BEST ANSWER
hi Jen,
I wanted to add a bit to Brenda's answer. There are a few reasons why homeowners eventually list their home with an agent. Normally what we see is that a For Sale By Owner (FSBO) will stay on the market longer for a couple reasons. First because when you list with a Realtor (or add your home to the MLS) you are exposing your home to every agent in your area and all of their potential buyers. Next, as an agent (especially in this market) I will not start driving a buyer around unless I am satisfied that they are well qualified for a home loan. This means you have a higher chance of finding "qualified" buyers, as opposed to neighbors and "looky-loo's." Last, I feel that lack of accessibility to the home really hurts FSBO's. If a person cannot see the home or get in to view it, they are going to drive right by to the next home.
So.... you may be thinking, "Of course a Realtor is going to point these things out to me." So to give objective advice, I will tell you some of my solutions. First, if you do sell For Sale By Owner, you should be consider the following. Right now it is estimated, even by the national Assoc. of Realtors, that nearly 80% of all home shoppers are going online first to look for homes. This means you have to have a great internet presence. If you use a "MLS only" type broker, your listing will normally be syndicated to many large websites like Realtor.com. Also, use a free service like Postlets (in reference link) to make a website of your home. Take a lot of good pictures of your home so that even if you cannot show the home, a person can still view the pictures and the features of the home online. Postlets also gives you a code you can cut and paste right into online classifieds like Craigslist.com. (Just remember to list your home's website on your home flyer and keep the flyer box full) Next, if someone wants to see the home, make sure you ask if they have been qualified by a mortgage broker and have a qualification letter on hand. I suggest this for two reasons. First this will help you weed out "looky loos" and find only able buyers, and also for safety reasons. You don't want anyone scoping out your home. You can also talk to a good mortgage broker in your area. They would love the chance to help you pre-qualify any interested buyers. Last, my best peace of advice. Even if you want to sell FSBO, set up a meeting with a trusted FULL TIME Realtor anyways. Make it clear that you want to sell FSBO but ask them if they are willing to be am initial resource.. Remember, this full time agent is a professional service provider that has a family and has bills to pay too (so do not expect them to sell your home for free) but many times they will be a great resource to help get you started.... exactly as I am willing to do here. Why would that Realtor be willing to be a resource....? Because if you do decide to eventually list your home, that agent will probably be the top of your list!
I hope I was able to help. If I was, give me a thumbs up and let me know.
Good luck!
Alex Amaro
Wed Jan 23 2008, 07:28