Selling a home is a significant decision that comes with various choices, one of which is whether to enlist the services of a real estate agent or go the For Sale By Owner (FSBO) route.
While realtors offer professional expertise and convenience, some homeowners opt to handle the sale themselves. What’s the advantage of listing your home FSBO? Consider these:
1. You save those commission fees
One of the primary motivators for choosing FSBO is the potential to save money on commission fees. Real estate agents typically charge a percentage of the sale price as their commission – and Ohio’s going rate is around 5.99%.
That means you’ll pay nearly $12,000 in realtor fees for selling a $200,000 house. That’s a big chunk of money to anybody – but even more so if you don’t have a lot of equity built up.
2. You have greater control over the process
Selling a home is a personal and emotional experience, and some homeowners prefer to maintain full control over the entire process. An FSBO process gives sellers the autonomy to set their own schedule for showings, negotiations and closing.
When there’s no real estate agent acting as an intermediary, sellers have direct communication with potential buyers. This direct interaction can foster a more personal connection and streamline the negotiation process.
3. You can personalize your marketing strategies
FSBO sellers have the flexibility to design their own marketing strategies. This may include creating unique online listings, leveraging social media or organizing open houses to attract potential buyers. By tailoring their marketing efforts to their property’s specific strengths, a seller can showcase their home in a way that resonates with their potential buyers.
The For Sale By Owner route isn’t for everyone, but it does have a lot of value for homeowners who feel confident in their ability to navigate the process – although it is still wise to make sure you have the right legal guidance with your contract.