Many sellers, hoping to save money, do not to go with an agent when they decide to sell their home. In theory, this may make sense, but sellers acting alone often get to realize that selling a home requires more than just putting an ad online and a For Sale sign in the yard.
The success rate of FSBO (For Sale By Owner) sales is under 10% (unless the seller has a friend or family member willing to buy their home), which proves that selling a home on your own can be a tough journey, and here is why:
MISCONCEPTION #1: I CAN START WITH A HIGH ASKING PRICE AND LOWER IT GRADUALLY
Every seller is emotionally tied to their home, which makes it extremely difficult to price a home objectively. On the other hand, sellers are eager to see how high they can go in price, so they mostly end up asking for too much. Sellers usually think there is nothing to it as they can quickly lower the price later, but what they often fail to understand is that the home's market value directly correlates to the days spent on the market.
Sellers who work with listing agents usually avoid this problem. Agents know that pricing the home right from the get-go is paramount, and they have the necessary tools, experience and strategies in place to assess the home's worth objectively and find a buyer in reasonable time.
MISCONCEPTION #2: I CAN UPLOAD MY LISTING BY MYSELF WITHOUT PAYING FOR MARKETING
Advertising your home on local real estate websites and social media is indeed something you can do by yourself, but it is not all it takes to sell a home. Marketing a home requires serious effort if you want your listing to attract the right audience, not just any audience.
As a seller, you can even pay to list your home on MLS, but ads uploaded by listing agents generate more interest given that buyer's agents are mostly the ones who browse MLS- and they get paid through the listing agent's commission, so there is little incentive for them to work with sellers directly. A lot of successful sales deals result from an agent's connections and their networking skills, as well as refined marketing strategies that boost your listing.
MISCONCEPTION #3: I CAN SELL AND SHOW THE HOME IN MY FREE TIME
Sellers working full-time will have a hard time keeping up with all the calls and inquiries that usually come in day and night. Scheduling a home showing can also be challenging, especially if buyers want to see your home during work hours. Not all of them will be willing to wait for a convenient time for you, so many back-and-forths could cost you a potential buyer. Plus, buyers usually prefer home showings when the seller is not around as they feel more free to snoop around and inspect the home. Having a listing agent deal with all the appointments, cancellations, showings and buyer questions takes a lot of work off your shoulders.
MISCONCEPTION #4: THE PAPERWORK IS A FORMALITY
The paperwork involved in a selling process is not to be taken lightly, as even the smallest mistake can lead to hefty penalty fees. Before signing, sellers need to be sure to understand terms such as real estate contingency clauses, inspection clauses, strict deadlines, etc. Having a listing agent explain all the details to you and running all the necessary background checks will prevent you from making any potential mistakes.
For me, selling a home is a form of art that requires expertise, an eye for detail and the heart in the right place. Having been in the industry for years, I know what homebuyers are looking for so I can help you turn your home into their dream home. Showing your home in its best light is my #1 priority. Click here to find out what I can do for you and what it looks like to work with me. For more information on selling homes you can also contact me here.