For Sale By Owner (FSBO) Traps

Important Information for "By Owner" Sellers

 

According to a 2021 survey of homebuyers from the National Association of Realtors, 87% of buyers use an agent when they buy a home.  7% of homes are sold FSBO, and the majority of FSBO sellers, 57%, knew the buyer of the home.

Since most buyers have an agent when they buy, it's highly likely your buyer will be represented by a real estate agent.  Ironically, you'll be asked to pay that agent's real estate commission, as it is usual and customary fee to the seller.  

• The buyer's agent works for the best interests of the buyer and you have no representation in the transaction*
• The buyer's agent becomes the most important individual in the success of the transaction, and,
• The money you thought you would save on commissions just got significantly reduced. 

Real estate transactions are hard. At the core of every successful transaction is a core of professionals working together.  An agent's ability to communicate, follow up, coordinate, analyze, comprehend, and anticipate problems before they arise is vital. 

Of particular concern for you, perhaps, is most agents simply lack experience.  In the past three years in Boynton, Wellington, and Lake Worth, of the 30,000 licensed agents in Palm Beach County,

• 64% of agents have closed zero transactions
• 95% of agents have closed <10 sides 
• Less than 1% of licensed agents have closed more than 50 sides 

I am one of those who have closed more than 50 sides - one of the 1%.  So, if an agent is going to be involved anyway, And you're going to pay commissions.....

Why not choose one with experience and a track record of closing transactions in our neighborhood?  Why not choose one who works for you and not the buyer?

What's More is you'll put more money in your pocket.  Yes.  

• FSBO sellers typically sell for 22% less than homes sold by an agent.   Professional marketing, negotiation expertise, and massive exposure through the MLS create an abundance of ready-to-move buyers, which creates abundance, choice and more money in your pocket, even after commissions are paid.

Call me at 561-325-8880 for a consultation.  You'll be glad you did!

Call today and let's talk about your situation. 

Michael Porcelli, RE/MAX Prestige Lake Worth 9859 Lake Worth Rd #24   Cell/Direct: 561-325-8880

* Per FS 475.278 If the buyer's brokerage has an established single agent or fiduciary to the buyer, the buyer and brokerage must transition to a non-fiduciary "Transaction Brokerage Relationship" in writing and is required to represent the transaction.  This transition still does not change the reality that the buyer's agent has an established relationship with the buyer.