June 27th, 2020
Not many, but some of my clients ask … Will I save money if i sell my home without an agent … From a strictly mathematical perspective you would have to conclude “yes”. But that’s making a decision in a vacuum. Take a breath instead and learn what the reality is
Last year, the typical for sale by owner (FSBO) home sold for $208,700, while homes sold by agents went for an average of $235,000. Nearly half of FSBO sellers choose that route because they want to avoid paying an agent’s commission fee. But in reality, we see that sellers using an agent net more on the sale than FSBO sellers — even after the commission is paid. 15% of FSBO sellers say that getting the right price for their home is the most difficult part of the sale.
MARKETING AND EXPOSURE
More than 92% of home buyers search online for homes, and they agree that the most stressful part of the buying process is finding the right property. When an agent lists your home on the MLS, it will appear on the popular home search sites. Buyers can also check out property details like beds, baths, and square footage, and view high quality photographs showcasing your home’s best features. Meanwhile, less than 20% of last year’s FSBO sellers posted their homes on local or national search sites, or on online classified sites. The most commonly used marketing tool by FSBO sellers is a yard sign.
PAPERWORK AND NEGOTIATION
No one likes red tape. Understanding and performing paperwork is a most difficult task for many FSBO sellers. Agents manage buyer and seller transactions each day. You shouldn’t be expected to know everything, but agents have the expertise needed to get you the most for your home. WHEN YOU HIRE AN AGENT, YOU GET:
- The right listing price, and a built-in negotiator to make sure you get nothing less
- Visibility on home search sites and other online marketing channels
- The bare minimum of paper work, and knowledge that will make you confident when you head to the closing table
Will I Save Money If I Sell My Home Without An Agent
Thinking about it, it makes perfect sense why “For Sale By Owners” net so much less money than their competition who hire an agent. The buyer knows you’re not paying a commission, so why are they going to pay you the money? THEY want the money! Duh! And the FSBO loses exposure to networks they can not hope to touch including but not limited to Realtor.com and in my case, international networks that not even most real estate agents can reach. From the “PRICE” paragraph above, I’m surprised that FSBOs are losing only 11%!
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