Monday, October 17, 2011

Northern Kentucky For Sale By Owner Tips

Following is a list of points from a local "For Sale By Owner" website. To each thought I will provide a counter-point for your consideration.

1. You Can Sell Your Home Better Than Anyone Else: You know your home best and what is special about the area as well as other details about the property.

You might know all the particulars about your home and area but you may not know what NOT to say. You could be held legally liable for what you say to a buyer.While a well-maintained, fairly priced home may virtually sell itself you need to make sure your home can be found by the most prospects to achieve the best price. The most important place to get the widest possible audience is the Multiple Listing Service. There is a Strong reason 86% of all homes that start out as For Sale Buy Owner ultimately end up with a Realtor.

2. More Money in your pocket: Calculate 6% or 7% of what you think your property is worth, then ask yourself? Is it worth paying this much to have someone else show my property?

If Realtors did nothing but add 6-7% to the cost of selling a property while bringing no value to the transaction, there wouldn't be very many Realtors and justifiably so. In addition to the many services that Realtors bring to the table they also deliver marketing exposure which results in the best prices for sellers.

3. You're in control: You can advertise where and how you want to, schedule showings when convenient, talk directly with prospective buyers and even take your house off the market when you choose. Remember, listing a home usually requires a minimum of 6 months with a Realtor.

Realtors know where to advertise your property and if you are serious about selling, you need to allow showings when it is convenient for the buyer, not you. The reason why most competent Realtors require a six month listing has to do with the current real estate market absorption rate. To get the most exposure and best price requires time.

4. Less Hassle and Frustration: When selling by owner, you don't have to leave the house because an agent wants to show it or clean every morning. You know exactly when people are coming and can prepare accordingly. When a buyer makes an offer, there is not all the frustrating back and forth phone tag between agents.

In a buyer's market, like the one we're in, a seller should be delighted to leave so an agent can show the home. Buyers are not easy to come by and you only get one chance to make that first impression. If you're serious about selling, keep your house in good shape and smile when an agent wants to show it.

5. Less Uncertainty: Because you meet the prospective buyers, you have a much better idea how interested people are, what they like about the home, how serious they are about buying and what their time frame and situation is. The direct feedback is easier to live with than wondering how things are going or why no one has made an offer yet.

You don't get less uncertainty simply because you are dealing directly with the buyers! Do you think that a seasoned Realtor doesn't know how to interpret a Buyer's signals and ask the proper questions to determine how motivated the buyers are? Do you really believe the buyers are going to tell you why they don't like your home directly to your face?

6. You Can Sell Faster: If you list your home with a real estate agent, everyone knows you'll probably inflate the asking price to cover the commission fee amount. Three to six months down the road you'll come to the painful realization that no one is going to buy it at that price, and you will end up reducing your price or accepting an offer equal to the original amount you would have asked if selling by owner. Do it right the first time, and avoid taking the loss.

If you believe that you can inflate your asking price to cover the brokerage fee you are mistaken. You would be equally mistaken if you believe you can inflate your asking price because you have kids in college or because you need a big down payment for your next home. The reason why 86% of "for sale by owners" end up listing with a Realtor is because selling your own home is not easy.

7. Show Only To Interested Buyers: You can be sure that buyers are truly interested in your property when they visit because they have personally made the effort to be there. They haven't been dragged there by an agent using your property for comparison purposes only.

Written like someone who knows nothing about showing property. Agents will show your property in the interest of helping you sell it. But if they find that your home is overpriced, then yes it helps sell other properties. It's called comparison shopping. Every educated consumer does it.

8. You have greater access to out-of-area buyers: Our Internet site allows buyers anywhere in the world easy access to your ad and phone number. Currently it is estimated that 1.3 Billion people have Internet access.

My neighbor has a Facebook page that anyone in the world can access but few people find it. If you want worldwide reach a Realtor will have your listing on the MLS, - as well as hundreds of other websites that pull their listings from the listing services.

9. It's Easy: If you can sell your own car, you can sell your own home. Once our marketing effort locates a buyer, lawyers and title companies take over. Use our marketing resources as your best advertising resource.

It's simply not that easy. If you believe that once a buyer is found then the lenders, lawyers, and title companies take over, you are misinformed. Don't get me wrong, I am not saying that you can't sell your own home. What I'm saying is after going through the process, most "For Sale By Owners" (86%) realize it's a lot more complicated and ultimately use a Realtor.

10. What is your alternative? List with an agent? Understand that 9 out of every 10 listing agents don't sell their own listings. So why would you even think about listing for a 6% commission.

The reason why most agents don't sell their own listings is the same reason why you should list with an agent. Agents are able to attract other agents who are assisting their buyers in their quest for a new home and this is done through the cooperation of the listing services. Also, keep in mind that without an experienced agent to help guide you through the transaction bad things could happen. Sometimes, just like with Doctors or Attorneys it's just better to let a professionals handle things.

No comments:

Post a Comment