Here are seven things that could cause your FSBO listing to lose money.
It’s no secret that we’re in a crazy market. Buyer demand is high but home inventory is incredibly low, which is making some sellers consider selling their home without the help of a Realtor. A lot of people wonder whether it’s a good idea to take the for-sale-by-owner (FSBO) route and save on commission fees.
While FSBOs can put more money in your pocket if done properly, they can also cost you tens of thousands of dollars if you don’t have an extremely good idea of what you’re doing. Here are seven big things that could cause you to lose money with an FSBO.
1. Lack of professional photography: Everything starts online nowadays, so professional photos are a must. Adding pro photography to my listings has been a total game-changer.
2. Lack of video: Videos are also important because many people are relocating and unable to view the home in person. Many homes are only sold due to their video walk-throughs.
3. Not having an agent: Most of the time, buyers and their agents would much rather work with a listing agent instead of the owner.
4. Not answering the phone: You never know when the next buyer is going to appear, so you always need to be ready to answer inquiries.
5. Working with unqualified buyers: You don’t want to waste your time with people who aren’t qualified to take out a loan and purchase your home. You’ll want to see their pre-approval letter when they ask to view your property.
6. Not staging the property before listing: You need to ensure your home is properly staged before taking pictures and videos. Even in a hot market, staging is important.
7. Using online value estimates: Using these or tax appraisal values is a bad way to price a home. In Texas, nobody has to disclose what they bought or sold a property for—only real estate professionals can see this information. So, it’s important to find out what your home is truly worth.
If you have any questions about FSBO sales or would like to learn how an agent can actually help you save money, feel free to reach out to me. I look forward to hearing from you soon.