Top Reasons Why For Sale By Owners (FSBO) Fail
- list price of the home was set (way) too high
- being unavailable to meet buyer schedules
- poorly staged or prepared (realtors know which problems you must address)
- bad or no marketing
- showing or trying to sell to unqualified buyers
- terrible at negotiating
- refusing a buyers’ agent commission
Many people sell their own homes. Few do it well.
You think you’re going to save a lot of money selling your house by yourself… right? You may make more money from the sale – but it doesn’t usually work that way. Why? You’ll overestimate the value of your house, underestimate the amount of work, and guess who you’re attracting? The bargain shopper (hint: they want to share your savings on commission). The National Association of Realtors reports over 90% of for sale by owners fail and end up hiring a real estate agent.
The bottom line for FSBO: While you won’t have to pay a real estate agent, you are not likely to fetch as high a price for your home as you would if you had worked with a professional; the average FSBO home sells for about 15% less than homes sold through a realtor. An established real estate agent knows how to market your property to the right buyers, price it competitively and negotiate.
2 factors are key when selling a home:
- Price. Being overpriced is the #1 reason homes do not sell. Realtors know how to professionally analyze your home by surveying comparables (comps) in your area.
- Marketing – a well designed plan gets qualified buyers in the house. Realtors are in the job of networking – they LOVE meeting others, attending social events, etc. Your realtor is in the business of people.
Moreover, your professional realtor has access to the multiple listing service (MLS) and established real estate sites like Zillow and Realtor.com. Plus, they’ll be your legal representative. For many unrepresented sellers, the financial savings are disappointing. By the time they figured the amount of fees paid to outside attorneys, consultants, inspectors, appraisers, escrow and loan officers, marketing, advertising, they would have been better off to have paid an agent fee.
When you hire the See Team, you’re getting 3 professionals for the price of one. We’ve raised our families in the Madison / Middleton Wisconsin area and know the homes for sale market. Let us help you sell your home today.