what are the pros and cons on selling by owner?

Asked by Rey John Latap, Lubbock, TX Sun Jul 22, 2012

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Renita Freeman’s answer
Renita Freem…, Agent, Lubbock, TX
Wed May 8, 2013
one huge advantage of using a real estate pro to help sell your home is the amount of exposure you get through MLS listings. It is a great way to get your property shown to "its new owner". The agent is another way to get a great advantage too. Your interest is put above anything else by your agent. Our job is to take care of you and to watch out for you first. An agent can help you know what a good listing price is for your home. By comparing like homes you can price yours to sell fast. An advantage of selling your home yourself is you do not have the commissions. But, you have to field all calls yourself and show your home without the assistance of an agent. The commission is saved by FSBO but with real estate there is a lot of paperwork that must be completed correctly. This is an advantage of having an agent. My broker really stated it best when she said, "I don't sell homes, I just help facilitate the paperwork on buying one." Basically, our job is to make selling your home a easy process for you.
Renita Freeman
TODAY in Lubbock Real Estate
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Christopher…, Agent, Tarrytown, NY
Sun Jul 22, 2012
The pro is you save on commission. You have to be careful and make sure you understand all laws and the process when selling a property. Another big factor is proper pricing and marketing. You have to understand how today's buyer thinks and where they search. Lastly FSBO will miss out on the local MLS and all the agents that belong to it.

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Annette Law…, Agent, Palm Harbor, FL
Sun Jul 22, 2012
Pros on selling by owner:
You get to meet everyone who inquires.
This is a good thing. Nothing shows how our economy is working better than hearing the stories of those seeking shelter.

As a owner electing to sell their home themselves, there will be no need to suspect an agent of redirecting a buyer or screening broke, unqualified, low-ball investors, renters, rent-to-own, lease/option and all those who just 'graduated' from the 'Graziaosi - get rich selling real estate' seminar. These paper hanging, assigners can get you tied up. You'll meet the all.

Another good thing about selling a home yourself is observing how the buyer (these buyers are looking to save MORE money than you are by thinking avoiding working with an agent will work in their favor) looking for victims will interpret that FSBO sign as a 'Come Right In" invitation. My experience has been buyers from NJ interpret any sign in the yard as an invitation to the back yard pool. It's unsettling to say the least.

Without a doubt, many home owners have been successful in selling their home themselves. These seller are mostly happy with their decision. IT would be worthwhile to note, other factors may have been in play, besides what is most beneficial to the home owner. Unfortunately, the mountain of failed FSBO sales tell a different story. Not everyone wins the race.

In my last race I was beat by 2 seconds by a seven year old!! That doesn't mean I'll stop running. (read my blog)

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL

Chat with me on: http://www.RealEstateMadeEZ.us
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Scott Godzyk, Agent, Manchester, NH
Sun Jul 22, 2012
There are some great reasons already posted, instead of reposting I would like to add most people list fsbo to save money but fail to realize a good listing agent will more than pay for their services by getting a higher price and quicker sale then selling it ones self.
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Tim Moore, Agent, Kitty Hawk, NC
Sun Jul 22, 2012
Robin gave a great answer, I would add only that most FSBO sellers do it for one reason, to save the commission. A FSBO buyer knows this and discounts their offer because they all do, and then they discount it more because they know you are saving the commission so you often end up in the same place price wise and have all the work a sellers agent would do for you to get to the closing.
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Phil Rotondo, Agent, Melbourne, FL
Sun Jul 22, 2012
If you fully understand what you're doing, you can do it yourself.
If you don't, you shouldn't.
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Robin Bieber…, Agent, West Grove, PA
Sun Jul 22, 2012
Hi Rey, Of course the seller would love to save money but the cost of selling one's own home can be very high. When selling a fsbo:
1. All negotiations are made directly with either another buyer or the buyers agent...the seller is at a disadvantage. Negotiations can be tough and sometimes offensive...it's not easy.
2. Marketing is tough because for sale by owners have a limited ability to market. A realtor uses the multiple list system and networking with other realtors.
3. Buyers are pre-approved when they are brought via a realtor. Many buyer that contact a fsbo directly are not qualified causing frustration and wasting valueable market time.
4. Not all owners can view their home objectively. Realtors are trained professionals and will help make your home marketable to the most buyers. We'll tell you what you need to do. Things that have become "invisible" to the homeowner are very apparent to the realtor, litterboxes, clutter, wallpaper.
Marketing a home is not easy, it takes a professional. I would highly recommend using a realtor. It's one of the largest transactions most people make and it's tough. I do it everyday, believe me!
PS I love Lubbock, worked and visited with the Texas Organic Cotton Growers in the 90's...
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