Do you want to sell your house? But are you worried about being unaware of the process, steps, or proper methods? Sometimes, the little voice of doubt inside us is enough to stop us from making good decisions. This is certainly the case with many sellers, who often end up employing real estate agents, realtors, and property brokers when they could've easily done it themselves (and saved a huge amount of money in the process).
You won’t find many people recommending selling your house For Sale By Owner (FSBO). But, we believe that FSBO is an important option to consider if you want to maximize the money left for you after the sale of your home. With this being the focus, here are five advantages of selling your home FSBO.
5 Advantages Of Selling Your Home For Sale By Owner
Selling your home for sale by the owner can seem daunting, but isn’t as difficult as it may seem in the end. You will do many of the same things getting your home ready for market using an agent or selling yourself. You may have to take a few minutes to learn some easy tricks that will supercharge your marketing, listing, pricing and smoothly close the deal. But if you take just a little time and effort to do these steps, then the benefits would make it all completely worth it.
The Commission Monster
Real estate agents do really well with selling your house. After all, this is what their job is. But in return for their expertise and arrangements, the owner ends up giving them massive commissions at closing for work that many owners can easily do themselves.
On the other hand, if you sell your house For Sale By Owner (FSBO), you can save a great deal of money being subtracted from your proceeds at closing. With the average commission being 5-6% and the median home sold in 2019 being approximately $215,000, then we are talking about roughly $15,000 in commissions on every sale. Yes, by using your skills, learning the techniques to sell your property, and marketing it well, you can save a substantial amount. Imagine what you could do with an extra $15,000? That's an excellent bonus to your retirement, a beautiful vacation (or 3), or even a downpayment on your next house!
When you're selling your house FSBO, you dive into the direct communication funnel with the buying party. One likely advantage of immediate communication with the buyer is you can get the exact words of the buyer. The selling and buying parties can more often be on the same page, negotiate more seamlessly, and even close the deal totally without a middleman or anything being lost in translation. Moreover, a reasonable amount of time is saved by communicating directly since nobody is waiting for 1-2 agents to check their email or messages between appointments (and remember to follow-up after).
Attention Leads To Results
When you're selling your house for sale by owner, you put your heart and soul into getting a deal done. Given most realtor’s busy schedules, and assuming your schedule is more flexible, then you may have more flexibility in showing the property to prospective buyers, which heightens your chance of getting an offer. This allows you more control over when your home is being shown and exposes your home to more buyers. Moreover, you can also more likely return calls, send pictures, and communicate via email/text to get the deal done.
The sales process remains entirely in your control when you sell your own home. This allows you to finalize the deal yourself, with whatever terms work best for you.
The liberty of negotiating, marketing, dealing, and making an agreement will be in your hands. But at the same time, you have to be more vigilant when selling yourself. However, you can always use a transaction broker or even a real-estate agent for counsel for a minimal price (since they will not need to market or do any showings).
A realtor, real estate agent, or broker hasn’t lived in the property. Therefore, they depend mainly on the seller’s disclosure, inspection reports, and also on the details that owners tell them.
And upon selling, they might not deliver the explicit details of the property. As you are the house owner, you have lived inside for years or decades and are more likely to be aware of the problems and benefits the property has to offer. This can be well communicated to the buyer when you are making the deal yourself.
What's more, whatever questions and queries the buyer has in mind, you can clear it all on the spot with your first-hand knowledge. This will certainly reassure the buyer and might help in closing the deal as well.
Moving towards the end of this write-up, it becomes evident that selling your home yourself or by putting it for sale by owner offers tremendous benefits. At the same time, it could be a daunting process as it can seem somewhat challenging and time-consuming the first time through, but gets incredibly easier with each transaction. But as long as you are well-informed and aware of how to close the deal well, there is nothing that can stop you from getting a great deal on your home (and never paying another commission again!)