Why Selling Your Home FSBO (For Sale By Owner) Could Cost You Thousands of Dollars.
Selling your Costa Rica home FSBO, or for sale by owner, is one of the most misunderstood concepts in real estate. The number one reason most sellers give for wanting to sell their home without professional help is the perceived savings of the real estate commission.
Depending on what part of the world you live in, the average real estate commission ranges from 5%-7%, which is not chump change. However, the statistics are that 91% of real estate is sold by a real estate professional.
Not only that, statistically, Realtors can get a 20% higher sale prices than an owner selling their home alone. Why, you may ask? It’s not complicated but some of the reasons my surprise you.
- A Realtor has access to market data and personal knowledge about recent sales and other homes on the market that can be used to price your home appropriately. Studies show that homes priced right when they’re first listed sell more quickly and for a higher price than those that linger on the market. In our office, we have a saying, everything sells for the right price! In a country like Costa Rica, without the MLS, you must rely on an agents knowledge of recent sales to help generate a fair market value.
- A Realtor can show your home when you aren’t available, can respond to inquiries from potential buyers and their agents, and can get honest feedback from potential buyers. The truth is buyers DO NOT want owners to be home when they view a property. Buyers need their space to ‘feel’ at home in the property, something most cannot do with owners present.
- A Realtor can look at your home with a set of objective eyes and suggest ways to improve its appearance. A new paint color, changing the furniture around or doing minor repairs could make all the difference in the world in getting your house SOLD, fast!
- Buyers typically prefer to look at a home without the seller present so they can feel more comfortable exploring the rooms and visualizing themselves in the property. If you are selling the house on your own you must be present. Chances are, the buyer will not ask you questions about vital information they need to know in the decision making process. This comes as a surprise to most homeowners because who knows the home better than the homeowner, right?
- A Realtor will generally screen their clients who will view your home, providing a measure of safety and security that for sale by owner sellers don’t have. Also, an initial screening helps to see if the buyers are legitimate and can afford to purchase your home. A Realtor can help you avoid wasting time showing your home to ‘tire kickers’, which are just window shopping or unrealistic buyers.
- Realtors have professional marketing expertise and experience. From years of working with buyers and sellers, they will also have a client list that could be the key to getting your house sold, fast. When we take a new listing, the first thing we do is send it out to all the clients on our list that is 1,000+ names strong.
- A Realtor will help you in the negotiation process. This includes keeping you on point, making sure you get an appropriate price for your home, meets your needs for a closing date and perhaps rent back of your home from the buyer. In addition, a Realtor can make sure your contract is in compliance with all local codes and regulations. An example is, if a contract is to be recorded in Costa Rica, it must be written in Spanish, the official language of the country.
The next time you need to sell your house, consult several professionals in your area and choose the one (s) that can market your property with the best results. In the end, paying that real estate commission may pay for itself several times over.
Why Selling Your Home FSBO (For Sale By Owner) Could Cost You Thousands of Dollars.
Article/Property ID Number 4881
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Andrew Makarik
to@welovecostarica.comAndrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.
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