A Realtor Doesn’t Just Open Doors
First of all, many people live with the misconception that realtors do nothing else other than opening the door for buyers and sticking up a sign in the front yard that says „For Sale“. A quality agent will save you a lot of money because he or she is experienced in negotiating, which is where many FSBOs lose. When faced with a buyer’s agent that is experienced, someone with a little experience will end up agreeing to a price that’s much lower than they could have received were they represented.
A realtor also knows the laws pertaining to the sale of a home. This is not amateur hour! And you do not want it to be.
Even if you have a lot of experience in negotiations, it’s still wise to engage the services of a realtor because it’s one thing to sell someone else’s product and a completely different concept than selling something that is yours. You may allow your emotions to take over, which is not going to be conducive in attracting a genuine buyer.
Lack of Experience
Selling a property is a long and complicated process, so if you don’t exactly know what’s involved, you could end up making mistakes that will cost you. There are various steps you need to go through, as well as documentation that needs to be drawn up, and if you don’t have any idea of what you’re doing, you will end up losing money and making a terrible sale.
And you can’t rely on the buyer’s agent to tell you what to do unless you secure their services, which means that you’re no longer an FSBO.
Going FSBO is Time Consuming
Do you have any idea how time consuming it is to sell a property? You have to place ads, write the copy for the ads, distribute flyers to get the word out, show the property, and so on and so forth. So, if you’re working a full-time job, it could be years before you manage to sell your home. What’s worse, you could end up losing a sale because you weren’t at home when someone wanted to view the property.
A realtor will take over all of the marketing, advertising and showing, which means you won’t have to worry. Furthermore, the real estate agent can help you with a marketing plan that’s not only efficient but cost-effective too.
Pricing Your Home
If you do not know the real estate market in your area well enough, you run the risk of pricing yourself out of the market. In other words, you could end up setting a price that’s so high, no one will be interested.
Conversely, you run a similar risk of pricing it too low and losing money. Yes, you’ll sell faster, but you’ll also be losing a lot of money, which you could have avoided if you had the help of a professional real estate agent.
These are just a few of the disadvantages of taking the „For Sale by Owner“approach. Of course, this doesn’t mean you shouldn’t consider FSBO at all, it just means that you need to be prepared and put in the time to make sure it all goes off without a hitch. On the other hand, if you do not really have the time, then it’s best that you secure the services of a professional and reputable realtor.