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The following are some things to consider regarding FSBO and discount listings:
- READ THE FINE PRINT - often rack up additional fees such as fees due at closing, lockbox rental fees, and many others
that are not part of the basic up-front listing fee. See the sample true savings calculation for more information.
- UNDERSTAND WHAT IS INVOLVED - there is MUCH more to selling a home than just putting a sign in the yard
and showing it to prospective buyers. A good agent has several roles as Marketer, Negotiator and Project Manager
to find a buyer, negotiate the best price, and make sure all items from contract to closing go smoothly. Do not sell
on your own unless you have considered how adept you are at ALL of these roles and how much time you have to
committ to them
- EXPECT THAT YOU WILL HAVE LESS VIEWINGS - there are many agents (not me) who, whether it is legal, ethical or not
will go out of their way not to show flat fee listings. Doing so is not legal; but it does happen frequently. Similarly, many agents
including myself have to be careful when dealing directly with a seller as it can lead to an unintentional applied dual agency situation
which can be a huge conflict of interest and create a potential legal liability issue for BOTH the seller and the agent.
- REALIZE THAT WHAT YOU PAY UP-FRONT IS NON REFUNDABLE - a large percentage of unrepresented sellers end up listing with a full
service agent after some time. If you are unsuccessful at selling on your own, you will end up paying BOTH.
- CONSIDER WHO WILL REALLY GET THE BENEFIT - buyers know when you are unrepresented and expect you to pass on at least 1/2 of the
"savings" to them. If you are lucky enough to get an offer as an unrepresented seller, you are likely to pull out your calculator and
compare your NET to what you would have gotten with a full service agent since that is what you'd have to do if the deal falls through.
It's natural to give in to the buyer's expectation and share the benefit; thereby reducing the 6% savings that the flat fee companies
advertise you'll save down to less than a 1.5% "savings" (6% - 3% to buyer's agent - 1.5% to buyer - advertising costs - upfront fees)
- MAKE SURE YOUR BUYERS ARE QUALIFIED - there is nothing worse than getting your home under contract and having the deal fall
through. Make sure you do the necessary checking that an agent would do for you to minimize your risk of having an unqualified buyer.
- CONSIDER YOUR SAFETY - showing your own home can be dangerous as you are essentially opening the door for complete strangers to
enter your home.
- DON'T SAY TOO MUCH - Many unrepresented sellers often say more than they have to and disclose things about the property that
they are not legally obligated to disclose.
- DON'T BELIEVE ANY OF THE FEEDBACK THAT YOU GET - Buyers will never give an owner an honest opinion of what they think
of your home. Agents will tell other agents; but will never want to insult the owner. The objective feedback that ONLY an agent can
obtain for you can be a key ingredient in getting the maximum price for your home
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