Before you FSBO…
By FSBO Advisor • May 21st, 2007 • Category: FSBO TipsConsidering that many FSBO sellers eventually list their property with a Realtor, lets take a quick look at the reasons they picked the FSBO route in the first place and why they’re often converted to a Real Estate brokered listing in the long run.
Top reasons home owner’s choose the FSBO path
- Selling a house seems easy
- Keep a larger share of the proceeds
- Not willing to “give” money towards real estate commissions
- Belief that agents don’t add value
- Friend tells you how easy it is to sell on your own
- They have a unique property/unique location, which the seller believes will bring in the buyer
Top 6 tools the FSBO seller will use to expose their property
- Local advertising: Beach Reporter, Daily Breeze, LA Times
- Online advertising: Craigslist
- Open Houses
- 2.5% commission offered to Buyer’s Agents
- FSBO signs around the neighborhood
- Word of mouth
When selling a property via FSBO, what steps need to be taken?
I used a flat-rate broker who charged $695 to list the property on MLS for me, gave me all relevant forms (purchase agreements for counteroffering, etc) and helped with closing documents.
If you have the time to do your own open houses, follow up on phone calls about the property, schedule showings for agents, etc., you can handle the FSBO process. But I think it’s worth paying to get listed on MLS, because nowadays a majority of buyers do their own research on the internet to find potential homes. If you’re not on MLS, you will reach FAR fewer potential buyers, and it could take a lot longer to sell the house
Lisa, you are lucky that you got a flat rate broker who charged you very less money but not all broker do that…they generally charge 5-6% and that is too high. If home seller is really not any time to pick the calls and post a listing on fsbo site, then nobody can do anything and hiring a realtor is good option in that case but i think if you are saving a lot of money by just giving some time then its worth dealing in.