Sell Your Home without a RealtorRichard Romm MBA, Realtor®

Selling Your Home Without a Realtor?

 

 

I have had experience in this also.  As I have been in your shoes many times in the past, I can understand why you are trying to sell your home without employing a Realtor. In this article, I will reveal when I was successful and when I was not so fortunate.

  • If you are selling your home without a Realtor®, I am happy to help you achieve success. Although this task can be difficult, I will gladly provide you with the following, free of charge (if within the Albuquerque NM metropolitan area):A Competitive Market Analysis which will include all similar homes in your area that are currently for sale (Active), recently sold homes waiting to go to closing, and sold homes that have already closed as far back as six months or one year if needed.
  • After walking through your home, I will advise you with what can be done to reduce potential buyer objections and criticism. When buyers find faults in your home, they generally look forward to seeing other homes, hoping to find one less objectionable or they just might try to submit an insultingly low offer.

Over the last 25 years, I have had three successful for-sale-by-owner sales of homes that I owned. I also have had a few more of these with in which I was unsuccessful. I later thought about what the commonality was with the successful sales vs. the unsuccessful sales, where I went ahead and hired a licensed Realtor. The prime factors in my successful FSBO sales were familiarity and trust. It seemed that on each successful sale, I had some type of relationship or connection to the buyer so there was already a level of trust between me, the seller, and the buyer. In one of these home sales, the buyer was a 20-year neighbor, another time, it was a co-worker with whom I worked for four years, and finally it was my adjacent neighbor’s niece. Incidentally, although the niece was impressed with my home, the larger draw for her was free baby-sitting services for her toddler available for her right next door. Both she and her husband worked long hours which made this an ideal situation for their hectic lifestyle.

The familiarity/trust view makes sense as a buyer may have a significant degree of trepidation in entering into a contract to make the largest purchase (as a home) of his or her life and not having a professional representative (as a Realtor®) to guide the transaction, just increases the buyer’s apprehensiveness.

I want to share my experience on my final attempt to sell a house as a for-sale-by-owner in 2012. I listed my home with a limited-service real estate company. The fee was greatly reduced, but payable upfront (not at closing). For this I received a sign on my front yard and a listing in the multiple listing service (MLS). I tried this for ten weeks and for ten Sunday afternoons, I held open houses where I averaged six parties that attended. In addition, as my listing appeared in the MLS, I had approximately 25 brokers bring their clients to see my home. Doing the math, with 60 parties from my open houses and 25 more brought by brokers, how can my home not sell after being viewed by 85 different sets of people. This home was only nine years old, well maintained, and virtually objection-free.

Here are some reasons why the home did not sell. Although homes do sell from open houses, most open house guests “are just looking”. It is free entertainment for them and they might even pick up some decorating tipd. Secondly, agents find it more difficult and time-consuming when dealing directly with an unrepresented seller than when dealing with a seller’s agent.

Well after I listed my home with a full service Realtor®, my home only had three perspective buyers that visited, but one of them then submitted a highly acceptable offer within a two week period. This quick sale enabled me to close on my new home at about the same time as I closed on the home that I was selling. The timing could not have been more perfect.

In closing, I will offer any help (that I mentioned above and more) to you in selling your own home at no cost to you. If at some time in this process you find yourself thinking about using a professional Realtor®, I can give you detailed information on the process.

Many believe that professional Realtors® do very little other that placing a sign in the front yard and waiting for other agents to get excited about their listings in the multiple listing service. This is not close to the truth as there is much being done every day that sellers do not see. I do keep my sellers in the loop with important communication regarding marketing tasks, usually multiple times per week. Also, there is a good article written by Nic Petrossi, a California Realtor, regarding the value of Realtors®:  http://activerain.com/blogsview/5049488/why-realtors-are-worth-their-weight-in-gold

Studies show that Realtor® listed homes sell for a good deal more than FSBO homes – where the price difference more than pays for the broker’s commission or fee – this coupled with much less work and stress for the seller.

In closing, I will offer any help (that I mentioned above and more) to you in selling your own home at no cost to you. If at some time in this process you find yourself thinking about using a professional Realtor®, I can give you detailed information on the process.

Richard Romm MBA, Realtor®

NMREC license no. 49630

www.richromm.com  -  richromm@gmail.com

9674 Eagle Ranch Rd NW, Albuquerque, NM 87114

7441 Alameda Blvd NE, Albuquerque, NM 87113

505.883.9400 Office, 505.818.7897 Mobile