Why would someone want to sell their home themselves?
While hosting an Open House a few weekends ago, the Private for Sale by Owner next door, constantly compared the traffic, How many people came to see her? How many came in to see me? How many saw us both?
At the end of the Open House (for me this is almost dark and last person has been gone at least 20 minutes) she met me at the end of the driveway while I was collecting my signs, to discuss the traffic of the day. She would ask if there was any sincere interest in my open house. I was honest, and I told her that I thought that I may have sold the home and there was a choice of 2 buyers. In my opinion, in this market, that is remarkable. And as an experienced agent, I knew that these buyers were truly interested. She asked which if any of the visitors commented on her house and if I thought that there might be someone interested there. That was of no concern of mine. Of course I didn't tell her as much. I just presented her with my card and told her that if she liked, I would talk to her about listing her property. She was very thankful for the card and said that she would be in touch. You could see she was getting anxious as I was doing a better job of advertising.
The house was not sold that week, there was an offer but it went nowhere. The following weekend I was, yet again, at this vacant home, with my coffee in hand ready to greet enthusiastic home shoppers. She was also open for business. I was armed with feature sheets, information for comparables in the neighbourhood regarding SOLD's and FOR SALE, up to date information regarding interest from my mortgage specialists, samples for closing costs, copies of surveys and floorplans, Ontario Land Transfer Tax calculations. We again consulted in the driveway at the end of the day. Same questions, same answers.
I did sell the home conditionally that week, after only 2 open houses. When I was back at the property, thru the week, for a house inspection, she was waiting for me outside. How much did it sell for she asked? Can't say till the deal firms up was my correct response.
Then I asked her, "How was your open house this past weekend?"
She quietly admitted, "without the six or eight open house signs that you usually put out, there wasn't any traffic at all." (By the way, this was 1 month ago and she has not done another open house since).
Yes, for a few hundred dollars they place a page on a website and you do get a sign on your front lawn, but it really got me to thinking...
Why would someone want to sell their home themselves?
FSBO. For Sale By Owner, an opportunity for a seller to SAVE thousands of dollars! Or an opportunity to call a Realtor!
Here's how I see it. Sure you will always find a buyer if you wait long enough or are lucky enough. As a Real Estate Professional, I have dedicated many hours to assist people in the one of the largest purchases that they will make. My training, my knowledge, my experience. This is what I do all day - every day! As a Realtor I know how much time, effort & money is involved in maintaining my career. For me, it is not a part time job, it is not something I do ONLY when times are good. If it's good - it's good! When it's bad - IT'S BAD!
When you have so much depending on the sale of your home, do you really have the time, money and resources that you could do a better job than a professional full time Realtor? NO - how could you? This is what I do all day. I have relationships with neighbors, bankers, past clients, advertisers, numerous agents that have their contacts as well, not to mention our FULL access to MLS and listing resources that FSBO's don't. If Real Estate was that easy...I'd be looking for a new career! Once a deal is done - I am unemployed and banging on doors, sending emails, talking to people, working on my web site to get new clients. If I don't sell your house, or assist you in finalizing the purchase of a home, I do not get paid.
Canada Mortgage and Housing reported (Nov 08) that listings posted to sold were at 46 - 47 % That means that 50 % of ALL the listings on the system will not sell. (EXPIRE)
It is human nature for people to get the most for their home without having to spend any money. They do not want to pass any money to anyone else. The numbers always look better when you're trying to sell it yourself. But at what cost. Yes they may very well find a buyer but over 85% of them will eventually list with a realtor. The real loser in this scenario is the would be buyer. He just bought a house with no representation, no real comparables, no negotiating and all of this at a truly higher price!
There is a place for everyone, but in this market, if the professionals are having trouble how is a FSBO supposed to fair out.
If you are considering selling your property or the purchase of a new home, feel free to contact me for a FREE/NO OBLIGATION market evaluation of your existing property and let me arrange private viewings of homes that might be of interest to you. Contact Betty directly at 416.427.1875.
Contact Betty Bartusevicius to discuss your real estate requirements or just to chat at 905.828.3434 or directly at 416.427.1875.
Re/Max Realty Specialists Inc., Brokerage
Contact me by email: http://www.bettybart.com/AgentProfile/contactme.cfm
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