The Truth About FSBOs and Why They Fail
FSBO stands for “for sale by owner,” and is a trendy choice for people who want to sell their own home or property in lieu of hiring a real estate agent. With the immense versatility of online sales, user-friendly property listing sites such as Redfin, Trulia, and Zillow, and social media advertising readily available, many homeowners are deciding to take on the responsibility of being their own selling agent, and avoid paying commission to a licensed professional. Although the access to several listing methods may be available for advertising a home for sale, it doesn’t necessarily mean interested buyers will see these listings. In fact, based on a report from the National Association of Realtors, only 7% of the FSBO listed homes sell.
FSBOs fail for a variety of reasons from incorrect pricing and lack of visibility, to interested buyers wasting the homeowner’s time viewing the property, only to discover they don’t financially qualify. If you’ve decided to sell your own home, before moving forward, take advantage of the information we’re sharing below on the top reasons for sale by owner properties routinely fail.
#1 Homeowners Fail to Properly Prepare Property
Preparing your home in advance is crucial to finding a buyer and getting it sold. Whether you’re counting on buyers viewing your property online or in person, you want to make it look its best.
When a real estate agent is enlisted, he or she will make recommendations on how to prepare a property to make it sell as quickly as possible. Failure to do this is one of the top reasons why FSBOs don’t sell.
Here are some important tasks to complete prior to listing your FSBO:
Add a fresh coat of paint