So you’ve decided to sell your house and you’re thinking….“Should I save the high commission costs and sell it myself?” After all, houses are still selling fast today in 2024 in the RI area. If you answered “yes” to that question, then your property is now considered an FSBO vs Real Estate Agent.
FSBO is a real estate term that stands for “For Sale by Owner” and denotes the process of selling real estate without real estate broker representation. By not using a real estate agent, the FSBO seller hopes to save more money by assuming the responsibilities of selling their home and saving on the cost of commission.
There are always advantages and disadvantages to every decision you make in life. Selling your real estate can be considered a major decision in your life. Deciding to be your own boss means you are solely responsible for ALL aspects of your undertaking.
You need to understand what you’re going to gain, but more importantly, what you are giving up by doing it all on your own.
Preparation for the Sale of Your Home
Updating, decluttering, and staging your property are merely starting points in preparation for putting your property on the market. Once that’s completed, there are still many more things you need to do, to make selling your home on your own, a success.
Here are just a few of the numerous additional responsibilities of concern:
Setting Your Home Price Point: FSBO vs Real Estate Agent
You need a market analysis of the value of your home. You don’t want to overprice your real estate.
Nor do you want to undervalue it either and leave potential profit dollars on the table. Today’s real estate market can be tricky with bidding wars happening on most homes for sale this year.
Determining Your Market Demographic
You need to Research your market area. Do an analysis of your neighborhood and find a competitive property that complements and adds value to your property.
Detaching Yourself from your Personal Attachment
Can you approach your house sale like a professional? If you can’t. IT WON’T WORK! Potential buyers have no emotional attachment to YOUR property. They enter with an open—and most often—negative mindset.
Remember, you are asking them to invest in YOUR property. When buyers are face-to-face with the owner, they are reluctant to give any feedback, good or bad. And they are reluctant to make any offer for fear of being unkind to the owner.
Hiring a Real Estate Attorney: FSBO vs Real Estate Agent
Selling your property on your own, is the easy part. Once you find a buyer, the legal phase of the sale becomes the major issue that can make or break the deal.
Once the negotiations are complete and you’ve agreed on the price, the next step is to write up a purchase and sales agreement. That is THE MOST CRUCIAL PIECE OF THE PUZZLE. It has to be done right the first time. Are you prepared?
The major downside of selling FSBO is when you run into pitfalls. They could have been avoided with the advice of an experienced professional. For example, you could get sued for not disclosing a material defect in the property. Hiring a Real Estate Attorney would advise you to file a seller’s disclosure for the home.
It’s things such as this, the legalization, that you DON’T know that can come back to haunt you at closing time.
Time to DO THE MATH for FSBO vs Real Estate Agent
Make a list. Check it Twice – FSBO vs Real Estate Agent
Create a side-by-side list comparison of what you will gain and/or lose by going at it yourself. Then decide for Yourself, exactly what you are saving financially, physically, and emotionally by doing an FSBO.
Before you decide to forgo representation, understand what you’re giving up.
Here are some of the principal duties of professional listing agents who are willing and eager to make your selling experience profitable and stress-free.
Real Estate Agents Bring Value
- An agent sets realistic pricing through a detailed Market Research analysis. They provide you with market comparisons with information used to assure you of a fair market value for your property.
- Agents help identify and access potential issues that should be addressed before listing the property in order to avoid pitfalls during the negotiation process.
- An agent can advise you on how to properly stage, enhance and add curb appeal for added value to the price.
- Agents can provide professional quality photos and a comprehensive description in order to get the buyer’s interest.
- An agent can market your property with MUCH MORE than an Open House. They use a variety of tools, including Facebook ads and retargeting, to help get as much exposure as possible for a listing.
- Agents provide MLS listings. NOTE: FSBO must now negotiate with a Realtor to list the MLS property for a fee.
- An agent shares listings with other listing agents. Many agents already have pre-qualified buyers on a waiting list, in search of available property.
- Agents coordinate and organize private showings, as well as Open Houses.
- An agent acts as the intermediary between the Buyer and Seller.
- Agents are familiar with the unique rules and regulations of the area and can help avoid a lot of heartaches, throughout the sales process.
- An agent is a professional negotiator. They are extremely skilled in dealing with issues during the inspection phase and the final sale price.
- Agents can also help negotiate repairs as well. They know what really needs to be completed and what can be countered or declined.
For example, many buyers are under the impression that sellers must repair any defects found in the inspection. That is not so.
More Value from Real Estate Agents
- An agent is with you during the Closing Process. Their presence creates a major confidence booster that can mitigate last-minute disputes or legal issues.
- Agents can help the seller understand the different issues when dealing with a cash sale or a VA or FHA loan before accepting an offer.
So, How is That List Going for FSBO vs. Real Estate Agent?
Now, can you see a definite slant, in one particular direction, on that list of pros and cons of FSBO vs. real estate agents from RE/MAX?
As a prudent seller, can you now understand the knowledge and experience, that a real estate agent can offer? So, don’t you think you need a professional on your side?
Why RE/MAX in Northern Rhode Island?
They offer you all the above-mentioned duties we have listed above. Yet, they go the extra mile in reaching potential buyers and marketing opportunities to provide you with a profitable result.
RE/MAX has a referral network of 125,000 agents worldwide.
They think about who your buyer is, and if there are people in other countries who might potentially purchase your property. RE/MAX has a proven marketing system. They have a global referral tool and access to social media advertising to help locate buyers all around the world.
It’s time to leave it to the professionals. You want the “Best in the Business”. You want an Award Winning Real Estate Office. Look no further. You WANT and NEED RE/MAX!
To meet your Local Professional RE/MAX agent, contact Richard Zompa, Broker/ Owner of RE/MAX Preferred, Town and Country, and Properties.
He manages 6 RE/MAX offices throughout Rhode Island and can help you find the perfect real estate agent to work with today in selling your home in this hot market!
FSBO vs Real Estate Agent from RE/MAX To Sell Your Home Share on X