If you've ever tuned in to the TV show MODERN FAMILY, you have no doubt found yourself charmed by the clown bearing the stage name Fizbo. For those in the know, the clown's name is a play on words for FSBO ...For Sale By Owner.
On occasion, I encounter a consumer who wants all the data I can provide, takes it and then explains, "Well, you see, we've decided to try selling this on our own," believing they can convert market data into success, and remove the Listing Agent (presumably me) from the equation, thinking it will save them a good 3% commission fee.
Often, I find that these endeavors result in homes that remain on the market longer and sell below the expected price. For instance, one FSBO sold last year for $815,000, which professional opinion tells me should have sold for closer to $850,000, and I had the buyers to prove it.
I'm not here to belittle the FSBO direction, despite contributing time and analysis, not to mention nearly a decade of working expertise (and decades of marketing/ PR success) to equip consumers with knowledge to make powerful decision.
However, in tracking the majority of my listings, it is not uncommon for them to maintain 100% or more of their original asking price to get sold ...and often they sell at 3% to more than 10% above the original asking price, which more than makes up for the 3% broker fee.
But lets add professionalism, hired photography, market knowledge, networking and advertising - and all that comes along with performing this job - into the equation, versus the average homeowner, who likely is already more than fully preoccupied with a career. When is there time and experience for the average homeowner to:
- Devise a customized marketing plan?
- Prepare pricing strategy?
- Provide preparation and staging counsel?
- Host open houses?
- Conduct follow up with Realtors and open house guests?
- Adjust expectation when necessary?
- Negotiate on price and terms?
- Manage every element of the contract to ensure little - but critical - details don't slip through the cracks and jeopardize settlement?
- Amass a range of vetted professionals to ensure the buying, selling, moving and home improvement process comes together seamlessly?
- Answer the questions that haunt in the middle of the night?
- Troubleshoot and circumvent disaster?
Even a growing number of Realtors are deciding to hire a trusted Realtor to represent the purchase or sale of their own property, Why? Simply stated: because it's complicated.
If information is power, I'd like to help make you the most powerful consumer of real estate on the market!