Monday, May 24, 2010

F.S.B.O or Realtor?

Our Realtor, Ms. Speedy, called to say that our property was shown over the weekend and that a woman is in love with our little condo.

But we all know that love comes with complications.

The problem is she has to sell her own home first. Her home is in a nearby town that doesn’t have much to recommend it, so I am not counting on her infatuation turning into an offer anytime soon.

It’s encouraging, but that’s all.

Wouldn’t you love to be a fly on the wall when people tour the home you have staged?

Being on the scene to answer questions and to point out all the amenities from a personal point of view is one of the reasons people decide to sell their homes direct, without a broker.

Although there are advantages --- mostly economic – to going the F.S.B.O route, I think the advantages to working with a realtor outnumber them. The way I see it, a Realtor:
  • Knows the market and can easily research comparable properties to establish a fair and realistic asking price.
  • Is in touch with what buyers want and can suggest ways to improve your property.
  • Acts as a buffer between you and the buyer so the transaction is less personal and more professional.
  • Provides a measure of security because she’s already collected some information about the buyer (no strangers knocking at your door).
  • Works with the buyer to assist with financing, home inspections, and the legalities of the transaction.
  • Saves you time by working with qualified buyers.
  • Has the skills and capital to advertise your property to the target market and to a worldwide market.
  • Adds credibility that makes buyers feel more comfortable. You have a professional representative instead of being just Joe Blow selling his house.
  • Buyers trust the realtor as a third party, and feel they are being represented.
Do I sound like a mouthpiece for the National Association of Realtors?  I don’t have any ties or affiliations with any real estate company. The reason I have a high regard for realtors is that I have worked with some excellent ones.  Finding a good realtor is a topic for another blog post.

Also, Mr. Lucky and I once tried to sell a house F.S.B.O. After three months of showing the property to assorted “buyers,” we turned it over to a Realtor who had it sold in a week.

What we came to understand was that serious and qualified buyers work with a Realtor instead of shopping F.S.B.O. listings in hopes of getting a steal (no broker to pay!), or owner financing, or other special considerations. 

But that’s just my opinion and my experience. Hey, it’s my blog.

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