Real Estate Myth 10

This is a continuation of a series of posts inspired by a conversation with an acquaintance who revealed a good deal of ignorance about the real estate profession. Because I think an educated market benefits everyone, I intend to debunk as many myths as possible. I hope you find this information useful. Please feel free to comment!

Myth #10: Never sell your home yourself (For Sale by Owner:"FSBO")

FACT - Never say "never."  If you know the marketplace, have the time and flexibility to do your own marketing and be at home to answer calls and let qualified buyers see your home, you can trade the time and inconvenience for savings on paying a fee to a real estate professional  for his or her time and professional service. But be willing to pay a commission to a professional who brings your buyer.

If you already know and trust a qualified buyer who is willing to pay your asking price, you won't need a broker.

Be sure to retain a real estate attorney to provide review all the forms required for a legal transaction. The attorney's retainer fee will eat into your commission savings, but again, if you have the experience and time to spend, why not pay yourself?

About 12% of all real estate transactions in the U.S. are FSBOs. Most FSBO sellers, though, say they'll go with a pro the next time.

Real estate myth 4

This is a continuation of a feature inspired by a conversation with an acquaintance who revealed a good deal of ignorance about the real estate profession. I think an educated market benefits everyone, so I intend to debunk as many myths as possible. I hope you find this information useful. Please feel free to comment!

Myth 4: It doesn't matter which agent you list your home with

FACT: Selecting the right agent is critical to marketing and selling your home. A successful agent must be proactive, educated, experienced, a skillful negotiator, be able to anticipate problems, and communicate regularly.

You want an agent who is willing to work hard for you and set your expectations from the first day. Your agent should be able to test the market and report the results so that you can make the necessary marketing adjustments to attract the right buyers. And your agent should demonstrate the ability to listen carefully as well as to communicate effectively.

You want an agent who treats you as more than his fiduciary responsibility. If you're lucky, you'll make a lifelong friend, but that isn't necessary. At the least, you want someone who takes a continued interest in your personal welfare.

Finally, you want an agent who is comfortable with Internet technology: over 80% of buyers today begin their search on the Internet.

Sign of the times!

Posted by an anonymous reader:


When a real-estate agency hadn't sold our house, we decided to do it ourselves. I placed ads in the local papers, spray painted a "For Sale" message on a sign board and posted it outside.

When my husband came home that evening, he told me, laughing, that my sign was the most truthful one he had ever seen. Confused, I rushed outside to take a look. In my haste I had printed - "For Sale by Ower."