Listing Your Colorado Springs Home “For Sale By Owner"? Here's What You Need to Know (Part 1)

Have you ever noticed those homes with “For Sale By Owner” signs? Maybe you’ve thought about selling your own home without an agent as well. While selling without the help of a real estate professional may, at first, sound like a great, money-saving idea, we want to caution you before making that leap.

Here are a few things all homeowners should know before deciding to sell by owner:

1. Buyer’s Agents Might Forgo Showing a FSBO Property

Some buyers agents prefer to work directly with a professional real estate agent when closing a transaction for their client and here is why:  There is a lot to know about the executory phase of a purchase contract, not only paperwork requirements but also understanding both the buyer’s as well as the seller’s liabilities and protections according to the state contract and the experience and knowledge of the actual process itself. This is not always the case, but it is something to be aware of.

2.How to Handle FSBO Showings

Unless the FSBO seller works from home or can drop everything when someone requests a showing, it can be exhausting trying to sell a FSBO-listed home without the help of an agent. Especially in a hot market like Colorado Springs, a seller can easily become overwhelmed with scheduling showings as well as what they should say or not say to a buyer.  

Many buyers are reluctant to see a FSBO-listed home because they anticipate the seller will be giving them a lengthy guided tour of the home.  That scenario is awkward at best.  Buyers are greatly distracted by seller tours and don’t have a chance to take in the home for themselves.  A buyer viewing experience of a potential home is a private one with which they trust their agent with.  Buyers know quickly if a home is right for them, and when they discover it is not, they may choose to leave and move on to the next home, something a FSBO seller may not understand and create space for.

Quite understandably, most FSBO sellers are not comfortable leaving buyers, AKA unattended strangers, in their home to look around.  This obviously creates a no-win situation for both buyer and seller.

3. Homeowner Bias

We know, we know—everyone loves their own home. We’ve updated it with the latest decor and invested in beautiful landscaping. But the reality is, and we all have it, it’s called homeowner bias. Unless the FSBO seller is flipping a house or an investment property, there is seller emotion attached and therefore have a bias.

Experienced real estate agents can help show you what current buyers are looking for though.  For example, at Woodleaf, professional staging services are provided free of charge. A professional can guide you through the needed updates and quick decor fixes to sell your home for top dollar. While you may think you can do this, the reality is, most homeowners don’t see their homes the way potential buyers see it.  A professional’s help can save many fruitless showings and time lost on the market.

…continue reading in part two!