New Orleans home sellers who choose to sell independent of real estate professionals could be leaving thousands of dollars on the table due to a lack of marketing, sales, escrow, closing, and listing knowledge.
Why “For Sale by Owner” Might Not Be the Best Way to Sell Your New Orleans Home After All
Selling your New Orleans home by yourself, and therefore saving on an agent’s commission fee, may seem like a good idea, but here are seven reasons why you may end up regretting such a decision.
Pricing Problems
In order to be sold, a house must be priced competitively, and the wrong price chases the right buyers away. Priced too high, a house will usually sit on the market, sometimes for an extended period, but priced too low, you will likely lose money on the sale. Many homeowners have an emotional connection to their home and often think it is worth more than it actually is, but an experienced New Orleans realtor will use their knowledge of the local market to price your home correctly.
Insufficient Knowledge of New Orleans Real Estate Market
Understanding the local housing market is second nature to real estate professionals; the average homeowner does not have as much knowledge. While the Internet might make sellers think they know their market and that they can reach a large number of potential buyers via social media, this is only true to a point. Because they stand to earn no commission, realtors representing buyers have little or no incentive to mention or show FSBO homes to their clients, which dramatically decreases the actual reach of a seller’s efforts.
Time-Consuming Process
Selling a house is a full-time job, so if you’re already working a 40-hour week, this could present a problem. If you have the time and energy to devote to selling your home, without neglecting your professional and personal responsibilities, you might consider giving FSBO a try. But if you don’t, you should think seriously about hiring a professional to do the job.
Absence of Negotiation Skills
While some homeowners are skilled negotiators, most are not. If common real estate terms like capital expenditure, Caveat Emptor, and discount points leave you at a loss for words, enlist the help of a skilled and objective negotiator who is experienced in these discussions and will make getting you the best deal possible their top priority.
Less than Ideal Exposure
While you might think that placing a For Sale by Owner sign in your front yard and an ad in your local newspaper or on Craigslist will bring potential buyers to your home in droves, this is usually not the case. A professional realtor will give your house maximum exposure by preparing professional marketing materials, coordinating online outreach efforts, holding open houses, and networking with other real estate agents and their interested buyers.
Unwilling Agents and Their Buyers
Most buyers work with real estate agents who can be somewhat reluctant or refuse to deal with a homeowner directly, as opposed to another real estate professional who understands the process. Many agents also worry about whether or not they will receive their half of the commission on an FSBO deal, and for this reason decline to show the property.
Inability to Seal the Deal
A realtor has the experience to drive the entire home sale process skillfully and efficiently. Do you think you have the ability to deal with financing issues and buyers’ objections while at the same time facilitating the drafting of all the appropriate documents, setting up escrow, and keeping closing on track? If not, consider hiring a professional to handle all the details as well as the potential pitfalls.
The home selling process is complicated enough for trained real estate professionals, let alone average homeowners. Contact us to sell your New Orleans home quickly, and for the maximum amount possible.