Least Effective Way to Sell Your Home
We all seen the ‘For Sale by Owner’ signs. On the surface, it looks so easy. Just place a sign in the yard, wait for the calls and sell the property for the highest dollar to the most qualified buyer. In reality, it’s not all that easy.
Once you place a sign in your yard, the majority of inquiries will be from real estate agents wanting to list your property. The second most popular inquiries will be from people wanting to lease/purchase, rent or owner finance the property from you. Then there are those buyers that are working with a real estate agent who happen to stumble across your property.
Even if you are willing to ‘protect’ the agent’s commission, if your property is not listed in the Multiple Listing Service (MLS), the buyer’s agent will not have access to your home the minute a buyer sees your sign. Therefore, you are losing qualified buyers.
Most Expensive Way to Sell Your Home
After a few months of trying to sell your home with just a yard sign, most ‘For Sale By Owner’ (FSBO) will turn to a real estate agent to list their property in the Multiple Listing Service. The problem with hiring a traditional real estate agent is it will cost you anywhere between 6-7% commission at the closing table.
Let’s examine some hard figures. If your home sells for $200,000 and you pay 6% commission, you are going to be paying $12,000 to real estate agents!
Homeowners are faced with two challenges:
- Over 90% of all homes sold are SOLD through the MLS
- Listing the property through a traditional real estate company is expensive
So how does a homeowner get their property listed in the MLS while attracting over 90% of buyers without having to pay huge real estate commission fees?
Most Effective Way to Sell Your Home Yourself
According to the National Association of Realtors (NAR), the basic complaints Sellers have about their listing agent are:
- The listing agent listed the property in the MLS and was never seen or heard from again
- The listing agent never actually showed the property (because buyers have their own agents)
- All the listing agent did was place the property in the MLS, put up a yard sign and provide a lockbox for buyer’s agent to show and sell the property
Consumers now understand they are paying two real estate agents to list and sell their home when only one agent does the majority of the work – the agent that brings the buyer. Homeowners are fighting back, they don’t mind paying the agent that bring them a qualified buyer. It’s the listing agent that they no longer want to pay huge commissions to list their property.
Homeowners now have an alternative way to list and market their property in the MLS while paying only one agent that bring the buyer. Homeowners all over the country are hiring flat fee listing agents to market their property in the MLS for a flat listing fee instead of a percentage of the sale price at closing.
In addition to getting the MLS exposure, homeowner retain their ‘by owner’ status and continue to show and sell their properties themselves. If they sell their property to a buyer not working with an agent they pay no commission!
Homeowners gain support they need for a nominal listing fee while maintaining total control of their sale, which they give up when hiring a traditional realtor.
Carolyn West is a license Real Estate Broker, Coach and Trainer in Atlanta Georgia. Carolyn specializes is helping the “For Sale By Owner” client sell their property themselves without having to pay huge commission fees to List their properties in the Multiple Listing Services (MLS).
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