- Less than 10% of FSBOs are actually successful in selling their homes.
- Writing for InmanNews, 33+ years real estate agent offers seven reasons that impede FSBOs from selling their houses.
Bill Gassett, a +33 year real estate veteran writing an Opinion Piece for InmanNews, explains why FSBOs fail to sell their homes.
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- Failing to prepare home properly prior to putting it on the market for sale
- Failing to do necessary repairs
- Failing to remove clutter and extra/unnecessary furniture
- Failing to paint and decorate neglected rooms
- Failing to have cleaning professionally done
- Lacking in marketing experience and expertise
- Failing to grasp the powerful reach of MLSs
- Some online marketing channels to not allow FSBO listings
- Failing to put home in front of the “right people” via marketing techniques
- Dealing with potential buyers
- Failing in ability to screen genuine buyers
- Failing to stay on top of inquiries, emails and phone calls about the listing
- Failing to show the home at the convenience of the potential buyer rather than the convenience of the FSBO
- Failing to determine if the potential buyer is pre-approved for a mortgage loan
- Failing to determine if the potential buyer needs to sell their own home before buying your listing
- Failing to leave the potential buyer alone while viewing the property so buyer doesn’t feel hounded
- Failing to understand that the potential buyer may be reluctant to properly and fully discuss the property with the owner who is selling the house
- Unwanted/unexpected home inspection results
- Failing to correct problems found during the home inspection
- Failing to negotiate a successful outcome with the potential buyer by giving and taking with the prospect about inspection recommendations
- Negotiating with buyers
- The #1 mistake most FSBOs make is failing to price the home correctly
- Failing to sort out reasonable and unreasonable expectations concerning pricing
- Failing to understand reasonable earnest money amounts
- Failing to understand that buyers need enough time to get a mortgage loan from a lender
- Failing to understand that contingencies and contract clauses may need revisions
- Failing to understand what contract provisions hold buyers and sellers to be accountable
- Failing in negotiating skills with buyers
- FSBOs may get less money
- There are no bidding wars when selling as a FSBO
- Closing the deal
- If/when FSBOs get an offer, mistakes still happen
- Failing to connect with different parties, people, professionals, entities, etc. essential to closing the transaction
- Failing to connect with all needed parties at the appropriate time.
With less than 10% of FSBOs being successful in selling their properties, there is a less than 1 in 10 chance of selling the house. Would you or anyone you know take those odds?