I find it somewhat amusing that you wrote that ..... most of the RELIABLE information online is produced by REALTORS (and Real Estate Agents), including this website and others .......
Imagine the world and real estate market where there are NO REALTORS who work tirelessly to give all that useful and RELIABLE information...
NOTE: It takes a LOT MORE to be a REALTOR than just to *drive and open the door.* If it was that easy, EVERYONE would want to be a real estate agent :-)
Whatever decision you make, this needs to be on your flyers, listing and everything you do to market your home.
I was just checking in to see how your "For Sale By Owner" sale was going. I am certain you have had many calls from realtors all wanting to "list" your property and only a few that want to "show." I can understand both. Selling on your own can be done. No one knows your home better than you so who better to market? The problem is we are in an extremely tough market and there are so many aspects of a sale that require professional marketing, advice, and service. FSBO sales have decreased from 14% to 9% in 2010. The reason being is selling a home is more than meets the eye. If you find yourself in need of a full time "Chesapeake" professional, I would appreciate an opportunity for an interview. In the meantime, here are a few insights and suggestions to assist with your sale and showings.
Buyers today are very educated with the real estate market. Most have internet access and know the market value of homes. Make sure your home is priced right. This is KEY. Many FSBO's overprice their home because they do believe it to be better than the comparables. This will cost them valuable time and money in the long run. More importantly over 90% of homebuyers who shop online use an agent to represent them. Agents are there to represent their buyer and educate them on how to get the property for the least amount possible. Be aware, Buyers know the FSBO is not represented by an agent and most buyers will try to capture that amount as a savings to them.
Buyers want to be able to tour the home without the "owners'" presence. Yes, the FSBO knows the home but they usually want to share every aspect. Buyers are usually on a schedule and want to look at as many homes as possible so they can narrow it down to the perfect home. The buyer wants to tour the home, talk openly with their agent and/or spouse about certain features and ask questions later. For this, reason many buyers will avoid the FSBO altogether.
Your home must be available to be seen at a moments notice. With so many homes on the market, buyers have their pick. If your home isn't available to be seen at a time that is convenient to the buyer it can easily be discarded. "Next..."
Most importantly, only show your home to pre-approved buyers and when you do get an offer make sure it is accompanied by a signed pre-approval letter. Call the lender to verify how far along the buyers are in the process. Discuss the type of loan, downpayment, etc. Financing is one of the biggest obstacles in our current market. In addition, make sure the earnest money is enough to hold the buyer accountable.
I would be happy to tour your home, offer advice, and share some of my marketing suggestions I provide to owner's selling on their own with no obligations. Why? I simply would like the opportunity to be interviewed if you ever decide to list with a real estate professional. Good luck with your sale. If you ever have any questions, I am available. Have a wonderful day!
REALTOR ®, ABR, SFR, CDPE
The Real Estate Group
1112 Eden Way North
Chesapeake, VA 23322
An informed seller knows their comps and what to know for their side. So what in the world is a buyer's agent going to have to do for the seller? Really wish people could come up with rebuttals to FSBO's without spouting old and worn out arguments.
Commission is negotiable - it is entirely between you, FSBO, and the agent/broker representing the buyer.
However, keep in mind that many buyer agents have a Buyer-Broker Agreement signed with the buyer, which spells out how the Buyer Broker will be compensated. Often buyers agree to pay the difference IF the listing broker or the FSBO does not compensate the Buyer Broker sufficiently for the services.
IF you offer low compensation to the Buyer Broker, buyer would have to make up the difference - with closing costs, downpayment, etc, many buyers cannot afford that - it means that by offering low compensation, you would be hurting you chanses of selling your home.
You need to remember the Buyer Agent is NOT showing only *your* home to the buyer. Most likely that buyer agent worked already with that buyer for a long time and showed MANY homes and wrote multiple offers, perhaps was even under a contract that fell thru. That Buyer Agent and Broker expect to be compensated for all their hard work and the LEGAL resposibility they took on.
Recognizing all these facts will help you compensate the Buyer Broker properly and have your home sold faster.
Having said, be aware that by LAW and the very nature of AGENCY the Buyer Broker represents the BUYER and has fiduciary duty to the BUYER.
You might as well hire a Listing Broker to represent YOU, the Seller :-)
A good licting agent will get you a higher sales orice in a quicker amount of time more than paying for or covering the commission. If you go it alone you will have lawyer fees that you would not have iif listed. You will need to make sure you have all state and federal disclosures, you will need an attorney to review your purchase and sales and you have no one to to check the buyers prequailification and watch their loan process through teh sale. it is not as easy as placing an ad in the paper or online...
At the present time, we are not considering using an agent. Our home has a lot to offer and our price will be more flexible if we don't have agent fees of 6-7%. We are not in a rush to sell; we are just looking to downsize.
If any of you have clients that are looking for an immaculate 4BD/2.5BA home with LOTS of Extras, please feel free to contact us for an appointment. See details below:
This is the perfect home for a growing family and/or a family that loves to entertain! This Former Model Home has an Open Floor Plan and over 3,200 Square Feet (including converted garage) with LOTS of Extras (Additions Include: In-ground Saltwater Pool, Privacy Fence, Storage Shed, Custom Blinds throughout, and Hardwood Flooring). Located in the Mill Creek Harbor Subdivision, this home sits on a (15,410 square foot) corner lot and contains Window Treatments throughout, a Security System, 4 Spacious Bedrooms (Master bedroom and 1 other bedroom has walk-in closet), 2.5 Bathrooms (Master bath has Jacuzzi, separate shower, vanity, etc.), Family Room with Wet Bar and Gas Fireplace, Dining Room, Eat in Kitchen, Living Room was converted to a Movie Room with Hardwood Floor, Converted Garage (2 separate BONUS rooms currently used as a Play Room and Office), Laundry Room, & Sunroom (leads to deck and pool). Additionally, all appliances will remain and a home warranty (AHS) is included. This home is also located in one of the most sought after school districts- Grassfield Elementary and Grassfield High. Perk: 1 Owner (Pet-free and Smoke-free Home).
2-3 percent is fine.
If you find it's too much work to go this route and handle everything on your own, I offer full service marketing services and a tiered listing agreement package ranging from 4% to 7%, depending on the level of service needed.
My 4% listing agreement places you home on the national and local multiple listing systems, and I'll also handle and schedule all showings and paperwork through closing.
Frank Biganski, Realtor
Reliance Realty, Inc