When it comes to selling a home, many people think selling on their own will save them time and money. The rise of instant home purchase websites has made it even easier for homeowners to think this way.
In addition, for sale by owners (FSBOs) believe the selling process is simple and effortless. List the house and let the offers roll in. Easy, right?
In reality, many homeowners find that what they thought was a faster and easier selling solution quickly turns into a huge waste of time and money.
For sale by owner? For sale forever
FSBOs often think that by dedicating their own time to selling their home, they can eliminate a REALTOR’S® commission, end up with more money in their pocket and sell it quicker. In actuality, 70 percent of FSBOs say they had significant difficulty selling their home, based on data from a profile of home buyers and sellers conducted by the National Association of REALTORS®.
What they thought was a simple process turned out to be time-consuming and complicated. One of the biggest reasons for this is that they set the wrong asking price from the beginning, and they don’t have the knowledge and expertise required to sell it.
To make homeowners more money from their sale, REALTOR’S® prepare a comparative market analysis, help set the right asking price, market with the expansive MLS network, and negotiate effectively on your behalf, all while staying within legal requirements. These are all potential problems and liabilities that can add up for FSBOs.
Lou Nimkoff, president of the Orlando Regional REALTOR’S® Association, says, “REALTOR’S® know how to use their knowledge, expertise, connections, and resources, built over years and even decades, to sell homes. FSBOs often don’t have the kind of exposure or the resources needed to sell their home.”
Right now in Orlando, it’s a seller’s market, meaning the number of buyers outweighs the number of sellers. This is great news for you if you’re selling your home. But as a FSBO, it means evaluating the questions and offers that buyers are throwing your way.
Typically, FSBOs have many other responsibilities, and they don’t have the time to dedicate to selling their home as a REALTOR® would. From listing the home and fielding the questions to negotiating the offers and handling the closing process, REALTORS® commit their time, knowledge and expertise to selling your home.
REALTOR® or no REALTOR®? That is the Question
Not working with a REALTOR® can be tempting to many homeowners, especially with the rise of instant home purchase sites that allow you to sell your home online immediately. Many homeowners consider this option because it’s quick and they think the offer is fair. In reality, by doing this, or by trying to sell it themselves, homeowners could be leaving thousands of dollars on the table.
REALTORS® offer the greatest opportunity to sell faster, more efficiently and for the best possible price, making it a much smoother process for the homeowner. Plus, working in their local markets every day, REALTORS® know their local markets like the back of their hands, better than any website. They offer expert knowledge that will help get your home ready for sale, and when it comes to exposure, REALTORS® have the reach to market your home to the widest possible audience. They know how to manage offers and qualify buyers, working diligently to find the perfect one who will take care of your home just as you did.
Professionals in their field, REALTORS® also have the expertise needed to negotiate the terms of the sale and get the best offer possible. Finally, each REALTOR® commits their professional career to following the REALTOR® code of ethics, which includes a pledge to protect and promote the interests of their clients.
At first, selling by yourself might seem more cost-effective, but in the long-run, you may end up with more stress, less time and less money.
The benefits of using a REALTOR® are paramount compared to selling through other means. REALTORS® devote their efforts to getting to know you and your home inside and out, so you can set the right price from the beginning, have a smooth selling process and get the best possible outcome of the sale.
No matter your reason for selling your home, make sure you start and end the process the right way. Learn more by visiting OrlandoRealtors.com/FSBO.
The Orlando Regional REALTOR® Association (ORRA) is one of the largest local trade associations in Florida, with more than 15,000 members in Orange, Seminole, and the surrounding counties. The mission of ORRA is to provide state-of-the-art, cost effective information, services and programs to advance the professional careers of its members.