Understanding the Limitations of For Sale By Owner

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1 Coldwell Banker Burnet Understanding the Limitations of For Sale By Owner Presented by: Ken Tibesar Licensed Realtor Sales Agent MENU

2 What does For-Sale-by-Owner mean? Doing by yourself for the first time what Coldwell Banker has refined through years of EXPERIENCE. A Realtor, his Broker and his company have the EXPERIENCE to perform tasks such as: Price and position your property in the marketplace Professionally market your home online Manage showings, meet buyers, conduct open houses Handle all paperwork, disclosures and other legal issues Help potential buyers obtain financing Showing home to qualified buyers only Answer all questions without bias or emotion Negotiate the sale using market analysis to justify your price Spending your $ s where it really counts There is nothing new under the sun, but there are lots of old things we don't know yet. Ambrose Bierce There are many truths of which the full meaning cannot be realized until personal experience has brought it home. John Stuart Mill Source: Profile of Buyers and Sellers, NAR Research

3 For Sale By Owner Statistics from 2011 FSBOs accounted for 10% of home sales Homes sold for $150,000 compared to $215,000 for agentassisted sales FSBO Methods Used to Market Home: Yard sign % Listing on Internet... 33% Friends/neighbors....27% Open house % Newspaper ad % For-sale-by-owner Web site..12% Most Difficult Tasks for FSBO Sellers: Getting the right price... 12% Understanding the paperwork: 11% Having enough time to devote to the sale: 6% Preparing/fixing up home for sale: 5% Selling within the planned length of time: 5%

4 Why do some sellers try to do it on their own? Some Facts about FSBOs: 56% of sellers who sold their own home say they did not want to pay a commission or fee. Other reasons included: 21% sold their home to a friend or relative 11% were contacted directly by a buyer 6% did not want to deal with an agent $ Allocations For Sale by Owner: 1-2% for governmental fees, title work, transfer costs, closing costs, legal $1,000 - $2,000 upfront costs for FSBO agencies (depending on options selected) $2,000+ added costs, legal support, ads, signs, consulting, misc support 3% commission to buying agent (don t have to use but odds of selling drop significantly) Unknown LEGAL fees may be required Risk of $4,000+ (even if not sold) $ Allocations for Realtor Listing: 1-2% for governmental fees, title work, transfer costs, closing costs, legal 3% commission to buying agent 3% commission to listing agent NO UP-FRONT COSTS NO COSTS IF NOT SOLD Are you Willing to Take the Risk of NOT SELLING????? Source: 2007 Profile of Buyers and Sellers, NAR Research

5 What sellers who sold on their own did not realize Selling your own home usually does not result in the best price: Buyers will expect a reduced price since you do not pay a commission The median selling price of FSBO homes was $180,000 compared with $240,000 for agent-assisted home sales. Realtors get 10-20% higher price for the home than FSBO NEGOTIATIONS using market value and without emotion Difference more than covers the Realtors commission Agent knows what points sell a home and knows the market Buyers EXPECT lower prices from FSBO sellers Source: 2007 Profile of Buyers and Sellers, NAR Research

6 Marketing Issues for a For-Sale-By-Owner Where do I EFFECTIVELY spend my marketing S s? For-Sale-By-Owner are not marketing professionals. Marketing experience is the best teacher available. For-Sale-By-Owner companies can assist with marketing but each step adds cost. For-Sale-By-Owner frequently use the least effective and most costly methods to attract buyers including: 50% relied upon yard signs as their single source for advertising 24% placed newspaper ads (>90% of today s buyers use the internet) Only 25% effectively conducted open houses Only 21% used the internet to market their property Only 6% sent direct mail to a database of prospective buyers (at an additional cost) Source: 2007 Profile of Buyers and Sellers, NAR Research

7 Major Problem Areas for For-Sale-By-Owner Many FSBOs are not prepared for the complexities of the real estate transaction. As a result, they often lose potential buyers and valuable market time. They may also face certain risks with respect to paperwork and legal issues. Only 18% said they understood the paperwork involved 15% said they were able to set the right price in the marketplace Only 6% could help buyers obtain financing 11% said they sold within the length of time they had planned on Source: 2007 Profile of Buyers and Sellers, NAR Research

8 Using a For-Sale-By-Owner Company s Services FSBO $ s vs Realtor $ s FSBO Company Coldwell Banker Fees Variable, paid upfront Fixed, not paid until home sells Services Many pkgs at varying costs Full service, all extras included Additional fees Legal, consulting, flyers, etc. All services available at no cost Costs for $250,000 home MLS Listing & added websites $ included Realtors Commissions at 3% $7,500 (buy only) $15,000 (list and buy) Added fees legal, consult, etc. $1,000+ Included Home Price Received *Statistically less * $25,000 (statistically 10%+ more) TOTALS EXPENSES $9,300-$9,700 or more $0 OVERALL COSTS * $9,300- * $15,000 * Source: 2007 Profile of Buyers and Sellers, NAR Research

9 Realtor vs For-Sale-By-Owner Company Marketing Realtor Support FSBO Company Spt Overall Internet Pictures Showing Your Home Open House Events Coldwell Banker w/ extensive programs, internet, media, etc., know what works, what doesn t Experience in using internet, contact lists, sales agents, reverse prospecting, newsletter & more. Quality pictures to attract the internet buyers. Internet ads find more than 90% of buyers. Licensed Agents with qualified and serious buyers, agents are trusted, showings tracked and verified Conducted by experience Realtors who knows how to advertise to get the most attendance *$ for added market options - you decide and select offerings by FSBO company *$ for added market options, MLS listing is a given but no additional internet sites or ads Sellers pictures typically poor quality & do not capture the attention of the internet buyers. *$ to get help, show strangers around your house. Not sure if they are true Qualified buyers. Conducted by owner, * $ for ads, $ for signs, $ for flyers, what questions to ask buyers??? Brokers Open Realtors from all agencies visit your home No brokers open, Realtors will not attend if held Experience ** Negotiations Realtor Support Professional and experienced with market knowledge, offer alternatives, price justification FSBO Company Spt Negotiations fail due to emotional ties which turn confrontational, minimal market $ s knowledge ** Purchase Offer Analysis and support - reject, counter or accept *$ added to get help to help evaluate offers Best Sale Price Consistent higher by 10+%, commission covered+ *Price $ reduction expected by buyers ** Defend List Price Extensive written/verbal supportive data No experience or data to support listed price Closing the Deal Knowledge of options and market comparisons Difficult to sell the deal without experience * Items/procedures that add $ s to FSBO selling costs ** A strong contributing factor for Realtor Supported HIGHER sale prices.

10 Realtor vs For-Sale-By-Owner Company Procedures Realtor Support FSBO Company Spt Buyers View Home Look at home with agent, comfortable viewings Can t leave buyer alone. When owner is present, it makes an uncomfortable situation for buyer Owner Involvement Realtor provides primary contact for all? s Buyers say owners are poor contacts for? s. Schedule showings Schd on-line with help from the office staff Owner answers all calls, must be available Pre-Qualify Buyers Showing Realtor will ensure, easy to check What do you ask for, are buyers qualified?? Complete Paperwork All paperwork completed, legal support incl. *Facilitation $ added for lawyer support Buyers Agent $ s Included as part of initial estimated TOTAL $ s *$ for added sales costs, pay 3% sales comm. Home Warranty Provided as part of CB offerings as buyer incentive Not available Assistance Knows who to call and when required Who to contact, *$ added when required Customer Service Dedicated to supporting client, knows their needs FSBO Agent supports 100 s of clients Risks Realtor Support FSBO Company Spt Financial No upfront $, all costs presented up-front *Upfront $ s required, added costs throughout Who takes the Risk No risks by owner, all risks by agent *All $ risks by owner, no risk by FSBO co. Buyers Risk Comfortable working with Realtor, trusted Buyer uncomfortable with owner, may avoid Damage or Loss damages, injuries, theft covered by insurance Will your home owners ins cover showings? Buyer motivation Pre-qualified, signed contract, person ID ed Who is this buer and what is their motive? Legal Support Included as part of Realtor fees, seldom req. *$ added as required, used often to answer? s Vac/Backup Support Host of professionals every step of the process *$ added for support, who can I call??? * Items/procedures that add $ s to FSBO selling costs

11 Realtor Listed Advantages Summary No Owner Risks - no costs, security issues, liabilities, damage, legal No Owner costs unless the house sells No Marketing Costs MLS listing, ads, internet sites, promotions All costs known & up-front no hidden costs, no added costs Internet experience and presence multiple sites used with CBB partnerships Experienced in finding a Buyer Negotiation Skills experienced, mrkt knowledge & data to support list price Better Sales price which exceeds by 10-20% The more your learn about any subject the more your realize there is to know. Could Real Estate Companies survive the test of time if their process & procedures were easy to do yourself?

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