With the popularity of Zillow more and more home owners are listing their homes for sale without a realtor. Although many will start out this way, few will follow through.
According to Zillow.com 36% of sellers attempt to sell their home by themselves without a realtor. Most of those sellers, about 90% end up hiring a realtor to sell their home.
Here are a few reasons why most people end up using a realtor® to sell their home and why “for sale by owner” isn’t a good idea for most people.
- Listing your home with a local realtor will automatically place your home in front of qualified buyers that realtors have placed in the local MLS subscription service. Your home will be hitting their InBox the moment it goes Active! In addition, the local MLS will feed many other online portals including Zillow, Realtor.com and others. You home will be advertised to thousands of more buyers in your market simply by listing with a local realtor.
- Pre-Qualified and Pre-Screened customers. Realtors can save you a lot of time and trouble by pre-screening customers to insure they are qualified to purchase your home. When you list your home yourself, you’ll have to take all the phone calls and get pre-qualification information from customers. Realtors have experience in getting this personal information from buyers and can save you a lot of time and trouble.
- The buying and selling of a home is a legal matter. Realtors are familiar with the steps and the legality of purchasing and selling a home and can provide contracts, forms, language and the software, including electronic signatures to more easily and quickly get your home under contract.
- Even If you list your home yourself you’ll still likely have to pay a commission to a realtor that brings you a customer; not to mention, you’ll have take phone calls from eager agents trying to get you to list your home with them.
- Realtors know your local market and have the tools to offer you advice on what a proper price is to ask for your home.
- Realtors are apart of a vast network of realtors, both in the real and virtual worlds. Realtors know a lot of realtors and they all have customers who are waiting for homes that fit their specific needs to become available. If you list with a realtor, especially in certain markets, it’s very likely your home will have an offer in the first few days of going Active.
- Buyers will talk to professionals about your home. Buyers have a lot of questions. Not only about the home they are looking at but the actual “buying process.” State regulated realtors are trained to answer these questions and can guide buyers on the steps to purchasing and closing on a home. Most home owners do not not know the answers to these questions. You realtor can serve as a moderator to other realtors representing buyers or the buyers themselves. Let’s face it: you probably use professionals to maintain and service your home, why wouldn’t you use a professional to sell it?
- Statistics show that listing with a realtor will increase the selling price of your home. This should be the #1 reason for using a realtor! Also, despite the popularity of Zillow and other online portals, studies have shown that more and more buyers are choosing relators to purchase real estate than ever before.
Not only is it crystal clear that using a realtor is your best option for selling your home, but it’s Science! In 2017, only 7% of home sales were NOT sold by a realtor and the median price was $200K as compared to $265K for agent-assisted home sales.
For Sale By Owner (FSBO) Statistics
- FSBOs accounted for 7% of home sales in 2017. The typical FSBO home sold for $200,000 compared to $265,500 for agent-assisted home sales.
- FSBO methods used to market home:
- Yard sign: 22%
- Friends, relatives, or neighbors: 18%
- Online classified advertisements: 6%
- Open house: 10%
- For-sale-by-owner websites: 5%
- Social networking websites (e.g. Facebook, Twitter, etc.): 12%
- Multiple Listing Service (MLS) website: 4%
- Print newspaper advertisement: 2%
- Direct mail (flyers, postcards, etc.): 2%
- Video: 1%
- None: Did not actively market home: 49%
- Most difficult tasks for FSBO sellers:
- Getting the right price: 17%
- Understanding and performing paperwork: 12%
- Selling within the planned length of time: 5%
- Preparing/fixing up home for sale: 8%
- Having enough time to devote to all aspects of the sale: 3%
If you are planning on selling your home and would like to learn more how we can assist you and provide you with the best possible service in getting your home in front of more qualified buyers, give us a call or text now to 423-596-3649 or 423-598-0228!