What For Sale By Owner Websites & Programs in Rhode Island Don't Want You To Know
By Emilio DiSpirito
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- The owner of For Sale By Owner.com used a Realtor to sell his Manhatten Condo.
- Upfront Fee's!
- When working with a Realtor, more often than not, you will not pay anything upfront as Realtors get paid at the closing.
- Inferior Listing
- FSBO websites in Rhode Island limit the number of photos you can place online. Many times fewer than 10 are allowed. The RI Statewide MLS allows 40.
- Often times, there is no connection to the MLS
- Multi Listing Service aka MLS is the website Realtors only have access to.
- MLS feeds to thousands of websites
- All of the Realtors see homes on MLS
- FSBO homes are hardly seen and websites have low traffic
- FSBO sites do not have to abide by any standards of Ethics
- Realtors have a strict code of ethics they are held to or will face harsh punishments by fines or dismemberment.
- FSBO statistics in Rhode Island & accross the Country (NAR 2015)
- FSBOs accounted for 8% of home sales in 2015.
- The typical FSBO home sold for $185,000 compared to $240,000 for agent-assisted home sales.
- Most difficult tasks for For Sale By Owners in RI
- Getting the right price: 18%
- Preparing/fixing up home for sale: 13%
- Understanding and performing paperwork: 12%
- Selling within the planned length of time: 3%
- Having enough time to devote to all aspects of the sale: 3%
- Where are the buyers?
- 88% of all buyers used a Realtor.
- That's nearly 9 out of 10 buyers
- Why is FSBO an awful idea?
- Cutting yourself short with exposure. Less exposure means home sits longer and nets less.
- Buyers and Realtors avoid FSBO because of uncertainty.
- When working with a buyer, Realtors will be forced to do both sides of the transaction without compensation. FSBO need step by step instruction to do the sale.
- FSBO are negotiating against industry professionals. Who will win? Someone who does this 365 days per year for a dozen years or someone who is selling their home?
- Main reason why the typical FSBO listing sold 23% less than a Realtor listing!! That is $46,000 on a $200,000 home!!!!
- $200,000 less Realtor commission of 6% = $188,000 ($34,000+)
(According to NAR 2015 statistics).