Why Do So Many For Sale By Owner Efforts Misfire

Why Do So Many For Sale By Owner Efforts Misfire

We Realtors® aren’t shy about laying out the case for why home sellers and buyers overwhelmingly choose to conduct their home sales through St. Cloud real estate agents. By themselves, the positive reasons are persuasive enough: our services that are proven, reliable, and sanctioned by Minnesota’s licensing officials. Since just about everybody has friends or relatives who have completed their own house sale through a licensed St. Cloud real estate agent, that powerful positive word of mouth completes the picture.

But there is also a mountain of evidence why the alternative—the ‘For Sale by Owner’ route—is so rarely chosen. It doesn’t take a lot of compelling histories of FSBO failure attempts to dissuade would-be do-it-yourselfers. Homeowners who delve into all that a home sale entails soon read about some of the real-world reasons why so many ultimately turn to professionals:

  • FSBOs attract scams. Without a real estate professional’s security apparatus and experience to intercede, FSBO sellers become tempting targets for fraudulent appraisal and loan documentation schemes, fake 3rd-party purchases, and a range of sophisticated gambits. With only their own resources to prevent misrepresentation, FSBO sellers’ personal information can be easy prey for phishing scam artists.

  • Failure to price correctly. That’s vital because missing the mark can mean failure to make the most of “golden time”—the first days a home is listed for sale. The longer a home lingers on the market, the lower its perceived value.

  • Lack of exposure. Spreading the word is fundamental to any sale. With a full coterie of advertising and public relations channels in daily use, St. Cloud real estate agents automatically bring marketing clout that’s all but impossible to match.

  • Failure to close. The technical requirements that bring a sale to the closing table take experience and skill to observe and finalize. They range from skillfully conducting original negotiations, structuring the timelines and contingencies of the sales contract, dealing with inspections and objections—to the entire range of closing documentation details.

Then there’s the likelihood that throughout the entire process, any buyers are likely to have an experienced St. Cloud real estate agent by their side protecting their interests! It’s little wonder why 8 out of 9 FSBO attempts fail—and why so many FSBO sellers sooner or later wind up recruiting their own licensed agent. If you are thinking of putting your own St. Cloud home on the market, I hope you cut to the chase by giving me a call!

White Grey and Red Wooden House

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Noel Johnson Headshot
Author:
Phone: 320-980-3100
Dated: January 20th 2020
Views: 6
About Noel: Passion for investing in real estate brought me to create Premier Real Estate Services in 2002. Ten ...

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