Selling By Owner Takes Common Sense

Posted by Steve Flanagan

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You’ve passed the first big test by assessing your financial situation and deciding to move forward with selling your home. Congratulations. Now it’s time to consider your selling method. Essentially, you have three options: use a traditional agent who’ll be paid a traditional commission; use a discount broker, or sell your home on your own and save thousands of dollars in the process.

Seems like a no-brainer—why pay a small fortune for a service you can perform yourself?

We’re not going to sugar coat it: Selling by owner takes work and determination. Real estate agents work hard. We respect the work they do and the time they put in, but you don’t need a Ph.D. to understand what’s behind the home selling process. You need the right information and the right tools to get the job done right. And the knowledge you do need? It’s all easily accessible online, most of it right here.

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Why It Makes Sense to Sell Your Home FSBO (for sale by owner):
• Is there anything an agent does that you can’t do for yourself? Really?
• Say you sell your home for $300,000 using a traditional agent with 6 percent commission fees. You owe $18,000 at closing. Ask yourself: Do you think an agent can do enough for you to earn $18,000? Even if you use a discount agent for half the traditional commission, that’s still $9,000.
• If you sell your home on your own, you control the showing schedule. You don’t have to leave your house spotless every morning in case your agent schedules an unexpected showing.
• You establish a personal connection with prospective buyers when you show your home yourself. That could be helpful when you sit down to negotiate an offer.
• Nobody knows your home better than you, and nobody’s a better advocate for your home than you are. When you sell by owner, you put that knowledge and passion to use every step of the way.
• If the market is depressed and you have trouble moving your home, you may be able to lower your price by effectively rebating the agent commission you didn’t pay to the buyer.

The reward for your DIY attitude: You get to keep the thousands of dollars you would otherwise pay an agent in commission. Your most difficult task just might be deciding what to do with the money you save.