Visit any neighborhood and you’re likely to see a sign in somebody’s front yard that reads, “For Sale by Owner.” In my profession, we call those “fizz-bows,” the phonetic pronunciation of FSBO, which is short for, you guessed it, For Sale By Owner.
Selling your home on your own without a real estate agent puts you at a disadvantage is a several ways, here are just a few.
First of all, your home is not included in the Metropolitan Indianapolis Board of Realtors (MIBOR) database of homes, more commonly referred to as the MLS listing (It’s actually called the BLC or Broker Listing Cooperative in the Indy area). If your home is not in this database, potential buyers won’t know about it unless they happen to be in your neighborhood and see the sign. When agents pull a list of homes that meet their clients needs, they don’t drive around and look for FSBOs, they use the BLC.
Secondly, you can’t really do a fair comparative market analysis (CMA). As I mentioned in my previous post, the most important thing to do when you sell your home is to price it correctly. Without access to the rest of the market listings, a FSBO homeowner is relying solely on what they thing the home is worth, which may not match what the market will bare.
Another thing a FSBO seller misses out on is a skilled negotiator. One of my primary roles as a Realtor is as negotiator. I work with buyers and sellers and their reciprocal agents to negotiate the best deal for my clients.
A Realtor® can help you through the home inspection process, which can be one of the most difficult phases of buying or selling a home. A negotiation specialist can guide you through what should be fixed or not fixed, what needs attention, what’s fair or not fair, etc. Too often, this is where transactions fall through and they shouldn’t. Good negotiation skills are critical.
So, if you’ve been thinking of going FSBO, check out what I do sellers first and you’ll discover a few more reasons why choosing a Realtor is the way to go.