For Sale By Owner
Selling home by owner is known as a For Sale By Owner, otherwise known as a FSBO. These transactions are commonly seen when homeowners want to maximize their profits by not having to pay a commission.
Statistics show that when a Bergen County Realtor is contracted to sell a home, the owner earns a higher profit. The profit would be enough to cover the commission.
Selling home by owner without the representation of a Bergen County Real Estate Expert could cost a FSBO more money. Research shows that FSBO's sell their homes for a significantly lower price than those sold through a Bergen County Realtor.
Industry insiders claim that For Sale By Owner failure rates range from 75% to 95%. FSBO are left with the burden negotiation, scheduling appointments, follow up with all involved parties until the deal is closed.
If the FSBO never sold a home, they can leave themselves open to potential legal problems and a smaller profits.
When homebuyers are searching for Bergen County NJ Homes For Sale, they may view a FSBO. Most homebuyers target a FSBO because they know they are trying to save the real estate commission. This is why a homebuyer will offer a For Sale By Owner a low offer.
Homebuyers realize that they can get a bargain when they purchase a home from a FSBO.
For Sale By Owner
When homebuyers search Bergen County NJ Homes For Sale, they generally start online. A FSBO is unlikely to get the exposure they need on listing websites to reach those homebuyers.
Placing a FSBO sign on the lawn with a do it yourself social media strategy doesn't has the same effect. A for sale by owner will go through great lengths to save on the real estate commission.
Some home sellers seek MLS listing services where they pay an MLS listing flat fee. Some Realtors will charge a for sale by owner as little as $99.00.
Imagine the diluted service a for sale by owner will receive when they subscribe to a flat fee listing service. I recall the old adage, "you get what you pay for."
A flat fee MLS listing may cost the for sale by owner thousands of dollars in loss of equity. Contracting a Bergen County Real Estate Expert like myself, gives a FSBO a chance to actually sell their home.
Contracting a Bergen County Realtor, like myself, offers widespread exposure for a home seller. The home will be listed through the multiple listing service aka MLS. It will also be promote to fellow agents when a broker open house is conducted. FSBO sellers would have to shell out big bucks for advertising and still might not reach the most important audience.