For Sale By Owner, also known as FSBO, makes up about 11% of the market. Due to tighter lending, short sale and foreclosure competition, not to mention fewer buyers in the marketplace, selling your home these days means more competition and more waiting. If you are not in a hurry, have time to do the footwork and are not new to the home selling game, FSBO may work for you. However, if you want to sell your home quickly, easily, or for a reasonable price, choosing a Realtor in Jacksonville is well worth the commission cost.
Realtor vs FSBO
Thinking About FSBO?
The first things you need are the time and access to reliable resources for preparing, marketing, and successfully selling your home. When considering FSBO, tasks include but are not limited to:
◍ evaluating the current local market and finding comparable home values
◍ finding any state-mandated disclosures as to the physical condition of your house
◍ learning the legal rules that govern real estate transfers in your state, such as who must sign the papers, who can conduct the actual transaction, and what to do if and when encumbrances are discovered that slow down the transfer of ownership
◍ deciding on an appropriate listing price to attract buyers
◍ deciding how to best present your home, including hiring and scheduling painters, repair persons, and more
◍ preparing disclosures and other needed forms and documents
◍ creating advertising materials and arranging for photographs (interior and exterior, hopefully done by a professional)
◍ placing ads on the Multiple Listing Service (MLS), in other media, and real estate apps
◍ arranging for qualified potential buyers to visit the property — if you’re no longer living there, most likely by providing a lockbox for use by other realtors, and meeting with individuals who don’t yet have their own agent
◍ arranging for documents such as disclosure packets to potentially interested buyers and their agents
◍ holding open houses including weekday open houses for other real estate brokers to visit and weekend open houses for the public (which itself involves many tasks, such as arranging for and putting out signs in advance, and providing food for the broker’s open houses, as is traditional in some areas)
◍ receiving offers to buy your house, whether via email or in person if other agents wish to formally present their offers
◍ evaluating the strength of each offer and strategize on issues like whether to accept or reject an offer outright or make a counteroffer, and whether to also look for or arrange a backup offer
◍ negotiating with the buyer’s agent until the purchase contract is complete (although this task may fall more to an attorney in states where legal help is required)
◍ coordinating with the buyer’s agent throughout the escrow period, helping to make the house available for inspections and appraisals and make sure you’re doing your part to close the deal
◍ strategizing over requests made while in escrow, such as for a reduction in purchase price due to repair issues revealed in the inspection, and negotiating such issues with the buyer’s agent (unless any attorneys are still involved)
◍ attend the closing
◍remembering a traditional 6% commission with a realtor pays 3% to the buyers agent so if you don’t offer that commission there’s little incentive on the buyers agent to show their clients your home
Indeed, selling a home can be a full-time, nights and weekends job.
Considering Hiring a Real Estate Agent?
If you have questions or would like to speak with an agent, contact Traditions Realty online or call us at (904) 683-5230.