People don’t normally DIY it when a lawyer, electrician or other professional is needed. But some homeowners think selling their properties with no agent will save gobs of money on commissions. Almost always they come to regret it, settling on a price that could have been better, not to mention spending way more time on the process than they envisioned. Here are five key reasons FSBOs regret not using an agent.
They didn’t price the house right
Homesellers will usually not view comps and other variables that agents would use in order to price a home properly. Plus owners will likely list a sky-high number because they have an emotional attachment to the property and don’t take the flaws buyers will notice into consideration.
They haven’t made enough repairs
Owners have not sold dozens or hundreds of homes like agents have, so they don’t know exactly what should be fixed and what can be left as is, especially if they have not had an inspection done. And chances are that FSBOs won’t want to spend the money for an inspection.
Time is not on their side
If, say, 20 buyers are interested in the property, that’s 20 ‘clients’ the owner has to tend to, meaning answering questions, scheduling appointments, showing the home, being available for phone calls and emails non-stop, etc. Only then do they usually realize how much work an agent does.
They’re not negotiators
Unless a seller is a lawyer, they won’t have the negotiating skills required, especially when buyers want issues taken care of financially following an inspection. Negotiating directly with a buyer can lead to arguments and deals collapsing. It’s much smarter to have a middleman handle the give and take.
Staging doesn’t happen
FSBO’s rarely stage their homes because it costs money, and the whole reason to be a FSBO is to save money. But first impressions are everything to potential buyers, and rooms that look tired or unappealing can end a showing before it’s even begun. You often have to spend money to make money.
