FSBO stands for, For Sale By Owner. This is the term in Real Estate in the US used when a Home Owner selling their home without hiring a Listing Agent or Seller’s Agent. One of the main reason why they are selling their property without having an LA agent is that they are avoiding commission and other costs during the whole process of selling their property.
Here are the 5 WORST Things that FSBO are doing since then.
- Over pricing of the Property.
Most of FSBO do not ask for a Home Appraiser to reevaluate their home or property prior to selling. This one of the biggest mistake they are doing in selling a property. Most of potential buyers are opt to have a buyer’s agent when planning to buy a property whether it will be for residential or an income property. Thus, when a buyer’s agent is researching a property, it is very important that the home has accurate value. This means that FSBO with overpricing tag of their home most likely to fail in selling their property as soon as they want.
- Do not have a Pre- sell Home Inspection
Pre – Sell home inspection is very important when you are planning to sell your property because when your property is open for a visit to potential buyer, and those buyers are aware with what to inspect or what to check when buying a home, you may tend to lose that potential buyer. If you were on the shoes of the buyer, you’ll definitely make an offer for a property that is in good shape , safe to live with and ready to move in . When they see that the property has a lot of repairs to do , they might think twice in buying your home.
- No exposure / No advertisements
This is the most common thing that FSBO forget to work with. Creating a filers, posting images on social media or MLS will definitely boost the chance of your property to sell immediately. In contrast, If you are decided to make an enormous banner or fliers or taking pictures and post it on various social media sites is way better and has the chance of the property to be sell in soonest time.
- Not following the Right Process of Selling a Property
In Real Estate business, they have the step by step procedure in selling a property. Where in, 1st the buyer search for a property though different portals or websites, 2nd the buyer will get pre approval letter with the bank, if loan or mortgage, 3rd will be finding a buyer’s agent to assist the buyer in the transaction from start to end.
In contrary, FSBO will more likely don’t know the right process of selling a property that there are some point that they have compromised their safety and rights when selling a property. This is the best time where in rough transaction will come up. This includes legalities and safety.