For sale by owner: The pitfalls of cutting out the broker
It’s not easy going it alone.
Only 8 percent of U.S. home sellers in 2017 didn’t use a broker, according to a survey of 7,866 home buyers released by the National Association of Realtors in October. Homes that were listed last year with a real-estate agent had a median sales price of $250,000, while those sold by owners had a median price of $190,000, the Wall Street Journal reported based on the NAR survey.
Owners listing their own homes often don’t have access to the Multiple Listing Service.
“Even if they create a website for their property, how are they pushing that out to potential buyers using search-engine optimization or other tools?” David Dweck, Florida-based a real estate agent with Signature Real Estate. “How are they using social media properly unless they are marketing-savvy, which most aren’t and don’t have the time for?”
Websites like Fizber.com post for-sale-by-owner listings for free, and offer paid services like video tours and listing the home on MLS. The latter, however, requires paying a 3 percent commission to the selling agent.
Experts say that owners should hire an appraiser to help accurately price the property and a real estate attorney to guide them through the sale process. Buyers offering cash should also be required to provide bank or investment statements to show they have enough funds.
Originally posted by The Real Deal
EN
ES
FR
IT
PT
RU
GER
HR
