So, you have decided to sell your home on your own. You put a shiny red-and-white "For Sale By Owner" sign in the front yard and place an ad in the local newspaper. You're ready to sell and even more ready to save money by not paying that real estate agent's commission. The phone rings.
"Is it a potential buyer," you wonder?
No, it's a real estate agent -- the first of many agents who will likely call you.
You see, "For Sale By Owner," or FSBO, as they are called by agents, are regarded as free bait, because your sign lets them know you want to sell your home.
The challenge for them is getting you to list it with their agency instead of selling independently.
Research shows that approximately 85% of all FSBO will eventually list with an agent. So the moment your home becomes a FSBO, it has also become the "catch of the day" for hungry agents.
But -- you can make this scenario work for you with just a little bit of strategy.
First, take time out to talk with all agents that call. Most will try to find out if you already have a listing agent in mind if your FSBO doesn't work out.
Second, this direct communication gives you a chance to separate the dolphins from the sharks. Those agents only interested in getting your home listed quickly will retreat once they sense you are not an easily persuaded potential listing.
But sometimes an agent's real agenda is not always that clear. Some agents will ask to preview your home, justifying their interest by saying they have a readily available buyer in mind. Most of the time, there is really no way to tell if the agent really does have a buyer or is just telling you that to reel you in. Your best bet is to allow them to preview your home, but without a buyer.
Some agents will ask to bring potential buyers during this initial viewing, but be aware; some agents will bring fake buyers, someone who is only posing as a buyer. Producing potential buyers is designed to give you the impression the agent is already busy trying to sell your home. This scenario is a common sales tool used dishonestly and intended to peak your interest in the real estate agent's supposed skill at selling your home. This may be shocking, but remember real estate is a business, a fiercely competitive business. If the agent wants to turn your FSBO into a listing (and a potential commission), that agent will try very hard to hook you using whatever means it may take.
To protect yourself, always get the potential buyer's first and last name and "Google" the person as soon as possible after they leave your home. At least this way you may be able to discover if the potential buyer the agent just brought by is really a fellow agent at their office or someone who is actually interested in buying your home.
Although this scheme may happen, you should also realize that there are honest agents out there. So, if you are trying a "For Sale By Owner" listing for your home, be wary and wise, but don't always just ignore licensed real estate agents.
The bottom line: agents visiting your home bring knowledge of the local market, tips on making it more pleasing, and sometimes potential buyers. There are honest agents who are truly interested in helping you sell your property...but you must watch out for those sneaky sharks!
No comments:
Post a Comment