You’re saying to yourself right now, “what’s that refer to”? It refers to is someone who wants to try and save money on real estate commissions (the Dime) by trying to sell their home themselves and because of lack of knowledge, lose money instead (the Dollar).
This is commonly known as FSBO (For Sale by Owner).
The greatest downside is the demand on your time and the legal and financial risks. Mistakes may cost you the money you're trying to save.
Did you know that the median selling price of a home sold directly by an owner was approximately 15% less than those who use a Realtor. Sellers who are not represented by a realtor typically put less money in their wallets and are applying more liability and risk to themselves. In today’s world you have to protect yourself from law suits. If legal forms such as contracts, disclosure forms etc. are not filled out properly, you take the risk of financial and legal liability. As an owner seller it would be your responsibility to be familiar with all guidelines and requirements, which the average private seller is not.
Let’s face the facts; you’ll spend an absorbent amount of time educating yourself on the entire process of selling your home / property, advertising techniques, working with buyers not to mention coordinating all matters surrounding a closing.
Advertising; even though there are lots of ways to promote your property, only qualified Realtors can list homes on the Multiple Listing Service which is the largest resource out there for exposure. Realtors have more experience and have more training to better promote the sale of your home / property.
Buyers; you must be aware that buyers who may have difficulty getting financed will look for private sellers because of the sellers inexperience. As a private seller it might be more difficult to sort out unqualified buyers because of being inexperienced. Then you have what I call looky loos, people pretending to be buyers who are just going to waste your time. They are only curious and not serious about buying.
Remember, Realtors have tons of resources at their fingertips and have developed rapport with everyone who would be involved in a real estate transaction. So spend the dime instead of trying to save it, and make a dollar instead of losing it. Hire a Realtor today!
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