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FOR SALE BY OWNER VERSUS HIRING A REALTOR
Many people thought with the onset of Internet it would result in more success for FSBO's, but the complete opposite has occurred. According to National Association of Realtors, FSBO's accounted for only 10 percent of sales. Nearly half of those were intrafaimly transfers or they already new the buyers. Only 6% of FSBO transactions were where the seller did not know the buyer.
Here are 8 Simple reasons why hiring a Realtor is advantageous to For Sale By Owner
1. Decline of Print Advertising- Print Advertising is almost non-existence, in fact newspapers are becoming extinct. A 3-line add has little chance of competing against wide array of information online, including video, color photos, 360 degree virtual tours and a wealth of community and lifestyle data.
2. IDX and VOW solutions, RE Colorado, Zillow, Trulia, provide access to virtually every listing in major area's. Most buyers comb these sites, primarily because it is more time efficient than research one property at a time.
3. Instant Gratification- A major problem for FSBO is that people who surf the WEB usually are seeking instant gratification.. In fact, most visitors will only visit a website once and stay for 15-30 seconds. If the FSBO has no strategy for capturing the leads contact information or immediately following up, the lead moves on to the next website. Even if the lead does contact the FSBO,, unless the buyer gets back to the FSBO quickly, that lead is gone.
4. Buyers want the savings- Buyers who search for FSBO's generally automatically reduce 6% from the purchase price as they want the savings in their pockets, not the sellers. The result is that many FSBO's end up selling for 20% less on average as compared with sellers who hire a Realtor.
5. Needle in a Haystack- Most Realtors have access to major websites to advertise their listings. Without search engine optimization, meta tags and a host of other branding strategies to achieve high Web placement, the probability of the Web buyer finding the FSBO on line is small.
6. Web leads are reluctant to share contact information- Another challenge for FSBO's must face is that most Web buyers are reluctant to share contact info to strangers. Too many scams and unethical people out there. Instead, buyers contact a a single agent who show them multiple properties at one time rather than the risk of getting scammed or having to look at one property at a time.
7. Availability for Showings- Because FSBO's do not have lock boxes- the owner must be present for all showings. Honestly, who likes to go preview properties with the home owner hovering around. Buyers can not speak openly, there is also the safety issue. How does the FSBO know who is coming to look at their home? Risky proposition.
8. The Proof is in the Pudding- Did you that Colby Sambrotto, founder of ForSaleByOwner.com, which is one of the most popular and robust FSBO sites on the Web, ended up LISTING HIS OWN HOME WITH AN AGENT AND PAID FULL COMMISSION. If he could not sell his own property using his own website, how effective do you think this approach will be in getting your home sold for the highest possible price in the shortest amount of time.
If you would like to discuss selling your home please contact me at 303.916.2900 or you can visit my website at www.carlsellsdenverhomes.com and see what is happening in your market.
Carl Ballard has resided in the Denver Metro area for over 30 years. His family has worked in the Denver Metro real estate market for over 25 years. Carl has vast knowledge and familiarity with the re....
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