For Sale By Owner … Making the Decision

By Raymond Stoklosa · December 19th, 2007

FSBO Sign Thinking of selling your home? Have you decided to list with a real estate agent or try to sell it by owner? In the real estate business, a home owner who seeks to sell their own home without representation by an agent is called “For Sale By Owner” also known as “FSBO”. Before making that decision, read on.

Surely, no one wants to pay for services they don’t need. It’s not a simple matter of just trying to save the commission. The real question becomes are you emotionally prepared and sufficiently knowledgeable in real estate and finance to do the job well? And, more importantly, do you have the time to do it?

Do you have the same sound decision making ability that a professional real estate agent brings to the transaction? For most home sellers, the task of selling their home is full of emotional and psychological baggage. These feelings often stand in the way of sound business decisions at a time when it is critical.

Realtors don’t get paid for their time. In most instances, real estate agents work for free until your home closes escrow, and they are paid only if your home sells. They pay their own marketing and advertising expenses promoting your home on the speculation that your home will sell. At a time when fewer homes are selling and those that do take longer to sell, it’s a gamble at best.

Selling your home should involve a systematic process that allows the owner to continue their life style and still accomplish the task of getting the home sold quickly. There are a variety of factors affecting the sale of your home. A professional Realtor knows which of those factors can be controlled and how best to manage those factors.

In times of market correction, a professional listing agent is more important than ever. A dedicated, committed listing agent becomes the owner’s advocate. An experienced agent who has been successful in all types of real estate markets will know how to use today’s shifting real estate market forces in your favor and give you a competitive advantage over other less informed home sellers. A professional listing agent will tell you what you need to know and not what you want to hear. Every owner needs and deserves an accurate understanding of the local real estate market and trends and how it affects their situation, if they are to make a well informed decision.

To help determine whether selling your home on your own is the best decision for you, ask the following questions:

Do I have the technical expertise in real estate to protect myself against liability?
Do I have sufficient financial knowledge to help the buyer get a loan?
Can I emotionally detach myself and conduct myself in a business-like manner?
Do I have the time and energy to deal with all of the details that the law requires?
Can I identify and select the right vendors to facilitate the sale?
Will I devote all the time necessary to do the job right?

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