Tuesday, April 12, 2011
Benefits of FSBOs working with buyer agents
Are you trying to save money by not listing your home for sale with a real estate agent? Do you think you can do just as good of a job as any real estate agent in marketing your home for sale and so you would just assume market your home for sale without listing it with a real estate agent?
I would still suggest that you at least let the local real estate agents know you will pay a buyer agent commission (perhaps 1/2 what you would pay if listed with a realtor) if they sell your home (buyer is their client). It would be even better if you paid a discount brokerage to allow you to list your home in MLS,advertising your home for sale with what you would offer as a buyer agent commission. You don't want to limit your pool of buyers. This does not prevent you from selling your home to a person without a realtor, but I would certainly not limit the scope of potential home buyers.
Speaking of limiting your pool of buyers,there are buyers out there who are nervous about the home buying process and want to have an agent guiding them each and every step of the way. If the seller isn't going to offer a buyer agent commission,then either the buyer is going to have to pay his or her agent (which rarely happens)or the buyer is going to rule out your home as a possiblity since there is no buyer agent commission.
By working with buyer agents,you save time in coordinating showing your home to buyers. You don't have to run back and forth from work or change your plans if a prospect wants to see your home. You can keep key(s)to the home in a lockbox which realtors can access the key(s)to get inside and put the keys in when they are done showing your home.
Another reason to work with real estate agents is their familiarity with and access to the local real estate contract so you don't have to re-invent the wheel. This may save time and money if no realtor is involved in the transaction If as the seller you are uncomfortable with the contract, meet with an attorney to have him or her review it and answer any questions you have. Buyer agents can coordinate and attend home inspections,appraisals so you as the seller don't have to miss work,alter your plans. To that point,even if someone buyers your home without a realtor,you can also look into retaining a realtor for writing contracts and coordinating the home inspections and the appraisal since that is his/her day job.
These are just a few reasons why you should promote your home to all realtors even if you are not listing it for sale with a realtor. This is not a new concept.
I appreciate home sellers who have the vision and take the initiative to advertise that they will work with buyer agents. They may hope that buyers come without agents but they don't want to rule out any buyers. That is good business.
Life is good!
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