If Only It Were As Simple As A Sign…
The real estate market is much more challenging now, than it was back then. The internet has become a HUGE part of the equation. The web has been instrumental in the progress of real estate, however, it has produced some hiccups as well. Data is free flowing across the internet, but how do we know what is really true and what to believe?
Sure there are plenty of sites that speak highly of FSBO’s and sites that give you step by step how to do it. Even our Realtor-based sites are allowing for FSBO’s to post their houses. There is just one problem: most buyers are still using an agent; agents tend to shy away from FSBO’s; and most FSBO’s do not want to deal with agents. So your property may still not be getting the visibility that it needs, or deserves.
Location, Location, Location was always the mantra of Realtors. Now, another mantra is being introduced; Marketing, Marketing, Marketing. With so many avenues of information, are prospective buyers even finding your home? Or is it overshadowed by Real Estate Agents’ advertisements?
For Sale By Owner Statistics
- FSBOs accounted for 7% of home sales in 2017 (A 2% drop from 2014 when I last updated). The typical FSBO home sold for $200,000 compared to $265,500 for agent-assisted home sales in 2017. That is a 24% difference!
- FSBO methods used to market home:
- Yard sign: 22%, Friends, relatives, or neighbors: 18%, Online classified advertisements: 6%, Open house: 10%, For-sale-by-owner websites: 5%, Social networking websites (e.g. Facebook, Twitter, etc.): 12%, Multiple Listing Service (MLS) website: 4%, Print newspaper advertisement: 2%, Direct mail (flyers, postcards, etc.): 2%, Video: 1%, None: Did not actively market home: 49% How does one sell a home without marketing?
- Most difficult tasks for FSBO sellers:
- Getting the right price: 17%
- Understanding and performing paperwork: 12%
- Selling within the planned length of time: 5%
- Preparing/fixing up home for sale: 8%
- Having enough time to devote to all aspects of the sale: 3%
Source: 2018 National Association of REALTORS® Profile of Home Buyers and Sellers
Those of you who are looking at my page because you received one of my mailings: I had to work hard to find some of your homes (some of your signs are illegible at this point; those of you with vacant land, I had to guess your addresses). Those flyer boxes? Yeah, they are not waterproof and how often are you refilling the boxes? Most buyers are going to take to the internet and “google” what they are looking for, or ask an agent for help. The days of driving around looking for “For Sale” signs, whether by owner or agent, are distant. Many buyers would rather be in the comfort of their own home, sitting on the couch, maybe in pajamas, looking at properties online.
Below are some articles you may find informative in your FSBO mission. I want you to investigate all possibilities of not using an agent, so when you decide the time is right to consult one, you can do so without regret: How To Sell Your Home Without An Agent, 10 Rules For Selling Your Home On Your Own, 7 Steps To Lead To For Sale By Owner Success, FSBO Websites.
I would not be doing my job as a Realtor if I did not also give you information on the not so good aspects of FSBO’s: Why For Sale By Owners Fail, For Sale By Owner vs Hiring a Realtor- True Story, 5 Reasons You Should Not For Sale By Owner, For Sale By Owner- The Truth About Selling Your Home
Try selling on you own, see how it goes, but after a few cancelled showings, frustrations with all the paperwork involved (closings protocols have changed as of Oct 3, 2015) and maybe even a lack of reasonable offers on the property; I would appreciate the opportunity to sit down and speak with you about listing your home.
Until then, let me know if you are willing to work with me as a “buyers agent”. You never know, I may have the perfect buyer for you and I can let them know that your property exists. Let me know here.