Monday, September 9, 2019 / by Jake Batac
There are lots of reasons, but some of the top reasons homeowners decided to because they did not want to pay commission or a fee.
36% of the buyer’s survey said that they would prefer. The reason they're doing it, most of the buyers said because they're trying to save their commission. But on other survey reports, it showed that homes that sold with agents actually net 6% more than those that were sold for sale by owners.
Basically, what they're saying, and they're comparing this to the average agent, and usually the average agent is lower than what some of the superior agents are getting based on, like the agents are more, have superior negotiation or buyers or teams and stuff. That's one of the reasons that you should think about that again, because not everybody's getting higher price.
Other reasons is you've got to negotiate with a lot of people. There's a lot of negotiations that go into this. It's not like you're just dealing with the buyer and seller, especially if you're going through the MLS process where you're listing it on MLS. That's a for sale, by owner, where you're dealing with other real estate brokers and agents, then now you're dealing with all the forms and stuff, now you have to deal with the buyers, the buyer's agents, the buyers mortgage company, the appraiser, the inspection company, the lawyers.
And they're all looking for different things. If you don't do this for a living, or you're not used to doing things like this, or negotiating these kinds of deals, you could really kill the deal for yourself. Because you may say the wrong thing.
A lot of buyers are not just dealing with a buyer, the buyer's agent. The buyer has family members, the buyer has a whole entourage.
And they're all looking out for the buyer's interest. None of those people are looking out for your interest.
Who's looking out for your interest?
The most important thing, how do the buyers actually find the house they're buying? Where do the buyers come from? The actual studies that shows that actually buying these houses. 50% of them come from the internet.
Digital marketing has become so overly complicated. There's so many different ways you can market anything, any product or a house, or whatever online, that again, unless this is something that you do for a living, or you hire some crazy digital marketing company to do it for you, which is going to cost you way more than an agent, you're really losing out. You're not taking advantage of what you're able to.
You're leaving half of the buyers on the table if you did it by yourself, where unless you had really cool digital marketing in place. And then, the other 28% of the buyers, based on the National Association of Realtors started that 28% of the buyers come from real estate agents. The other 28%, you would have to put on MLS and they would bring it to you, or somehow expose it to more real estate agents.
That's almost 30%. Like, that's a big number if you think about it, in terms of like if you compare it to the population on the Greater Toronto area, so you're really missing out on a lot of real estate agents have, well the good ones at least, have a huge database of buyers.
That's very important.
Do you really want to miss out on all of that?
And then 7% come from yard signs, so even if you do decide to move forward with this, make sure you have proper signage. 7% is not the highest number, but it's still a number. And then 1% come from newspaper. Most of the real estate agents have comprehensive marketing strategy and the ones, the top 1%, they have octopus style marketing, different pillars, and you need to tap into those buyers. Put their buyers to work for you, and believe me, you'll net more in your pocket at the end.
If you were thinking to sell as “a for sale by owner”, then you need to think again. But if you want to take the challenge, we commend you for it. There's a free report, just ask us for it and it'll give you more tips on what to do, and we'll help you along the way. There's no hard feelings, we'll help you, whatever you need from us. Just give us a call, we'll answer questions you may have to make the process easier for you.
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