Key Highlights

  • 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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  1. Failing to prepare home properly prior to putting it on the market for sale
    1. Failing to do necessary repairs
    2. Failing to remove clutter and extra/unnecessary furniture
    3. Failing to paint and decorate neglected rooms
    4. Failing to have cleaning professionally done
  2. Lacking in marketing experience and expertise
    1. Failing to grasp the powerful reach of MLSs
    2. Some online marketing channels to not allow FSBO listings
    3. Failing to put home in front of the “right people” via marketing techniques
  3. Dealing with potential buyers
    1. Failing in ability to screen genuine buyers
    2. Failing to stay on top of inquiries, emails and phone calls about the listing
    3. Failing to show the home at the convenience of the potential buyer rather than the convenience of the FSBO
    4. Failing to determine if the potential buyer is pre-approved for a mortgage loan
    5. Failing to determine if the potential buyer needs to sell their own home before buying your listing
    6. Failing to leave the potential buyer alone while viewing the property so buyer doesn’t feel hounded
    7. 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
  4. Unwanted/unexpected home inspection results
    1. Failing to correct problems found during the home inspection
    2. Failing to negotiate a successful outcome with the potential buyer by giving and taking with the prospect about inspection recommendations
  5. Negotiating with buyers
    1. The #1 mistake most FSBOs make is failing to price the home correctly
    2. Failing to sort out reasonable and unreasonable expectations concerning pricing
    3. Failing to understand reasonable earnest money amounts
    4. Failing to understand that buyers need enough time to get a mortgage loan from a lender
    5. Failing to understand that contingencies and contract clauses may need revisions
    6. Failing to understand what contract provisions hold buyers and sellers to be accountable
    7. Failing in negotiating skills with buyers
  6. FSBOs may get less money
    1. There are no bidding wars when selling as a FSBO
  7. Closing the deal
    1. If/when FSBOs get an offer, mistakes still happen
    2. Failing to connect with different parties, people, professionals, entities, etc. essential to closing the transaction
    3. 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?

Also read: Podcast: 10 Secrets Millionaire Agents Know (And You Probably Don’t)(Part 2), Offerpad Wants Buyers in New Houses Every 24 Hours, Trending Home & Kitchen Design Ideas for 2020

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