THE 5 MOST COMMON FSBO MYTHS
FSBO: For Sale By Optimism,
Myth-Busting Edition.
New technology has made it easier for owners to sell their homes on their own. Your listings are accessible 24/7, allowing buyers to contact you directly. The same tools that real estate agents have at their disposal can be used by you without seeking the help of a professional.
Even though FSBO sellers have access to more resources and tools, misconceptions persist. You will be able to sell your house more easily and profitably once you understand the truth about these common myths.
The top five myths about by-owner home sales are listed below.
MYTH 1: You can't price a house the same way an agent can
The process of pricing a home can sometimes seem so difficult that you end up undervaluing the property and selling it for less than it’s worth. Real estate agents are the best people to consult if you want to sell your house for top dollar.
Reality:
You can price your home on your own if you do some research. It is not possible for agents to price homes 100% accurately all the time. You can do the same thing as a by-owner seller by checking the sales history of comparable homes in your area. Several online resources are available to help you, including this step-by-step guide to determining your listing price.
MYTH 2: Marketing Needs Specialized Skills And Access To Closed Networks
It is generally believed that only real estate agents have access to the multiple listing service that lists properties in their area, making it impossible for FSBO sellers to market their house for sale without an agent.
Reality:
FSBO sellers have access to a wide range of online resources. The National Association of REALTORS® has published the 2018 Profile of Home Buyers and Sellers, which shows that 44% of buyers begin their search online, while 17% seek out a real estate agent.
Since many of them look at online listings, your home might be one of the homes they see on these sites. Sellers who list their homes for sale by themselves can benefit from the same exposure that agents receive online, thanks to online services.
In other words, you have the same marketing resources as other homeowners. Create a listing that is enticing. Ensure that you include good photos of the inside and outside of your home as well as all pertinent information about your house, your neighborhood, and the local schools.
MYTH 3: Having a real estate agent makes scheduling an open house easier
When a seller has a full-time job, scheduling an open house or coordinating their schedule with buyers can be difficult.
Reality:
When you have a real estate agent involved, it can be more difficult to coordinate schedules for an open house. When it comes to showings, you need to accommodate the schedules of three people: the agent, the buyer, and you yourself. You should also speak with buyers directly to ensure they are receiving accurate information, regardless of whether they have an agent.
MYTH 4: A transaction will need to be coordinated and prepared for closing by an agent or broker.
It seems like there will be a lot of paperwork. Additionally, the jargon may seem so complex that it may be easier to work with an agent. That’s a lot of paperwork.
Reality:
Closing paperwork isn’t only handled by real estate agents. Many real estate attorneys handle the work for them. A lawyer can assist you in navigating paperwork and advise you on the types of contracts and disclosures required by your state rather than hiring an agent. Attorney fees are likely to be much lower than commissions charged by agents.
MYTH 5: Selling the home myself will take longer
The majority of people believe selling a home yourself will mean the property will be on the market for a longer period of time. Depending on your situation, you may even have to accept a lower price than you had originally hoped.
Reality:
You will have to put in a lot of time and effort if you want to sell your home. Even if you decide to go with an agent, you will have to put in time and effort. The process will be more controllable from start to finish if you choose to sell by owner. Rather than explaining everything to an agent, you can spend time on tasks that will make a difference. It’s just a matter of listing your home and completing tasks according to your own schedule.