7 QUESTIONS TO ASK YOURSELF BEFORE YOU DECIDE TO SELL YOUR OWN HOME
1. DO YOU KNOW WHAT YOUR PROPERTY IS WORTH IN TODAYS MARKET?
I. Most buyers assume that a “FOR SALE BY OWNER” will be a bargain. They will deduct from the asking
price the commission that would be paid to an agent. Then the negotiating process begins.
2. CAN YOU SHOW OTHER HOMES AS COMPARABLES?
I. The buyer will want to see other homes in the area in order to properly evaluate your home. If you aren’t
paying an agent, who is going to show the homes to the buyer. And if the buyer has an agent showing
them homes, how do you know how your home is comparing.
3. ARE YOU AVAILABLE TO PROSPECTS ON A FULL TIME BASIS UNTIL THE HOME IS SOLD?
I. Only 4% of buyers use the newspaper to buy a home.
II. Over 82% use a Realtor. When your home is listed by a Realtor, it appears on the MLS-it’s the Realtor’s
message board on what homes are for sale.
III. Over 80% of home buyers use the internet before contacting a Realtor. Do you have that at your disposal?
4. CAN YOU ANSWER OBJECTIONS & CRITICISMS WITHOUT GETTING EMOTIONALLY INVOLVED?
I. A buyer typically will judge flaws more harshly than a seller, leaving plenty of room for a gap to widen in
negotiations. The seller wants the most money for the home, and the buyer wants the most home for the
money. A Realtor can get the two to meet in the middle
5. CAN YOU CALL A PROSPECT BACK WITHOUT PLACING YOURSELF IN A POOR BARGAINING
I. Do you know what to say, what not to say? How do you know if this is a qualified buyer? How much
should you reveal? Do you know how to qualify a buyer? How to negotiate?
6. ARE YOU FAMILIAR WITH ALL THE FINANCING POSSIBILITIES TO GUARANTEE THE SALE? DO YOU
HAVE THE SOURCES OF FINANCING?
I. Most buyers need a mortgage. Do you know where to send them? What kind of credit they have? Can they
afford the home? How can you prevent tying up your home in a contract with someone who can’t afford
7. DO YOU REALLY HAVE TIME TO HANDLE ALL THE DETAILS?
I. The seller must handle repairs, the presentation of the home, paperwork, negotiations, and other interested
buyers. Do you know your liabilities? Since the buyer and seller are saving on a Realtor’s commission, the
seller will have to perform the Realtor’s job for both the buyer and the seller. Is that what you want to do?
Can you answer all these questions with a YES?
A final point, a National Association of Realtors survey found that homes sold by agents bring an average
of 9 ½ % more than similar homes sold by owners. This has been validated by the Otteau Appraisal
Group. In fact over the past few months, because of raising inventory, unfamiliarity of current market
conditions and improper marketing techniques, this has been increased to 15%. Owners who use an
agent, net more money, have more time and more piece of mind.