5 More Myths About FSBO Home Sales
The U.S. economy is rebounding, buyers are looking for homes — and by-owner sellers are in the driver’s seat.
Real estate agents, however, hope you’re afraid to get behind the wheel. According to Derek Morgan, manager of broker relations at ForSaleByOwner.com, agents thrive by convincing wary homeowners that selling their own home is too time-consuming, too difficult and requires skills only an agent possesses.
“Don’t be intimidated,” Morgan advises. “Online resources give you the same power an agent has, and allow seller and buyer to connect on their own.”
Don’t allow these five myths to shake your self-confidence:
MYTH #1: I could never prepare my home so that it looks attractive in listing photos. That’s why I need an agent who will hire a professional stager and photographer.
REALITY CHECK: There’s no reason you can’t hire a stager or photographer yourself. Want to DIY? Look online for comparably priced properties and copy the staging and photographic techniques that make homes look the most attractive.
MYTH #2: I’ll never have the confidence to do this. I need an experienced agent to organize a strategy for selling my home.
REALITY CHECK: You
can do it. No one knows your home better than you., Not only can you
give buyers the little details they crave that really sell the
neighborhood, you’ll also be able to access to the same listing tools
that real estate agents do so you too can sell in a reasonable amount of
time at the best market price.
MYTH #3: I’ve heard that only real estate agents have “pre-qualified” buyers.
REALITY CHECK: Just about all potential buyers can be pre-qualified — which merely means they’ll have a letter from a lender stating that yes, the prospective buyer’s mortgage application will be processed. That’s all. It’s like the pre-approved credit card junk mail you receive every month. Because FSBO sellers are not primarily in the business of networking and listing homes, they can go a step further and require prospective buyers to be “pre-approved” prior to scheduling an appointment to show a home. Unlike pre-qualified, pre-approved buyers have a mortgage already OK’d by a lender and can immediately commit to buying your home.
MYTH #4: I’ll need to settle for some cheap-looking “for sale” sign from the hardware store.
REALITY CHECK: A simple online search will show a number of by-owner services that offer a range of options from attractive paper signs for your window to large, professional-looking arm signs for your front yard.
MYTH #5: If there’s a problem with my listing, I’m on my own.
REALITY CHECK: Help is available. In fact, Morgan notes that some websites like ForSaleByOwner.com offer customer support seven days a week with expert troubleshooters who can help you find answers to any question about your by-owner listing.
Remember: As a by-owner seller, you can do anything an agent can. That includes giving yourself the 3-6 percent commission an agent would normally receive.
Check out our top 5 list of the most common myths about FSBO home sales.
We want to know: Do you have additional questions about selling your home by owner?