When the National Association of Realtors® surveyed FSBOs (for sale by owner) about what challenges they faced when attempting to sell their homes without the aid of a real estate professional, 13 percent said that setting the right price was a key challenge.
What is the “right” price? A home should be priced at or very near its market value. Therein lies the challenge – how does a layperson determine a home’s current market value? The calculations require access to recent sales in the area, information about those homes, and information about the current real estate market in general.
Without access to the Multiple Listing Service (MLS), it is nearly impossible for anyone to gather info on all recent home sales in a given area. Although many websites claim to have this information, they are relying on public records, and most of the time they don’t have all of the information required to pinpoint market value.
Would you sell a used car without consulting the Kelley Blue Book, or something similar, to ascertain its worth? Without knowing the true market value of your home, setting a price for it is akin to throwing a dart – where it lands may or may not be the bulls-eye.
2. Getting the Word Out
One of the most important jobs of a listing agent is marketing the property. Once upon a time, all it took was an ad in the Sunday classifieds. Today, however, it requires a lot more work, and multiple marketing platforms – especially for homes with problems.
Homebuyers begin their search online, and that’s where real estate agents shine in their marketing efforts. They employ multiple strategies across multiple platforms – something a homeowner with no real estate or marketing experience may find challenging.
3. Getting a Handle on the Paperwork
Understanding and completing paperwork is the one task of selling a home that stymied the largest number of FSBOs in the NAR survey. From the purchase agreement to how to deal with changes to disclosure requirements, the typical home sale requires a stack of legal contracts that few outside of the industry know anything about.
You will need to familiarize yourself with all contracts, reading and understanding every single line. Otherwise, when a buyer submits an offer to purchase, you may end up sitting there with a glazed look on your face and no idea how to decipher the pages in front of you.
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