Real estate agents often get 30% to 40% of the commission that their brokerage makes on the sale of a house.
The thought of others making a profit from your home sale may not sit well with you. This is why you may be considering selling your home yourself.
Going this route may seem like the best way to save money. However, there are several disadvantages to selling your home on your own. Read on to take a look at what is FSBO and whether or not it is right for you.
What Is FSBO?
FSBO or “for sale by owner” means that the owner is selling the home without the help of an agent. The task to sell your own home is a difficult one and it means that you decide to take on all the responsibilities that come with selling a home.
You will be doing everything a real estate agent would do for you. This includes listing the home, showing it, and closing the deal.
These three things are the basics that you will have to do.
1. Your Time
When you decide to do an FSBO you will have to give up a lot of your time. As mentioned before, there are three major things that you will need to do, but others tasks usually come up.
For example, you may have to stage the home yourself. You will need to have intense marketing efforts to ensure that you get a sale.
You will also have to spend time showing the property to potential buyers. All of this can be taxing on your time.
2. Marketing Stress
One of the most important things you will have to undertake when you decide to do an FSBO is the marketing of the property.
If this is not done right you can waste time and money listing the property on services that are not beneficial. A real estate agent will have access to Multiple Listing Service (MLS), which means that they have a wider network than you could ever have on your own.
3. Curious Onlookers
As unfair as it might seem to you, selling your home on your own gives the perception that you are not serious about selling it. Many people will believe that you are just testing the market to see if anyone would be interested.
This also means you might get a lot of viewers for the home who are not serious about owning a home. Real estate agents usually come with serious buyers. This will help you to sell the home faster.
Hire an Agent
Now you know what is FSBO, and the drawbacks of going this route. With so many disadvantages to doing an FSBO sale, it is always best to hire a qualified real estate agent to do the work for you.
The commission they get from the sale will be well worth it if you are able to get your asking price and sell the home quickly.
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