Is Selling by Owner Dangerous?
Selling a house on your own seems like a good idea. You may assume cutting out the middleman (agent) will save you thousands of dollars. However, there are a lot of legal items to consider. Not to mention marketing the property, planning & scheduling showings, and a dozen other tasks requiring you to manage. This week’s advice answers some question providing info you need to know when doing a FSBO or For Sale by Owner. Let’s get into it, now?
Q: Are you Ready to Have Strangers Come to Your Home without Vetting?
A: Realtors® carefully vet qualified buyers ensuring they will not enter a home and take or destroy anything. Unless the home is empty, and a lock box installed, chances are the agent will accompany the potential buyers. Needless to say, homeowners selling a property on their own may not think to do this part or will not understand why Mr. and Mrs. Buyer are not calling back or never heard from again. Keeping it real, with real estate, strangers will come into your home during an open house. However, an agent will be present at all times. Regardless, you need to prepare to have someone you don’t know parading through your cupboards and belongings? Most likely a “NO” answer. A pro with experience or agent familiar with the community will not only provide you additional safety, they have a list of buyers looking for properties similar to yours where they can tap into a resource with fewer risks and serious buyers, which ultimately helps sell your home faster without as many risks.
Q: Do You Have Time to Market Your Property?
A: Real Estate Agents offer a ton of value, one big perk is marketing a property. An established Realtor® will have a team of people working alongside, creating content of your property. This real estate squad posts on several channels of social media. They take professional photos, and constantly spread the word through digital media, print and more. An entire support system is deploying information of value to buyers. Agents’ network with other agents who may have a potential client interested in your type of home. Also, placing a listing on the IDX or home search engines is not something open to the public. Most times, you must possess a license to include on those bigger websites getting thousands of hits on a listing.
Q: Where Will You Post to connect with Buyers?
A: EVERYWHERE! Most of the time an agent is working to get the message out “THIS HOUSE EXISTS and ITS Perfect for YOU.” It becomes a full-time job telling everyone you know and posting all over the Internet. Often agents will post ads to online portals and syndicates (I post to over 20+ different sources for maximum exposure) furthering their reach for more people. Many times, the agent will mail postcards or flyers which cost some coin to produce and disseminate but it’s all about casting the biggest net. More importantly, as with any sales, the right buyer will eventually come along. But, you have to be tenacious in your approach, never giving up on finding the right buyers for that home or property.
Q: Are You a Master at Negotiating?
A: If you are a master negotiator, this is a skill is necessary when dealing with real estate in Northern Colorado and elsewhere. You also need to have a solid understanding of the law. A lot of things can go South during the negotiation phase, striving to get a fair deal or ‘Top-Dollar’ for your investment. You need to know the market and what is happening in the neighborhood. Pulling comps are standard business but there’s more involved than a simple computer search for similar props. More importantly, you need to prevent getting sued, which is scary but can happen. Working with an experienced and skilled agent provides a safety net to avoid roadblocks and potential problems. A professional also knows the law and is prepared to represent their client when they run into a landslide.
Q: Can You Handle Rejection?
A: Most people dislike confrontation, which is normal. When you are a licensed agent for the State of Colorado, you must be okay with both confrontation and rejection. Realtors® deal with it all the time and not just from home buyers, but from other agents, loan officers and title companies to naming a few more on the list. If rejection isn’t something you enjoy dealing with, it’s better to hire an agent who is skilled and can approach any issues with dignity, respect and knowledge.
Q: Are You Prepared to Sanitize Your Home with Every Potential Buyer?
A: Since we’re still facing a pandemic, it’s important you understand the sanitizing regulations arranged by the Colorado Association of Realtors and the government. Now, when real estate professionals show a home, they properly sanitize after every client interaction. They have to provide PPE and ensure people are social distancing at open houses. It’s just another added layer for us, but for you it may seem a bit daunting.
There’s six answers to some of the biggest home seller concerns to help you navigate through the process. For Sale By Owner or FSBOs are tricky but can be done. If you’re not sure what’s involved in selling your own home and would like to learn more, let’s arrange a conversation. If anything, you’ll walk away with more answers to your questions.