There's no doubt about it – these are uncertain times. And if you're a homeowner looking to sell, you're adding a whole new level of complexity that comes with selling a property during challenging times. For example, you might have to list due to changes to your job or lifestyle or feel the squeeze of increasing interest rates. As a result, you may also be toying with the FSBO approach: For Sale By Owner.
FSBO is a tempting alternative for sellers because you save on commission fees and maintain complete control over the sale. However, not everyone has the knowledge, skill or time required to sell their home. Then there's the emotional attachment that can be hard to relinquish when you act as your agent and the many mistakes you can make along the way.
Thinking of trying the FSBO approach? These missteps can make even the most attractive property languish on the market and cost you more money in the long run:
1. You price it wrong
Your home is where the heart is, so it's understandable that you want top dollar for your listing. Unfortunately, most homeowners will overprice their property, turning away buyers, while some sellers will shortchange themselves by underpricing their most significant asset. The best way to price your home right is by having a real estate sales representative determine the market value of your house based on comparable sales for your area.
2. Your photos aren't good
Now more than ever, buyers are looking for homes online, and if your listing photos, tours and videos don't impress, you aren't likely to get a showing. Hiring a realtor that can provide home staging advice and professional virtual tours is one of the best ways to capture buyers' interest and offers.
3. You aren't available to show the home
When buyers decide to view a home, they don't want to wait. If you're only showing the house when it's convenient for you and your schedule, you narrow your window of opportunity to sell.
4. You aren't able to qualify buyers
When you sell your own home, it's easy to waste precious time on unqualified buyers, tire kickers and nosey neighbours without a way to validate their financial qualifications ahead of time, as most realtors can. Most buyers are also reluctant to share their financial information directly with a seller.
5. Your showing skills leave much to be desired
You've toured guests around your place, but that doesn't make for a great real estate showing. Unlike a realtor, you may not know your home's basic selling features and might not be able to read the room. In addition, some buyers prefer to lead their tour and ask questions later instead of having the seller breathing down their necks. Buyers also find it harder to be candid about their concerns or issues with a home when the seller is present, which limits valuable feedback to help you sell your home.
6. You don't market the home well
Selling a home goes beyond just putting a sign in the ground. Your listing needs to be on the MLS and have a marketing plan that includes a web and social media presence. Flyers, door knocking, open houses and direct mailers can also attract the interest of a wider pool of potential buyers. This is all part of the job for a realtor but not as quickly executed when taking the FSBO approach.
7. You don't work with buyer agents
Most buyers are already working with a realtor when looking at homes. If you don't want to work with a buyer agent or offer a buyer agent commission, you'll find there is little incentive for a realtor to encourage their homebuyers to tour your home or even consider it.
8. You get overwhelmed by paperwork
Selling a home is a complex process with ongoing negotiations, paperwork and legalities that can be overwhelming. Without a listing agent in your corner, you'll be responsible for reviewing sales contracts, writing counter offers and representing yourself from start to finish. On the other hand, a realtor is there to look out for your best interest and ensure a smooth sales experience from listing to closing and beyond.
Final Thoughts
While you might think that you're cut out for the job, it's best to leave the sale of your home to an expert. By working with a real estate sales professional, you'll benefit from a comprehensive selling experience that can help you sell your home more efficiently, with fewer hassles and for top dollar.
Please contact Deborah Clerk, Real Estate Sales Representative, ASA with Keller Williams Real Estate Associates, Brokerage in Mississauga, at (416) 729-4025 to learn how I can help you sell your home or to inquire about a free property evaluation.
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