Myth #1, Save Money, Sell Your Own Home
As promised, were going to discuss last weeks Parade Magazine article: "5 Biggest Real Estate Myths." Lets talk about Myth # 1; "Only a Licensed Real Estate Broker should sell your Home". I love this Myth because it's about money and should be re-titled "you can save money if you sell your house yourself". The facts are, you can: MAYBE !!! Even the author, Vivian Marino warns readers that they must be prepared to work if they take the "do-it-yourself route". They must do the work of 2 Brokers, the Listing Broker and the Selling Broker. They perform the duties and responsabilties for both the buyers side, & the sellers side. They become what is called in the industry a FSBO.
The Listing Broker packages the home for sale, which should include providing correct pricing strategy, clean up-fix- up advice, taking photos, creating brochures, placing signs, writing ad copy, creating marketing campaigns, and placing the home on the MLS and in as many internet lists and directories as are available, (approximately 80% of homebuyers start their search on the Internet). A good listing Broker or Real Estate Agent will position the property to receive maximum exposure among potential buyers and their agents. For these efforts Listing Brokers usually receive one-half the negotiated fee. This is commonly called the "selling side".
The Selling Broker is significant, and will be found from among the thousands of local agents trying to match clients with properties, and hundreds of thousands of Agents nationwide that represent re-location clients searching for homes like yours in your area. The selling Broker or Real Estate Agent bring clients to visit & evaluate the home. Prior to that however,a good agent will have prequalified the client both financially and with regard to the suitability of the property. The agent schedules and coordinates appointments, is responsible for client security and behavior while viewing the home. During the showing, the agent demonstrates features and benefits of the property and the neighborhood, while trying to structure and present an acceptable offer. Once an offer has been accepted the Agent shepards the buyers through the loan, appraisal, title, disclosure and closing processes.
Over 80% of FSBO sales ultimitely use an Agent on the buyers side of the transaction. The buyers Agent generally receives 50% of the negotiated fee.
What this means is it's no Myth. Unless your one of those twenty out of one hundred, only a licensed Real Estate Broker should sell your home. If you would like to talk more about selling your own home, call me; call your personal agent, or visit my website at seller services for more information.