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Benefits of FSBO
June 03, 2019 at 1:15pm | Jasmin Bradley
Although selling your home as For Sale By Owner can be intimidating and not always successful, there are some pros to taking this independent route and getting the job done yourself! So today, we're sharing the pros of doing FSBO.
You Save The Commission
This is typically the main reason sellers choose to do FSBO. Say for instance you have a home that is $200,000, that's $12,000 commission that would have to split between the two agents. We understand that is something that's very attractive to some
for sale by owner sellers. One caveat to that is you have to be patient and diligent. So you want to make sure that it's not something that you take lightly. There are some people in the past that are successful in selling their home for sale by owner.
That percentage is about 2-3%. And it takes a certain character to do that. If you have the diligence, the work ethic, and the time to commit to it, then it is definitely a money-saving a tool.
It's Easier To Sell To Family & Friends
Think about it: You may have a sister that's looking for a house like yours and she just loves it. Or maybe your mom is looking to move up or down and one of your children wants to buy the house from you. They know the house already and they love
that. You already know that they are serious about purchasing the home. And so it's easier to talk to them. You don't really have that pressure of not knowing what this person is really trying to do. If you're in the position to give a family
member a good deal and do a great deed, then that's definitely one reason why you might want to go for sale by owner.
You Hold Vast Knowledge Of The Home
Your knowledge of the home is actually a pro for going for sale by owner. Realtors are experienced and are trained to market. So when we market, it might be a little bit cold because we're going straight for the facts to attract ideal buyers.
We give the core facts and our connection to your home isn't as personal as your own attachment. You offer a more personal perspective and can tell the story of your home to a potential buyer. As opposed to just saying your home has three bedrooms,
two baths, and a big yard, you could tell them more about the features.
For example: "My home has wonderful lighting in the mornings and is perfect for sitting on the front or back porch as you're welcomed by birds chirping in the morning." So you can see how your knowledge of your home is a pro for going for sale by owner.
So when you're selling your home FSBO, if you are not an experienced negotiator, then it might be a little bit difficult for you. Once you get a buyer that's interested in the property and they may come in with a low ball offer, what do you do?
You have the house on the market, you get an offer, but then all of the money that you thought you were saving by not getting a realtor, you end up losing because you didn't negotiate the deal correctly. It takes a special skill to successfully
negotiate. So if the thought of negotiating makes you a bit nervous, then going for sale by owner may not be for you. Thus why we say this point can be a pro and a con. It could be a pro if you are in the sales business and you know what you're
doing and you know different tactics for negotiating. So definitely keep in mind that there will be some negotiating.
If you're struggling with selling your home FSBO style, feel free to reach out to our team for guidance and tips! Be sure to visit our YouTube channel to catch our informative real estate videos. If you're constantly on the go, you can also listen
to our weekly podcast through Spotify, iTunes, and Google Play Music.