OK, today I am going to take a break from doing book summaries to talk about something which has been lingering in my mind for some time now. 🙂
DIY is on the rise anywhere (see the phenomenal launch of HomePro in IOI City Mall in Putrajaya just last December) and on anything that even home selling has become popular for DIY projects. And what’s not to love about FSBO? It’s exciting, it’s very fulfilling, it allows you complete and total control over how to sell any property without having to worry about arguing or discussing endlessly about the best way to sell the house, and best of all, you don’t have to worry about commissions. That last bit always gets the job done for most homeowners.
But if it is that awesome and if it saves you tons of money, then why isn’t everyone doing it? Well, apart from it gets the real estate professionals out of business, there are at least five other serious reasons not to sell your own home without an agent.
FSBO Is Time Consuming…
It takes time. And I mean lots of time. Selling a house is not just about showing off your home to potential buyers or fixing your front yard to make it look pretty and appealing. Selling a house means putting up ads, working on the papers, talking to your lender, talking to inspectors and getting repairs done and a whole lotta waiting. And by a lot, I mean a LOT. That’s not even the worst part of it. Selling your home on your own means always being available to accommodate buyers who want to look at your house. If you have a day job, or has a kid who’s at a demanding age, it might not be the best time to sell your house alone. I used to sell bungalows (like Mirage On The Lake) and it really took a toll on me.
Special note: taking criticisms might not be easy as the owner of the house. When you’re selling the house with an agent, you are encouraged to be out of the house during showing and for two good reasons: (1) your presence would intimidate the buyer, as it may feel like an invasion to be snooping around someone else’s house (especially so when your unit is of the Arcoris type) and being watched while at it, and (2) you might not be brave enough to take in whatever bad stuff they say about your house. Selling FSBO won’t save you from either of these, especially the 2nd reason.
It might cost you money or some opportunities. Your relative inexperience could prove costly, especially in the areas of home inspection, paperwork, and a ton of other things. And without access to exclusive listings, you home sale ad is so limited to whatever ad listing you can possibly get a hold of. And even those, without the same connections that other pros have, everything might be sold to you much, much more expensively.
You might not know what to do in worst-case scenarios. Things might just fall a little out of hand, and without the expert experience and training of the pros, it might just not be the easiest thing to do for you to fix. And these problems, left unattended, might end up costing you more than you can afford.
It’s Not For Everybody…
Sales-pitching might not be your thing. Not everyone is born for sales. It takes some talent, hard work and maybe even practice to get past convincing your buyers enough to put their money on your property. And if you’re bad at it, nor have the patience to do it, you might be putting your house at risk of staying a bit too long on the market and lose a significant amount off its market value.
But if you already decided on that, you might be interested on reading some Tips for Buying a House without A Buyer’s Agent to get some more ideas. This idea is not exclusively mine, of course – there are some agents who are actually calling for owners to sell for themselves! Don’t believe me? Watch this video below –
Agree? Disagree? Email me 🙂 firstname.lastname@example.org