For sale by owners (FSBO) are becoming more common as people fall further and further out of trust with real estate agents. In many people who sell their own property feel that sometimes that’s their only choice. What I’ve found, is that these people have generalised real estate agents, met one or two that were as stereo typical and decided that they know best. The other set of people who sell themselves, just want to save a few thousand dollars in commission.
So, here’s a few things to keep in mind when thinking about selling your property yourself. Firstly, most agents will not sell their own properties themselves because they know how difficult it is to separate their emotions with the transaction. If you cannot separate your emotion with the sale, the buyer will take advantage of this and you will end up not selling your property or selling for less than market value.
Getting your price doesn’t mean that it’s the best price. If you haven’t been trained and worked day in day out in real estate for years, then it would be pretty safe to say that you will miss most tells that a buyer will pay more than they’re offering. Even if the buyer offers you what you are asking for, if there is potential to capture tens of thousands of dollars more, I’m pretty sure you would walk away a lot happier paying commissions and advertising and still having more money then you wanted.
You will also only capture a small portion of the market place. The majority of buyers do not feel comfortable to deal with owners directly. The problem is, the majority of buyers that are happy to deal directly with an owner are usually seasoned buyers and know exactly how to buy property for the lowest price. So firstly, if you’re not dealing with an entire market place and secondly, the buyers you are dealing with are the ultimate bargain hunters, then where does that leave you?
These are some of the main points of what you’re up for when you’re selling yourself. Personally, I would take the time to interview as many agents as possible until you find the right one for you that will ensure you get the absolute best price for your property. They will cover their costs in most cases and get you a little bit more. Don’t every forget that all property sales are large transactions and it should not be taken lightly. Take every step to ensure you get the best out of your sale and walk away wealthy instead of salty.