®.
You may have heard stories from someone you know boasting about how they sold their home all on their own and getting their asking price. So what would their have sold for if listed? Don’t expect this to be the norm, the 90/10 rule exists for a reason. You are welcome to roll the dice and hope you are one of the lucky 10 percent but you will be wrong 9/10 times.
Myth #5: You Will Have a Lot Less Hassle
Reality: There is a lot of work involved in marketing your home!
You are responsible for all of the advertising (including extensive costs), scheduling showings, previewing and qualifying buyers, preparing and showing your property, contacting appraisers, contractors, inspectors, etc. all while protecting your interest in hopes that you understand the terms involved in the transaction. By employing an experienced REALTOR®, you will eliminate most of the headache involved in selling your home. What will you do with this extra time … we suggest using it to pack and keeping your day job.
As evidence of the Reality statements above, take a look at the TIME article entitled:
ForSaleByOwner.com Founder Sells Condo – Using Real Estate Agent
This article notes that Colby Sambrotto the founder of ForSaleByOwner.com did sell his $2 million condo in Manhattan by hiring a real estate agent reportedly at a six percent commission. The agent jumped the sales price from $2 million to $2.1 million. Proving, once again, using a professional Real Estate Agent is not about the amount you save on the commission, but beyond that it is the amount of net dollars in your pocket at the closing table.
Think beyond the commission to sell a home, buy a home or invest in real estate, contact Shari Kopla, ShariKopla@kw.com, 908-419-7842.