Why Selling Your House on Your Own is a Mistake
Blog By Courtesy Keeping Current Matters
There are many benefits to working with a real estate professional when selling your house. During challenging times, like what we face today, it becomes even more important to have an expert you trust to help guide you through the process. If you’re considering selling on your own, known in the industry as a For Sale By Owner (FSBO), it’s critical to consider the following items.
1. Your Safety Is a Priority
Your safety should always come first, and that’s more crucial than ever given the current health situation in our country. When you FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your belongings but your health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and even facilitating virtual tours, real estate professionals are equipped to follow the latest industry standards recommended by the National Association of Realtors (NAR) to help protect you and your potential buyers.
2. A Powerful Online Strategy Is a Must to Attract a Buyer
Recent studies from NAR have shown that, even before COVID-19, the first step 43% of all buyers took when looking for a home was to search online. Throughout the process, that number jumps to 97%. Today, those numbers have grown exponentially. Most real estate agents have developed a strong Internet and social media strategy to promote the sale of your house.
3. There Are Too Many Negotiations
Here are just a few of the people you’ll need to negotiate with if you decide to FSBO:
- The buyer, who wants the best deal possible
- The buyer’s agent, who solely represents the best interest of the buyer
- The inspection company, which works for the buyer and will almost always find challenges with the house
- The appraiser, if there is a question of value
As part of their training, agents are taught how to negotiate every aspect of the real estate transaction and how to mediate the emotions felt by buyers looking to make what is probably the largest purchase of their lives.
4. You Won’t Know if Your Purchaser Is Qualified for a Mortgage
Having a buyer who wants to purchase your house is the first step. Making sure they can afford to buy it is just as important. As a FSBO, it’s almost impossible to be involved in the mortgage process of your buyer. A real estate professional is trained to ask the appropriate questions and, in most cases, will be intimately aware of the progress being made toward a purchaser’s mortgage commitment. You need someone who’s working with lenders every day to guarantee your buyer makes it to the closing table.
5. FSBOing Is Becoming More Difficult from a Legal Standpoint
The documentation involved in the selling process is growing dramatically as more and more disclosures and regulations become mandatory. In an increasingly litigious society, the agent acts as a third-party to help the seller avoid legal jeopardy. This is one of the major reasons why the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
6. You Net More Money When Using an Agent
Many homeowners think they’ll save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save on the commission.
A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, the seller may even net less money from the sale. The study found the difference in price between a FSBO and an agent-listed home was an average of 6%. One of the main reasons for the price difference is effective exposure:
“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”
The more buyers that view a home, the greater the chance a bidding war will take place, potentially driving the price higher, too.
Bottom Line
Listing on your own leaves you to manage the entire transaction by yourself. Why do that when you can hire an agent and still net the same amount of money? Before you decide to take on the challenge of selling your house alone, reach out to a local real estate professional to discuss your options.
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This real estate experience was by far the best we have ever had.
My husband and I recently purchased a beautiful home with the expertise help from Joyce and Elena. So much time was devoted to showing us the area, many homes visited until we found just what we wanted. This... Read full review
We cannot thank you enough for all your hard work, creativity and kindness.
We felt compelled to send you a note to thank you for the outstanding job you did in listing and selling our home. Given how complicated and emotionally charged the process was, having a team with your... Read full review
The Lucky to Live Here Team are truly the best real estate agents a seller or buyer can work with.
The Lucky to Live Here Team are truly the best real estate agents a seller or buyer can work with. They understands their client's needs and offers excellent market insight. They are very responsive and... Read full review
Top notch marketing.
Knowledgable about all aspects of the real estate market in the 5 harbors. Whether buying or selling, this is the team you want. Top notch marketing. our home will definitely get more exposure... Read full review
Impressed by their poise and professionalism
Elena and Joyce are extremely hardworking, consummate professionals. They do a phenomenal job marketing your property. Its a super competitive a world out there. Elena, Joyce and her team work closely with you... Read full review
Their online presence and creative & innovative approaches to marketing made such a difference in our selling experience.
Elena, Joyce, Ashley, and the whole team at Lucky to Live Here are wonderful. Their online presence and creative & innovative approaches to marketing made such a difference in our selling experience. We... Read full review
And more importantly they truly care about their clients.
Lucky to Live Here Realty is the ONLY real estate agency you should be using in the 5 harbors! Elena, Joyce and their entire team are extremely knowledgeable, professional and resourceful when it comes to real... Read full review
They were ALL positive, supportive, knowledgeable, and extremely professional every moment!
A sincere THANK YOU to Sari/Joyce/Amanda and the whole "Lucky to Live Here" team! It was a very difficult and emotional decision to move out of New York and place a stranger in the only home I've... Read full review
I can't wait to work with them again.
Laura Ambrosio and Jackie Stephens were instrumental in selling three of my investment properties. They were enthusiastic and well prepared, every time we met. Two of my properties had been previously listed,... Read full review
It was wonderful to leave the house knowing that it was in good hands.
Elena & Joyce were both wonderful to work with during the sale of our home. It was wonderful to leave the house knowing that it was in good hands. No lock boxes, no unattended people walking through the... Read full review
Seasoned team with thorough knowledge of their industry
I can only say positive things about Joyce and Elena , with Lucky to Live Here Realty. From the sale of our home,to the purchase of our new home , both Joyce and Elena displayed utmost professionalism at all... Read full review
Video Testimonial
This real estate experience was by far the best we have ever had.
My husband and I recently purchased a beautiful home with the expertise help from Joyce and Elena. So much time was devoted to showing us the area, many homes visited until we found just what we wanted. This real estate experience was by far the best we have ever had. True professionals and warm people. Looking forward to keeping in touch with our new neighbors!
We cannot thank you enough for all your hard work, creativity and kindness.
We felt compelled to send you a note to thank you for the outstanding job you did in listing and selling our home. Given how complicated and emotionally charged the process was, having a team with your experience, intelligence and professionalism at our side throughout was invaluable. Also, getting our expected price and within our time frame in such a difficult market, speaks for itself in terms of getting results. We saw firsthand how much attention to detail and daily initiative the listing and sale took. We cannot thank you the team enough for all your hard work, creativity and kindness.
The Lucky to Live Here Team are truly the best real estate agents a seller or buyer can work with.
The Lucky to Live Here Team are truly the best real estate agents a seller or buyer can work with. They understands their client's needs and offers excellent market insight. They are very responsive and reliable. The Lucky to Live Here Team make you feel very comfortable -- it's a bonus that they are a joy to be around. We were impressed with their "can do" attitude and give them the highest recommendation.
Top notch marketing.
Knowledgable about all aspects of the real estate market in the 5 harbors. Whether buying or selling, this is the team you want. Top notch marketing. our home will definitely get more exposure with this firm. They go above and beyond what you would expect. I highly recommend Elena and Joyce and their whole staff.
Impressed by their poise and professionalism
Elena and Joyce are extremely hardworking, consummate professionals. They do a phenomenal job marketing your property. Its a super competitive a world out there. Elena, Joyce and her team work closely with you to strategically differentiate, gain attention and break through the clutter. During the likelihood of experiencing drama during the listing, negotiation and closing phases, I've been consistently impressed by their poise and professionalism. They are truly standouts and I can't recommend them enough.
Their online presence and creative & innovative approaches to marketing made such a difference in our selling experience.
Elena, Joyce, Ashley, and the whole team at Lucky to Live Here are wonderful. Their online presence and creative & innovative approaches to marketing made such a difference in our selling experience. We never for a second felt as if our house was going to just sit on some listing somewhere. There was no cookie cutter process. They truly thought about the best way to highlight our home. From the photo shoot to the drone footage to the last minute “Hey, what if we film an interview to talk about how special this home is” — the care with which they discussed our needs made it apparent from the start that we were in the best of hands. We highly recommend Lucky to Live Here.
And more importantly they truly care about their clients.
Lucky to Live Here Realty is the ONLY real estate agency you should be using in the 5 harbors! Elena, Joyce and their entire team are extremely knowledgeable, professional and resourceful when it comes to real estate on Long Island. And more importantly they truly care about their clients. My husband and I couldn’t have had a better experience and will recommend them to all of our friends and family!
They were ALL positive, supportive, knowledgeable, and extremely professional every moment!
A sincere THANK YOU to Sari/Joyce/Amanda and the whole "Lucky to Live Here" team! It was a very difficult and emotional decision to move out of New York and place a stranger in the only home I've ever owned and was so proud of. The entire team made me feel beyond comforted and confident in every way throughout the process. They were ALL positive, supportive, knowledgeable, and extremely professional every moment! A wonderful experience!!!!
I can't wait to work with them again.
Laura Ambrosio and Jackie Stephens were instrumental in selling three of my investment properties. They were enthusiastic and well prepared, every time we met. Two of my properties had been previously listed, unsuccessfully, with other realtors, but Laura and Jackie managed to get them sold in short order. They also managed to sell a third property, quickly, at full price. I would highly recommend Laura and Jackie for any of your real estate needs, and I can't wait to work with them again.
It was wonderful to leave the house knowing that it was in good hands.
Elena & Joyce were both wonderful to work with during the sale of our home. It was wonderful to leave the house knowing that it was in good hands. No lock boxes, no unattended people walking through the house. One of them always accompanied other realtors while our home was being shown. They were responsive to our needs, & gave us more than adequate notice before each showing appointment. Also because we were not leaving the area right away, we needed to find a rental after we sold. Sari helped us find something that was within our price range and still close to old friends. The whole process was as un-stressful as something like this could ever be. 👍🏻😊
Seasoned team with thorough knowledge of their industry
I can only say positive things about Joyce and Elena , with Lucky to Live Here Realty. From the sale of our home,to the purchase of our new home , both Joyce and Elena displayed utmost professionalism at all times, coupled with endless energy and optimism all the while treating us like old friends. I highly recommend them as a well seasoned team with thorough knowledge of their industry.
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