Is selling a house without a realtor a good idea? It’s a question that has surely crossed the minds of many homeowners looking to put their properties on the market.
In the real estate industry, selling your home on your own is known as an FSBO, which means For Sale By Owner. With an FSBO, no real estate agent is involved. Homeowners sell directly to buyers, sparing both parties from sometimes excessive commission fees.
However, selling a house without a real estate agent doesn’t only make sense when you want to make more money from your property’s sale. Here are other situations wherein it can be the best route to take:
Placing your house FSBO means you have complete control over the sales process. You’ll have final say on who you sell your home to, what improvements to make before placing it on the market, and the property’s listing price. Your decisions won’t be influenced by anyone’s opinions. For instance, if you want to sell a rental property as-is to interested cash buyers because you want to avoid the hassle of dealing with the eviction process after one of your tenants violated the lease, you can do it.
Of course, when you’re selling FSBO, you have to make sure that you’re prepared to handle every part of the transaction. Otherwise, it may not be the best choice for you.
For sellers who aren’t in a big rush to get their houses sold, going through the sales process at their own pace can be beneficial. It will give them leverage at the negotiation table since they can keep their selling price relatively higher.
Also, if you have plenty of time on your hands, home visit and walkthrough schedules can be whenever you want. You don’t have to depend on the agent’s availability. It’s especially important if you want to sell a house in probate and you want to close the deal as soon as possible.
Trust is essential when working with a real estate agent. But, what if you generally don’t trust salespeople? What happens if there isn’t one realtor who inspires your confidence? In this case, selling your property on your own makes more sense.
When hiring a realtor to help with selling your home, you really can’t be sure if you’ll be the agent’s only concern. Remember that if a real estate agent is worth hiring, they’ll have other clients to handle besides you.
When you sell your house FSBO, however, you can devote all the time and energy you have available to the sale. Being available to talk to potential buyers any time they might give you a call, showing at any time (may it be during the day or the evening), and marketing the property extensively go a long way in making the sale of your home a smoother process.
What it’s like to live in the community where your property is located and to be your neighborhood’s resident are things you know first-hand. Simply saying, no one else knows your home better than you.
Prospective buyers will be eager to know and understand what it would be like living in your house. And, if you want to help them better realize the pros of buying your property, maximize insider knowledge by doing the marketing yourself.
Insider knowledge can also help you figure out whether it’s best to make repairs or sell your house as-is.
A large percentage of houses in rural areas are sold FSBO. Well, it makes sense since scarcity of real estate professionals is a common problem when you’re living in the middle of nowhere. If there’s a geographical barrier between you and a good real estate agent, selling your home yourself may be the only option.
Selling a house FSBO offers homeowners the opportunity to save a significant amount of real estate commission. Of course, only you can decide if the time and effort you’ll have to put in is really worth it. But, if you’re in one of the situations discussed above, the possibility of an FSBO is something you have to consider looking into.