For Sale By Owner Edmonton
Some sellers try to sell their home on their own, and this is referred to as “For Sale By Owner”, or FSBO for short. Some sellers have success with this, and others have very little.
From A Seller’s Standpoint
Marketing is just one of the benefits of using a REALTOR®. Using a REALTOR® gives your property more exposure than you could ever get on your own. We utilize the Internet through our own brokerage website and many agents also have personal websites, as well as MLS®, one of the most frequently hit websites in the world. Most agents also use other forms of marketing such as local print ads, take advantage of the opportunity to hold open houses, and do in-house marketing with other agents.
The other great advantage when you are selling your home is having a professional to guide you in pricing your home. The general public knows what a home is listed for, but it is harder to know what a house actually sells for. You may be leaving money on the table by not using a professional. Sure you save in not having to pay commissions, but the hassle and the possibility of not getting the most you can for your home in the current market should balance out and make using a RE/MAX Elite real estate agent a no-brainer.
REALTORS® have the advantage of weekly meetings and can preview new listings during these meeting so that each agent in attendance of the meeting can preview your home. This is an advantage to get your home instant exposure and is a great way to have your home showcased to other agents in our company.
Branding is also a key component, and using a REALTOR® gets you attention.
From A Buyer’s Standpoint
As a buyer, if you see a property that has a sign in the window, in the newspaper, or online that is being sold by its owner, do not hesitate to ask your agent about the house. They have the ability to do additional research on the house for you, as well as contact the seller on your behalf and negotiate the terms for you. They can work their commissions into the price so that they are compensated for their work with you on all houses previously shown, and it will not make much of a difference on your payments. Commissions will need to be discussed on a case by case basis.
With a market as busy as our Edmonton real estate market, there are a lot of “For Sale By Owner” homes on the market. As a buyer you need to be aware of potential risks with buying privately. From a buyer/seller perspective, you as the buyer are the one taking all of the risk in the deal. By working with a REALTOR® you are protected, as all of our forms are legal and we make all sellers fill out and sign a Property Condition Disclosure Statement which gives you ALL the information they are aware of; if it doesn’t, you are protected under the contract, and your lawyer has the ability to fight on your behalf. If a vendor refuses to sign this form, there may be a reasonable explanation (ie: revenue property, therefore they don’t know as much about it). Your agents will do research on the property, as research is essential.
So, beware of FSBO’s. As buyers and as sellers you are not professionals, so use our experience and resources to do the job for you! It IS the largest investment of your life.
We can help you with financing options, help you locate potential Edmonton properties, provide you with objective information about the property and the Edmonton area in which it is located, negotiate on your behalf with things such as price, financing, inclusion/exclusion of repairs, furnishing, fixtures, etc., and all of the final closing procedures such as communicating with the lenders, lawyers, vendors, and so on.
There’s a lot to lose not only monetarily, but also in time.