When it comes to getting your house sold, there’s no one-size-fits-all solution. What works for one seller may not be as advantageous for the next. And, each method for selling your house comes with both some pros and some cons.
One of the primary goals of SOLD.com is to help sellers navigate these pros and cons, and to make an informed decision about how best to meet their real estate goals. When you download your free SOLD.com seller’s report, you’ll get a more individualized recommendation on how to get your property listed and ultimately sold.
Today, we want to look specifically at selling your own property… that is, taking the For Sale By Owner route. We think this method has some definite advantages, and we’ve blogged about them in the past. For today, though, we want to highlight some drawbacks.
These are not necessarily deal breakers, but they should definitely be on your radar as you consider whether or not you should try selling your house without the help of an agent.
5 Drawbacks to the FSBO Route
It takes a lot of time.
One reason to think twice before choosing the FSBO approach is that, quite simply, selling a property is a lot of work… and if you already have a full-time job, plus a family life, you may not have enough time to devote to your real estate transaction.
Remember that, when you’re not working with an agent, it all falls on you to handle the pricing, the marketing, and the showings. When someone wants to tour the property, no matter the time and no matter what else you have going on, you’ll need to be flexible enough that you can roll out the red carpet for them.
All that’s to say, just remember that selling a house is really a pretty big undertaking… and if you don’t have a lot of spare time, that could be a real problem.
What about the MLS?
If you want your property to show up in online searches and in popular real estate apps, you’ll need to ensure that it has its own entry in the Multiple Listing Service, or MLS. Indeed, without an MLS listing, it’s exceedingly hard to get much attention for your home… making the sale an uphill process, to put it mildly.
The problem? MLS entries are mostly for real estate agents. You can get a listing without working with a full-time agent, but you’ll still have to pay a flat fee for it. That’s something to think about.
You’re not an expert.
Something else to note is that, quite frankly, there’s a reason why professional real estate agents exist. It’s not just that they can put in the time and the legwork. They also have a real knowledge base they can draw from, encompassing everything from pricing to marketing.
These areas of expertise are crucial to anyone looking to sell a home. And while you can definitely do your research and learn what you need to know, the learning curve is steep… and the cost of each mistake could be massive.
Some agents won’t want to work with you.
Because amateur home sellers don’t have that knowledge base, full-time agents are sometimes unwilling to work with them.
This could be a problem for you. Buyer’s agents often see a home labeled as FSBO and pass over it, or advise their clients against even touring the place, simply because they would rather deal with someone more experienced.
In other words, going the FSBO route can limit your opportunities.
You’ll need connections.
When selling a house, you’ll inevitably need to call upon certain vendors. These vendors may include title attorneys, contractors, handymen, or inspectors.
An agent will probably have a lot of good local connections you can draw from. But if you don’t have an agent, you’ll need to find those vendors all on your own. And that can be tough.
These are just a few of the reasons why the FSBO approach can be challenging… but you don’t just have to take our word for it. Get your SOLD.com report today and find out for yourself the best way to sell your home.