Sellers Tips
Occasionally, one can see "For Sale By Owner" signs, and some owners think that
selling their own home will not only save them money, but believe they have an advantage
over the sellers that have their home listed by a reputable Real Estate sales professional.
Before you decide to take on this very important and legally complicated process…remember
not even most Real Estate Lawyer's recommend selling your own home yourself in today's
market. Here are a few of the reasons why:
- You are limiting your exposure to potential buyers (less than 10% of what a good
real estate broker will generate) which theoretically means your home will take
ten to fifteen times longer to sell on the market.
- The longer a home is on the market the lower the selling price is. Why? Because
most buyers think that if the home has not sold after this long... there must be
something wrong with the home.
- The selling/buying process begins AFTER the buyer leaves your home. Most sellers
think that all it takes is for someone to see their home, fall in love with the
great decor... and the offer automatically will follow. Remember that the buying
process begins after they leave your home. If a real estate sales representative
does not represent the buyer, and they are looking on their own…they usually leave
the home and start to talk themselves out of the buying process. Real estate professionals
are trained on how to overcome buyers remorse--a very common occurrence.
- Because of the limited exposure you will very likely end up with a lower selling
price. Remember, in order to generate the highest price possible for your home…
selling means exposure. You need the maximum exposure possible, to generate the
highest price possible.
- Most buyers find it extremely awkward to negotiate or even to talk directly with
sellers and therefore avoid FSBO properties.
- Lack of negotiating experience and lack of pertinent information often will result
in a lower selling price, or worse yet, a bungled contract and possible lawsuits.
- The majority of qualified buyers are working with experienced real estate professionals.
- Many serious buyers will pass by a FSBO home merely because they recognize that
it is not in the real estate mainstream, this can some times make them wary.
- As most local buyers now retain an experienced real estate sales person to represent
them as their buyer-agency, you will probably be negotiating against an experienced
professional.
- Expected savings in broker's fees will also be greatly reduced if you offer a selling
commission to entice real estate sales representatives to bring potential buyers.
- If you are planning to use a Lawyer to help you negotiate the offer, then your lawyer's
fees will be considerably higher.
- Only real estate sales representatives have access to the up-to-date market information.
News reports cannot approach the timeliness or specificity available to real estate
sales people. Further, real estate sales representatives are involved in home sales
much more frequently than the average homeowner is. This familiarity leads to a
degree of expertise that provides an edge on negotiating and successful selling.
- You only pay the commission to the real estate broker, if they successfully sell
your home at the price you are happy with.
- Accepting an offer is one thing, ensuring a safe and successful closing is quite
another. Real estate transactions usually always have problems on closing. At times,
expecting the Buyers and Sellers Lawyer's to fight it out or resolve the problems,
can sometimes mean the deal is lost. This is the time that your experienced real
estate professional, can be the most important. Your Real Estate professional can
act as a great mediator. Lawyers MUST act only on their client's instructions and
are not paid to negotiate.