Have you ever considered just selling your home on your own? Easy, right? Kelsey goes in-depth with the mistakes people often make when trying to sell their home on their own!
Hi guys, Kelsey Saldana here with the Twin Cities Elite Real Estate Group. I’m here to talk to you about the Six Mistakes You Are Making if You Choose For Sale by Owner.
MISTAKE #1 LACK OF SAFETY PROTOCOLS
During this pandemic, your family’s safety comes first. So when doing for sale by owner, it is incredibly difficult to control entry into your home. As a real estate professional, we have the proper protocols in place to protect not only your belongings but, you and your family’s well-being. We have certain protocols as far as sanitation, for entering your home, as well as ensuring only a certain number of people are inside at one time. We are also offering virtual tours for buyers that are not interested in coming out in public at this time. We are following those industry standards that have been set forth by the National Association of Realtors to protect you and your family!
MISTAKE #2 NOT ENOUGH INTERNET QND SOCIAL PRESENCE
Recent studies have shown that even before COVID-19 was a thing, 44% of buyers first started searching online. That number later grew to 93% throughout the process. And today that number has grown exponentially, as people are relying on the internet to search for their next home. So it’s important to have a strong internet and social media presence to get your property out there to the maximum amount of buyers that may be interested.
MISTAKE #3 DIFFICULT TO HANDLE NEGOTIATION WITH OTHER VENDORS
There are a lot of negotiations throughout the real estate transaction. We are there to handle every aspect from start to finish. We are making sure that we are getting you the maximum amount of money for your property and handling those inspection negotiations if anything were to arise. And sometimes an appraiser does have a question on the value of your home, so we are there to step in and answer any questions.
MISTAKE #4 LIMITED NETWORK AND KNOWLEDGE OF LENDERS
How do you really know if your buyer is qualified for their mortgage? There are a lot of questions as an agent that I ask a lender. I also have a relationship with multiple lenders to make sure that we are going to get to the closing table and you will close on your property. So we really want to make sure that we have a solid buyer and it goes beyond just getting a sheet of paper that has a preapproval for someone. We really do take the extra step to make sure that we are going to get through this transaction.
MISTAKE #5 HIGHER RISK OF LEGAL TROUBLE
For Sale by Owner has become more difficult from a legal standpoint. There are now more and more disclosures and regulations that are put into place. So as your agent, we act as your third party to make sure that you are avoiding any legal jeopardy. This is one of the major reasons why the percentage of For Sale by Owner has dropped from 19% to 8% over the last 20 years.
MISTAKE #6 LOOSE MORE MONEY THAN ANTICIPATED
For Sale by Owners, believe that they will save on the real estate commission by selling on their own. However, realize that the main reason buyers look at For Sale by Owner is they also believe that they will save on the real estate commission on the home and get a better deal. Well, the seller and the buyer can’t both save on the commission.
Also, the more buyers that view your home, the better chance you have of putting your property into a multiple offer bidding war. How we do this is we have that strong internet and social media exposure where we are making sure your property is out there being seen by as many buyers as possible, as soon as possible, to potentially drive that price up in multiple offers!
The bottom line is listing on your own leaves you to handle the entire transaction. Why would you want to do that when you can net the same amount of money, or possibly even more, when using a real estate agent. So, before you decide to take on the challenge of, For Sale by Owner, we would love to speak with you and let you know your different options!
Guiding you home,