25 Reasons why owners shouldn't sell their own homes

 

  1. Save selling fees – not true – buyers think fees are included in the price.
  2. Danger of under-pricing and selling the house for less.
  3. Danger of over pricing and taking too long.
  4. Get mostly lookers versus serious pre-qualified buyers.
  5. Difficulty in negotiating.
  6. Not finding out buyers hidden objections.
  7. Inexperience in handling objections once you find out what they are.
  8. Create an urgency situation for yourself (i.e. if a listing agent is hired at the last minute, the house may not sell in time forcing you to heavily reduce the price of your home)
  9. Problems in financing – types of mortgages, where to go, creative financing, etc.
  10. Lack of several different marketing tools – people don’t buy from one specific ad.
  11. Little or no advertising exposure.
  12. No follow up system to showings (i.e. agent calls back).
  13. Buyer must sell his own house before he buys – we can work this out.
  14. Owner ad expenses.
  15. Lack of home selling experience.
  16. Buyers’ reluctance on inspection details.
  17. Don’t know how to justify the asking and selling price to the buyer.
  18. Not being at home and missing “A Buyers”.
  19. Allowing complete strangers to have access to home.
  20. People drive by and not keeping their appointment.
  21. Buyers may become interested later and not remembering to follow-up.
  22. Buyers take owners’ point-of-view with “grain of salt”.
  23. Processing, settlement, closing problems – agents takes care of.
  24. How long on market.
  25. Handling binders.

 

Prime examples of why owners should not sell their own property:

  1. Some years ago a Mt Nelson owner was offered $480,000 privately. Hank obtained $520,000 and with selling fees owner was still $20,000 better off.
  2. Hank bought a unit in Howrah for $235,000 for sale by owner – sold it 12 months later for $298,000.