Sell Your Columbus,Ohio Home Quickly With The McMichael-Liston Team
Join tons of highly satisfied homeowners who have worked with The McMicheal-Liston Team to sell their home quickly and for top dollar.
or call us at (614) 766-7766 today!
Are you ready to sell your house? Fill out this simple form or call (614) 769-7766.
Know Why You are Selling
If you know exactly why you are selling then it is easier for you to follow the right plan of action for getting what you want.
If you are a seller who needs to close a sale as quickly as possible, then you should know that getting the highest price possible is not one of your priorities. It does not mean that you won’t or cannot get the highest price, but it means that the price is not the deciding factor.
A buyer who can give you a quick closing time will appeal much more to you than a buyer who can offer you more money but the negotiation and closing time drag on.
It’s always good to know how low you will go, in terms of selling price. This will help to eliminate some of the offers that you find simply offensive or ridiculous. Even though you should consider all offers seriously and take into consideration the terms of each offer, sometimes, if you know the bottom line and are strict about it, you can save yourself time.
Once you know what your limits and reasons are, discuss them with your agent so that they can help you set your goals realistically. If you decide to list your home on your own, make sure you do research on the current market, and you get the proper advice you need in terms of legal issues, etc. The key is to be realistic and to know what your goals are so they can be met.
Plan of Action
- Analyze why you are selling – If you understand your motives, you will be able to better negotiate and to get what it is that you want, whether it be a quick sale, high price, or somewhere in the middle.
- Prepare your home for the buyer – Maximize the strengths of your property and fix up its weaknesses. You want the buyer to walk away from your home with a lasting good impression.
- Find a good real estate agent that understands your needs – Make sure that your agent is loyal to you, and can negotiate to help you achieve your goals. In addition, they should be assertive and honest with both you and the buyer.
- Be prepared for negotiation – Learn and understand your buyer’s situation; what are their motives? Can you demand a big deposit from them? Try to lock in the buyer so that the deal goes through.
- Negotiate for the best price and the best terms – Learn how to counter offer to get maximum value from every offer.
- Make sure the contract is accurate and complete – Be honest with your disclosures; you do not want to lose the deal because you were lying or diminishing your home’s defects. Insist the buyers get a professional inspection. This will protect both you and the buyer.
Finding the Right Agent
Not all agents work the same way. The most important attribute of an agent is that he/she is well connected to the real estate industry. He/she should know the market and provide information on past sales, current listings, his or her marketing plan, and at least 4 solid references. In addition, you also want to look for an agent that is honest, assertive, and one that best understands your needs.
Try to go with a local agent. They can better serve your needs because they should be more familiar with the local market conditions, local prices, and what’s hot or not in your community.
Considering Offers
When reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a seller.
Some terms that may work in your favor:
higher-than-market-interest in a second mortgage for your home
the buyer will pay for most or all of the closing costs
the buyer will take care of any repairs
quick close – the buyer is pre-approved, ready to close in a timeframe that best suits you
all-cash deal
When reading through offers, remember to look at the whole package. Take the time that you need to assess what is being offered and if it meets your needs.
Setting the Price
The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.
Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following:
houses in your price range and area that were sold within the last half-year
asking and selling prices of houses
current inventory of houses on the market
features of each house on the market
Questions About A Property
Quick Property Search
For Sale By Owner – A Good Idea?
FSBO (pronounced fizz-bo), or For Sale By Owner, is a way of selling your home without the use of a professional real estate agent or broker. The idea behind FSBO is that by selling your home yourself, you save the approximate 6% that would be the agents’ commission.
6% may not sound like a lot, but it can add up, especially on more expensive homes. But before you run off and decide to sell your home FSBO, you must remember that to get savings like that, there must be a cost. So what’s the catch? Selling FSBO is hard. A lot harder.
Only about 10% of sellers that decide to do FSBO are successful at it. And not all of them end up saving themselves money. FSBO sellers often end up accepting a lower price for their home than they would with an agent.
There are of course other issues as well. Can you afford to make selling your home your full-time job? Because for a lot of FSBO sellers, that’s exactly what it is. Do you have the time and capital to spend on the marketing, advertising, inspections, paperwork, phone calls, showings, and problems that come up when any home is sold?
Selling with a professional agent also has other advantages. An agent can get your home listed on the MLS (Multiple Listing Service) and other popular websites where not only homebuyers but also other agents can easily find it. Professional real estate agents also have an extensive network that allows them to more easily find a buyer.
So before you decide to sell your home yourself, thoughtfully consider just how much time and effort you can spare for selling your home, as well as how important it is that your home sell sooner rather than later.
Recent Posts
10 Reasons Why Selling Your Home By Owner Could Be a Recipe for Disaster
“Typically, the research tells us that a high-quality real estate agent that really knows what they are doing will add more to the equation than they cost. Because people make mistakes when selling their own home – the mistakes are costly….” - Dave Ramsey
Introduction:
Selling your home is a significant undertaking. It's only natural to explore ways to maximize your profit. One option that some homeowners consider is selling their property without the assistance of a real estate agent, commonly known as "For Sale By Owner" or FSBO. While the idea of saving on agent commissions may seem tempting there are several compelling reasons why opting for FSBO could potentially lead to an unfavorable outcome.
While you can avoid agent commissions, the potential pitfalls of FSBO can lead to financial losses or a less profitable sale! 👊
Limited Exposure in the Market
The Challenge of Reaching a Broad Range of Potential Buyers
One of the challenges you'll encounter with FSBO is limited exposure in the market. Without the resources and network that real estate agents possess, it can be challenging to reach a broad pool of potential buyers.
The Advantages Offered by Real Estate Agents
Real estate agents have access to multiple listing services (MLS) and various marketing platforms that can significantly expand your property's visibility. They also have connections with potential buyers and other agents, increasing your chances of finding the right buyer.
Difficulties in Pricing
Determining an Appropriate Price Point
Setting an accurate price for your home is crucial for a successful sale. FSBO sellers often struggle with determining the right price, which can result in prolonged listing periods.
Avoiding Overpricing and Underpricing
If you overprice your home, potential buyers may be deterred, while underpricing could mean missing out on maximizing your profit. Real estate agents utilize their market expertise and access to data to help you determine a competitive price for your property.
Negotiation Complexity
Handling Negotiations without an Agent
Navigating negotiations during a sale can be intricate and emotionally charged. Without the guidance of a seasoned real estate agent who acts as a mediator and possesses negotiation expertise, you might encounter difficulties in reaching a mutually beneficial agreement.
The Expertise of Real Estate Professionals
Real estate professionals possess strong negotiation skills that enable them to advocate for your interests while maintaining objectivity, which is vital for successful negotiations.
Legal and Documentation Errors
The Risk of Legal Mistakes
Real estate transactions involve complexities that are easy to overlook. For sale by owner (FSBO) sellers may unintentionally make errors potentially resulting in disputes or legal issues in the future.
Ensuring Accurate Documentation
Real estate agents are well versed in the documentation required for real estate transactions and can ensure that all paperwork is completed accurately and compliant with local regulations.
Inadequate Marketing and Promotion
The Importance of Effective Marketing
Marketing plays a critical role in selling a home. FSBO sellers may lack the resources and expertise needed to create effective marketing campaigns that generate sufficient interest in their property.
Leveraging the Resources of Real Estate Agencies
Real estate agencies have dedicated marketing teams aimed at promoting listings. To attract buyers they utilize a variety of channels such as online platforms, social media, and traditional advertising methods.
Security and Privacy Concerns
Dealing with Unvetted Buyers
Concerns about security and privacy arise when dealing with unvetted buyers. For those who choose to sell their homes FSBO, there is a possibility of being exposed to security risks or encountering unreliable individuals.
Protecting Your Privacy and Security
To protect your privacy and security, real estate agents can assist by screening buyers and managing property showings. This reduces the risk of security concerns for you and your family.
Emotional Attachment
Emotional Challenges of Selling Your Own Home
Selling a home can be an emotionally charged process. For FSBO sellers, it can be challenging to detach emotionally from their property, which may lead to less objective decision-making.
Objectivity vs. Emotional Decisions
Real estate agents provide objectivity during the transaction by focusing on your goals and market realities rather than emotional attachment.
Time and Effort Demands
The Time-Consuming Nature of FSBO
Selling a home on your own requires a significant amount of time and effort. FSBO sellers are responsible for managing inquiries, scheduling showings and handling negotiations which can become overwhelming.
Balancing Other Responsibilities
FSBO sellers must juggle these responsibilities with their daily lives, potentially affecting their work and family commitments.
Limited Support and Resources
The Lack of Professional Guidance
The lack of professional guidance is the most critical reason why selling your home without a real estate agent can lead to disastrous results. Real estate agents are valuable resources throughout the selling process, offering their expertise, advice, and support.
Real Estate Agents as Valuable Resources
Rea estate agents bring a wealth of knowledge and experience in areas such as pricing strategies, marketing plans, and negotiation skills, ensuring a smoother and more successful sale.
Conclusion
It may initially seem appealing to save on real estate agent commissions, but it's crucial to consider the risks and benefits carefully. Selling your home by yourself can be a recipe for disaster due to limited market exposure, challenges with pricing, complexities of negotiation, potential legal and documentation errors, inadequate marketing efforts, security concerns, emotional attachment affecting decision making processes, time demands on your part, along with the absence of professional guidance. When making your decision about selling your home without an experienced real estate agent at the table, consider the value that they bring as it can significantly impact the outcome of your home sale.
FAQs (Frequently Asked Questions)
Can I save money by selling my home by owner?
While you can avoid agent commissions, the potential pitfalls of FSBO can lead to financial losses or a less profitable sale.What are the common pitfalls of selling a home by owner?
Common pitfalls include limited market exposure, pricing challenges, negotiation complexity, legal risks, inadequate marketing, and security concerns.How do real estate agents help with the selling process?
Real estate agents provide expertise in pricing, marketing, negotiation, and legal matters, increasing the chances of a successful sale.Are there any success stories of FSBO transactions?
Some homeowners have successfully sold their homes by owner, but these cases are often exceptions and may involve unique circumstances.What should I consider before deciding to sell my home by owner?
Consider your comfort with marketing, negotiation, legal matters, and the time and effort required before deciding on FSBO. Consulting with a real estate agent can help you make an informed choice.
Getting the Highest Price in the Shortest Time
In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.
The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market and your property’s worth. The key is to get as many people as possible checking out your fairly priced property. If your property is not priced fairly, there will be no buyers because your price is set too high.
Another important factor is the condition of your home. Make sure that your home looks ready to be sold. Fix any defects (peeling or faded paint, cracks, stains, etc.) Condition alone can sometimes prompt fast buying decisions. Not only should you fix any defects, but consider upgrading your home by making major repairs and cosmetic improvements before selling. A nice looking home triggers the emotional response that can lead to a financial response.
Learn how to negotiate the best terms for all parties involved. Terms are another factor that may be adjusted to attract buyers. If you insist on getting your asking price, think of what you can offer to the buyers. For example, improvements you’ve made or even offering seller financing at a lower than market interest rate on a portion of the sale price. Convince them why they should be paying the price you have set.
Lastly, get the buzz out about your home. List your house with a hot agent that ensures your house is listed on the MLS and on the Internet. On your own, get the word out. It should always be visible to passersby that your house is for sale, whether it is through signs, local advertisements or you telling friends, family, and acquaintances.
1349 W. Lane Ave, Suite 1125, Columbus, OH, 43221
(614) 769-7766
(614) 768-6531
www.livingincolumbus.com