Using a for sale by owner (FSBO) listing is a viable way to sell a house. Many homeowners do it successfully, but even more don’t. Not having to pay an agent’s commission can be an attractive reason to sell your house on your own. But if you choose this route, you need to make sure you avoid the common mistakes. Here, then, are the 5 common mistakes homeowners make when using an FSBO listing for their house in Harford County.
1. Pricing Incorrectly Driven by Sentimental Value vs. Realistic Value
Pricing correctly is critical for selling quickly and at the best price possible. But, unfortunately, many Harford County homeowners who use an FSBO listing don’t price to sell because they price on the basis of sentimental value rather than realistic market value.
Sellers who have lived in a home for many years develop an emotional attachment to the home. And this attachment leads them to value their home driven by sentiment rather than by market value, typically pricing higher than the market will bear. And when a house is overpriced, potential buyers typically skip right over the listing with the result that the house languishes unsold on the market for some time. And then buyers begin to assume something is wrong with it. Ultimately, sellers wind up selling for less than they would have if they had priced it right from the beginning.
The best way to price a house is by performing a comparative market analysis. To discover more about this, contact a Harford County agent at 443-616-5486.
2. Not Getting the House Listing Ready
Another common mistake homeowners make when using an FSBO listing is not getting the house thoroughly ready to list. Almost all homes, even newer ones, require some repairs and upgrades before they are listing-ready.
If you’ve lived in a home for some time, you have likely grown used to seeing flaws that potential buyers absolutely won’t overlook. Without the trained, critical eye of an agent, FSBO sellers are on their own when it comes to getting the house ready. And most of the time, owing to familiarity, they just can’t “see” what needs to be done.
3. Not Having an Effective Marketing Plan
Then there’s the lack of a well-thought-out, effective marketing plan common to FSBO listing sellers. And this mistake typically means a slower sale and often at a lower price.
The sad fact is that FSBO sellers often think all they have to do is stick a for-sale sign in the front yard, place a classified ad in the local paper, and wait for the offers to start rolling in. But is seldom works this way.
Without access to the MLS, you will have to find other marketing avenues and venues to get the word out and cast a broad marketing net. This would likely include traditional marketing methods such as ads and flyers, as well as the power of social media and all the word-of-mouth exposure you can generate.
4. Being Unable to Show the House at Buyers’ Preferred Times
Here’s another mistake common to sellers using an FSBO listing, one that they often don’t even consider.
Selling your house isn’t your job (as it would be for your agent), so you will have severe time constraints because you do have another full-time job. And that means you very likely won’t be able to meet with potential buyers for showings at the times they prefer. But buyers don’t want to wait around to view your house when it’s convenient for you. The result is that they pass up your house and move on to another one that they can see when they want to.
5. Risking Personal Security/Safety
A final common mistake homeowners make when using an FSBO listing for their house in Harford County involves their safety and security – or, rather, lack thereof. Showing your house means that you will be meeting with complete strangers alone and often at night. This presents a safety concern.
Without an agent’s time and expertise, you won’t be able to vet potential buyers as thoroughly as you should. Because you know nothing about these people, you may be opening up yourself to theft, scams, and even violence.
How to Avoid FSBO Listing Mistakes
As you can see, the road to an FSBO sale is littered with pitfalls. But there is an easy way to avoid them and vastly increase your chances of a successful sale. And that is to forego the FSBO listing and work with an experienced Harford County agent instead. With her knowledge and experience, your agent won’t make the mistakes listed above. So before you take the step of using an FSBO listing for your house in Harford County, be sure to contact us at 443-616-5486.