The thought of taking on the responsibility of selling your own property while cutting out the losses to an agent’s commission can be appealing and empowering for the right homeowner. Let’s maximize both your chances and returns by looking at these 5 mistakes homeowners make with FSBO listings in Detroit:
There are few things that can damage your sales chances as much as missing the mark when initially pricing your property.
It’s important to take into consideration the market value of surrounding, similar properties that have sold in the last few years when settling on a price. Choosing to go too low not only cuts into your returns but can signal to some buyers that there’s a terrifying reason you’re trying to cut and run from the property.
On the other hand, pricing too high and then having to gradually lower your asking price over time sends the message that you could be expecting too much and could be unwilling to negotiate reasonably.
Taking Things Personally
When you have an agent on your side, a big part of what they bring to the table is the ability to remove personal feelings and emotions from the give and take of negotiations.
FSBO listings eliminate that buffer zone and can put some owners in a situation where they are their own worst enemy when it comes to selling their homes.
Part of selling your home means understanding that buyers are not paying for your memories and sentimentality, so you must be prepared to enter any negotiations with as much of an emotionally detached and objective perspective as you can muster.
Missing the Details
It can seem as if selling a home requires little to no work when you have an agent doing everything behind the scenes for you.
When choosing to handle everything yourself, you’ll get a quick, dirty, and incomplete education on all of the paperwork required to transfer ownership of a property from one party to the next. Another important piece of the puzzle is making sure you clearly and properly disclose anything that a potential buyer has to know by law so you don’t find yourself in court down the road.
Disclosing any major structural issues, the presence of asbestos or a history of flooding, for example, could be necessary to be in compliance with local, state, and federal laws. If you feel this is too much, consider consulting a real estate attorney prior to moving forward with any paperwork.
Marketing It All Wrong
Selling your home is a very simple task, right? You create a listing online, throw some photos up, and put a sign in your yard.
Well, there’s more to it than that, and failing to make a good first impression online is a constant issue with FSBO listings.
If you do not consider yourself a photographer, get some help from friends or family to put together a clean set of photos that flows nicely from the front door of your home into each and every room. You want to treat this photo set like a guided tour by slideshow. Don’t leave any space out or buyers will notice and think you’re hiding something.
Take your time crafting a description of the property that highlights its strengths without becoming bombastic.
Selling on Their Own Schedule
Finally, FSBO sales complicate themselves when the owner is trying to schedule showings and open houses by themselves according to their own schedule.
When selling your own home, be prepared to leave on short notice and at awkward times. If you’re unable or unwilling to accommodate potential buyers coming to look at your home, you’re going to have a very hard time convincing anyone that it’s a great purchase decision on their part.
If they aren’t coming to look at your home, they’re going to look at your competition instead.
Help Managing FSBO Listings in Detroit
If you’re one of those homeowners who want to move from FSBO listings to being agent-represented in Detroit, contact us today at (313) 646-6309!