For Sale By Owner Facts (FSBO) - Realtor Bernie Bogner
Are you OK with selling your house for less?
Acording to the National Association of Realtors 2020:
FSBO properties sell for less than the selling price of other homes: This is the number 1 reason sellers choose to partner with a top real estate agent.
Last year, FSBO homes sold at a median of $200,000. That’s significantly lower than the median of agent-assisted homes at $280,000 even after $8,000 in commission fees for the latter is taken into account.
There are currently approx. 10,000 properties listed on the MLS in Metro Vancouver. Every month hundreds of listings expire on the MLS without having seen one single serious buyer. Every month the vast majority of Craigslist postings are turned over to Realtors.
The avg. FSBO time span on the market is 61 days before hiring a Realtor.
Every day there are dozens of similar homes coming onto the market competing for the same buyer. Buyers do not trust sellers as much as they trust Realtors. Realtors must always put their clients first, be loyal, act truthfully, confidentially, ethically, etc.
Buyers usually want the purchase price reduced by the commission the seller saves as a FSBO.In addition, buyers want the regular discount they would ask for as if it was not a FSBO.
FSBOs reduce the sales price at least once before finally engaging a Realtor.In the rather rare event that a FSBO eventually sells his property he discounts the already reduced price again.
The vast majority of buyers are represented by a Realtor.FSBOs are usually up against a professionally trained Realtor who ONLY represents his client, the buyer.
Similar to a lawyer, who would only represent you, the seller.
Very few Realtors like me spend a lot of dollars on promoting sellers properties, That's the reason why we do have one of the biggest free marketing action plans and a huge social media presence compared to most Realtors in Vancouver. Therefore, we sell higher and faster-
If you were involved in a lawsuit equaling the value of your home would you represent yourself in a court of law without a specialized lawyer? BC Realtors have to attend the University of BC and therefore, are highly educated professionals. In addition, a BC Realtor license is only renewed every two years when periodic and mandatory update courses such as legal, ethical and key regulatory requirements, such as agency, contracts and disclosures, etc. have been successfully completed.
Please note: 89% of all properties are sold by professional Realtors.
3% of all FSBOs give up on selling.
4% sell mostly to friends / relatives.
4% sell to strangers
Source: National Association of Realtors.