FIZZBO: Is For Sale By Owner a Good Idea?
Updated: Feb 17, 2021
The top reason homeowners decided to (For Sale By Owner) FSBO: they did not want to pay a commission but homes sold with an agent net 6% more (according to a study by Collateral Analytics.)
But FSBO is no walk in the park. A 2017 Zillow report found that 36% of homeowners attempt to sell their homes without an agent, but only 11% actually complete sales themselves. In other words, more than two-thirds of sellers who try FSBO fail.
What Do Professional Listing Agents Do?
Before you decide to forgo representation, understand what you’re giving up. The duties of professional listing agents include:
· Meeting the current requirements for safety in the current COVID-19 pandemic. This is not only to protect you from potential financial liability—it’s critical to your safety, the safety of your neighborhood and the safety of interested buyers. All visitors to your home sign a form (PEAD) which limits liability and assures safe practices.
· Virtual Marketing is Crucial in Today’s Environment! A listing agent has a variety of tools and trusted partners at his/her disposal to show your home virtually in its best light.
· Helping the Seller Set a Realistic Price. A professional knows how to interpret comps, or recent comparable sales, and recent sales patterns in your specific neighborhood.
· Preparing the Home for Sale. An agent casts an objective, even critical eye over your home. He/she may suggest pre-listing inspections for your home and provide advice for addressing any issues that are uncovered prior to listing your home.
· Staging the Home. Your agent should help you prepare your home for listing. Many professionals offer staging services to ensure that your home is ready for its close-up.
· Listing and Marketing the Home. Virtual marketing is crucial in today’s market. Your listing agent should provide high quality photos, professional staging, 3-D virtual tours and outstanding marketing through many channels.
· Facilitating Home Showings. Your agent is the primary organizer of and point of contact for home showings and virtual tours. Your agent assures that all COVID-19 requirements are met for visitors to your home—keeping you safe!
· Facilitating Negotiations. Your agent also receives prospective buyers’ offers and acts as an intermediary in negotiations.
· Assisting with the Closing Process. A myriad of paperwork and details exist in the during the escrow and closing process. A qualified listing agent works with a trusted transaction coordinator to be sure that all the paperwork is filed correctly on time.