I know there are many factors that go through a sellers mind when they chose to sell their home “for sale by owner” or FSBO like some people call it but the statics don’t lie, according to the National Association of Realtors, less than 10% of FSBO’s actually sell. So why are there so many For Sale By Owner Fails? In this video/blog, I will cover the reasons why this happens and some tips to try to help those that elect to sell for sale by owner.
?Preparing The Home Correct To Sell It.
I know most sellers feel like they have seen enough on HGTV that they can stage a home without a stager, and sell a home without a realtor. I mean, they make it look so easy on tv, why can’t they do it themselves?
But the problem is that most people when selling For Sale By Owner list their home before its ready to list. I have had clients take up to a month to get everything in order before I would send out the professional photographer to take photographs.
There are some simple generic tips that should be followed by all FSBOs. I have made a useful playlist of videos to help also https://bit.ly/2xaztYk , Some of the most important pre-listing tasks that FSBOs should do before listing their home for sale include:
???Professionally clean carpets and/or floors.
??♂️Complete any neglected repairs.
?Replace outdated light fixtures.
?Add Flowers and de-weed to make the home have curb appeal.
? Pricing and Zillow’s Zestimates
Many For sale by owner sellers do not understand the value of their home. They will rely on sites like Zillow with Zillow’s “Zestimates” to evaluate their home. The “Zestimates” have been known to either price the home too high which prices the home out of the market. Other “Zestimate’s” may price it too low, making some buyers curious to what could be wrong with the home when it’s priced so low. Most buyers won’t take the chance that the home is a good deal they’ll just move onto another property.
☎️ Listing FSBO on Zillow with Only Real Estate Agents Call.
Once a seller lists there home on websites like Zillow, and Trulia, they are inundated with calls from real estate agents working there call sheets but get little traction with actual buyers. The way these sites are actually set up they makes it difficult for the home sellers contact information. To be found by the average buyer searching, they tuck it lower down the page just past where all the real estate agent have paid for placement, even making the color of font and size smaller. Of course, real estate agents trying to work to get the listing they know exactly where to find these numbers, and that’s why the for sale by owner seller gets bombarded by those calls.
Not only does the phone ring from realtors, you get people calling at all hours asking questions about the home, its exciting at first but frustrating after a couple of weeks when the seller has 40 calls and no one actually coming to the home to preview it.
??♀️Who’s Entering your home?
Eager sellers want to show their home to anyone and everyone. It’s completely understandable, the more people that see it, the more likely you’ll get a buyer, right? An experienced REALTOR® knows how to screen for the right people to look at your home. There is no point of wasting your time shuffling your kids out of the house because someone’s grandma wants to see what wood flooring you put down a few years back with no intention of actually buying the home. REALTORS® know what documents to ask for and which ones are really not worth the paper they are written on. (Here is an example of the difference of pre-approved and pre-qualified, https://youtu.be/GGLvtVLPrFs)
? Selling with Pressure.
Many FSBO sellers will stay in there home to show it and rightfully so. The FSBO sellers will show their home pointing out features that either does not interest the buyer or make the buyers completely uncomfortable. After the showing is over they may ask the buyers for feedback which most buyers are uncomfortable in doing so in a face-to-face situation, in turn, the FSBO sellers really don’t get the feedback they really need to get the home sold faster.
??♂️Negotiations and Home Inspections.
When it comes to negotiations with inspections things can get really heated as I mentioned in my last video, Buying for sale by owner without a realtor https://bit.ly/2MvEKhV . FSBOs often believe that there is nothing wrong with their home which is why it’s upsetting when the buyer requests items to be corrected or fixed before moving forward with the transaction. This can often lead to the FSBO refusing to repair any items, which is a great way to scare away potential buyers. Sellers don’t want to give there home away and the requests for repairs seem absolutely ridiculous to them, This is when most sellers realize they should have gone with a professional REALTOR to handle the uncomfortable nature of discussing money and what will and will not be repaired.
Before you decide to sell your home FSBO, remember, the statistics say you have about a 10% chance of making that happen. If you decide you want to take on the challenge. Make sure you are aware of the above common reasons why For Sale By Owners fail. An FSBOs Seller who understands what the most common pitfalls are will greatly increase the chance that they have a successful sale.
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?If you have any questions about buying and selling your home feel free to reach out to me at any time by email or any respectable time by phone?. All my contact information is listed below.