When the economy is tight or the future uncertain, many people first look to selling their home for sale by owner (FSBO), hoping that they’ll save money or keep more in their pocket from the sales price. We want to walk you through some of the many issues that FSBOs in the Mid-Willamette area face, and why you may want to think twice about not hiring a professional Corvallis-area real estate agent to market your home.
#1 FSBO Mistake: Not Following COVID Safety Protocols
When listing your home for sale with an agent, you can be assured that there will always be a responsible party showing your home to perspective buyers, and your presence is not required. With FSBOs, you or a trusted friend must show the property in person, and you must still be sure that your valuables and prescription medicines are locked up as an extra precaution. With Covid-19 still spreading, you are also putting yourself at risk to be in an enclosed space with members of the public that you don’t know.
#2 FSBO Mistake: Wasting Your Time With Buyers Who Can’t Afford Your Home
Most reputable buyer’s agents will only work with buyers who are qualified by the banks to purchase a home in a certain price range. When you deal with the public directly, you may be taking time off work or out of your busy schedule and wasting it by showing your home to buyers that eventually won’t even be able to make an offer on your home as they can’t get a loan for the purchase price.
Experts say you should consider showing your your home to be a full time job if you’re going the FSBO route – if you’re only open to showings when you’re not working in the evenings or on weekends, you’re missing out on most buyers. Professional agents, on the other hand, can show your property via a lockbox when you’re not home, and around your preferred time parameters.
#3 FSBO Mistake: Not Proactively Marketing Your Property and Using Poor Quality Photos
When you work with a professional agent with 35+ years of experience, we know exactly how to market and stage your home to potential buyers. Because of the emotional attachment most of us (rightfully) hold to our homes, we often can’t see the little things that could be changed that make a big difference for potential home buyers. It could be removing some clutter, switching up room layouts, a quick coat of paint, or any number of small projects that payoff big. That’s where an outside perspective comes in.
Basic staging and hiring professional photographers and videographers are all part of the service that we provide for our Corvallis, Albany & the Mid-Willamette area listings. While many people nowadays know how to leverage their own social network and the web for basic posting of ads, the multiple listing system (MLS) that gives hundreds of full-time agents in the area searchable home criteria for their clients is an unmatched tool that gives listed properties the edge.
#4 FSBO Mistake: Thinking You Can Avoid Commissions Entirely
We understand the impulse to avoid fees whenever possible. But did you know that because sellers always cover the commission for both sides, most FSBOs end up offering and paying a 3% commission to buyer’s agents? Because most agents are not even aware of the FSBOs in the area as they do not show up in their comprehensive searches, if you don’t pay a buyer’s agent fee AND pay for a cut-rate service agent to post in the MLS system for you, you are missing out on the VAST majority of home buyers in the Willamette Valley area. You end up paying almost as much as a full-service agent, but end up getting a lot less, and almost assuredly lose out on selling for the maximum value of your home.
#5 FSBO Mistake: Pricing Your Home Based on the ‘Zestimate’ and Missing out on Multiple Offers
Having worked in the community for more than 35+ years, we are experts at getting your house priced to sell for the most money. In fact, our statistics in the last few years show that selling your Corvallis-area home with the Sue Long Realty Group, on average, nets you more than 100% of the sales price. In today’s sellers’ market we have strategies for drumming up interest in your property before it hits the market, often resulting in multiple, competing offers that escalate above the purchase price. While this is not a guarantee for every property, this is a service that cut-rate commission agents do not offer, and means you end up leaving money on the table.