Michigan Realtor, Wynne E. Achatz, Real Estate Agent, Marine City, Michigan

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For sale by owner or REALTORŽ?

The following article is reprinted from RealtyTimes.com "Gone are the days when a for-sale-by-owner's only option was to pound a hand-written, store-purchased plastic sign into the yard to declare "this home's for sale". Today several quick clicks on the web can unleash offers of everything from custom-made signs delivered overnight to an array of papers and forms.

But can these services really lead to the promised land of quick sales and no brokers? Why is it that futurists who predicted that self-selling would be a breeze with the Internet have proven wrong? Here are five cautions to consider when evaluating for-sale-by-owner (FSBO) resources on the web -- cautions which explain in part why broker services are still used in the overwhelming majority of transactions.

1. Are individual services sufficient?

Turn to many online FSBO sites and you'll be enticed to purchase home-for-sale business cards, contract forms, and how-to-do-it videos.

Will such products make your home competitive with properties offered through the brokerage system? Do they solve the puzzle of finding the right price, negotiating terms, and meeting local sale requirements? And what about cost?

The catch, of course, is that marketing materials and programs do not make a transaction. There is more to the process than saying that a property is available.

2. Are services localized?

As a broad rule of thumb, general selling tools such as signs, ads and advertising can be marketed across state lines. But real estate is localized. Without an in-depth knowledge of your local community, will general marketing services help? For instance, if a generic sale form lacks special language required in your community, will you have an enforceable transaction? Can you price a home from another state? From another county? What about the personal skills of negotiating, advocating and troubleshooting that brokers offer?

3. What about legalities?

Make sure the services/tools you purchase are specific to your location. Just because you can find generic forms, contracts, and disclosure notices online doesn't mean they're acceptable in your specific jurisdiction. What a nightmare you'd have on your hands when, prior to closing, the buyer backs out claiming that you've used a property disclosure form that's not sanctioned in your state! If blank forms seem attractive, check first with local attorneys before using.

4. How much marketing help are you getting?

Some for-sale-by-owner sites claim they will be able to expose your property to additional prospects. This may be true, but what is the benefit? For instance, how many local properties have been marketed through an online site... properties within your neighborhood?

As you would with any major product or services, ask for references -- and then speak with recent customers.

5. What if you're dissatisfied?

Most brokers work on commission. If there is no sale there's no fee. If you don't like your broker there are many places to complain, including state licensing agencies. But what if an online firm is a thousand miles away and they've already cashed your check?

Online sites which serve self-sellers offer selling tips, advertising, and general information. But real estate marketing is specific, localized, and competitive. There is useful and valuable information online, but selling real estate today involves more than form agreements and generalities.

Given that some five million existing homes are sold each year, it follows that some portion of all properties will be marketed directly by owners. At the same time, futurists who predicted that the web would largely do away with local brokers have proven wrong -- at least so far."

Written by Julie Garton-Good
Realty Times - May 18, 2001

"You can get rid of the broker, but you cannot get rid of the broker's work" is an old caution for those who intend to offer their homes "For Sale By Owner". Selling on your own is not an easy undertaking. It requires a significant amount of time to study the process, understand your obligations, and do some of the complicated work that a real estate agent does. In addition, selling on your own requires extra help from outside professionals, such as a REALTORSŽ, accountants or attorneys for some of the jobs that require specific expertise.

The following are some major pitfalls to avoid:

As a personal safety measure, only show your house to those individuals with whom you've made a prior appointment that's been confirmed by phone.
Don't price the house so low that it sells too quickly - pay for a market value appraisal by an experienced appraiser.
Hold out for a buyer with written pre-qualification from a lending institution.
Find out your legal obligations.

There are many important reasons to use a REALTORŽ. Some of the duties your REALTORŽ will perform for you include:

Walking through the process of selling your home from beginning to end
Providing comparable information about the prices for which other properties have sold and analyzing data for you to gain a true comparison
Supplying information regarding local customs and regulations you may want to consider
Sharing information about your home through the Multiple Listing Service and on the Internet
Placing advertisements for your home
Fielding phone calls
"Qualifying" potential buyers to make sure they would be financially able to buy your property
Negotiating the sales contract
Alerting you to potential risks
Complying with the disclosures required by law
Providing you with an estimate of the closing costs you will incur
Helping you prepare for a smooth closing of the transaction.

Your search for a local REALTORŽ begins here...

For Sale By Owner? Part II
You certainly don't need to hire a Realtor to sell your home. If you'd like to do it yourself, we can highly recommend George Devine's Nolo Press Book "For Sale By Owner"

Sellers go "by owner" for several reasons:

They Want To Save The Commission
First... you'll be earning the commission yourself, not really saving it.

To save the most on commission, look for a buyer who doesn't have an agent to represent them. Those buyers consider your home because they figure they can get it for a lower price. They offer less because they know you can sell it for less. You're both looking to save the commission!

They Want To Do It Themselves
Nothing wrong with that! And if everything goes smoothly, you'll probably do fine. It's similar to flying cross country. When the weather's good, even a novice can handle the flight. When the weather gets bad, you want an experience pilot at the controls. We solve problems on every transaction we're involved in!

They Want To Negotiate Themselves
Some folks are experienced negotiators.... others believe that negotiations have to be "hard ball". We've found that buyers are put off by hardball tactics... and respond very well to persuasive techniques. We use the 8 Magic Words...

They Don't Realize All That Realtors Do

Here is a FREE offer for You. I will post your home (one picture and 4 lines of copy) on my FSBO web site listing page. For an additional $100 I will do a 10 shot visual tour and post to the internet as well as add to your listing on the web.

FREE, that is what I said FREE!!! I offer this special service to you, the "For Sale by Owner" because I want to give you something first.

If you are a "FSBO's" looking for some extra "free" exposure for your home you have come to the right place. This section of my website has been created especially for you to give you additional exposure for your property to the many potential buyers that make use of the web as part of their house hunting every day.

What's In This For Me? Lots.

Because my website is nationally advertised and exposed, I have tons of people looking through its pages every day for "new listings" for sale.

It is a proven fact that the more often you change and / or add to your web site the higher you will stay in the search engines. So this gives you more chance to stay with in the search engines.

Although most sellers end up eventually listing, some sellers do sell themselves and during this process their buyer needs a full-time experienced real estate practitioner to market their home, or you as a seller will need a real estate profession to help you consummate or negotiate the transaction and coordinate the closing. If you don't end up selling "By Owner" You may end up needing the services of a professional You will have someone to call that has already given you something "first".

It is a proven fact that most "For Sale By Owner" sellers will eventually list their home with a real estate agent. So, if I can help you now, when and if the time comes that you decide to "list" your home With a REALTOR(TM) you will interview me first. WHEN YOU LIST, ALL FEES PAID IN ADVANCED ARE CREDITED BACK TOWARDS COMMISSION AT CLOSING.

We can help each other. Your prospect may decide against your home for whatever reason. Maybe I will have access to a home that pleases them. Maybe a prospect that I have doesn't find what he needs in the listings that I offer him - yet he may like your house. Together we help expose each other's properties. You see, most buyers will not even have an interest in your property nor will all potential buyers that I have have interests in what I can offer for sale through the MLS. By marketing the "homes for sale" together we can BOTH get more exposure and potential sales. This can work, just give me a call at the office or email me for an appointment and we can discuss my "plan" a greater length..

Buy the Way...

If you do produce your own buyer, remember I can be the transaction Co-Ordinator and put the deal together and co ordinate the closing for you for a flat fee.

What are you waiting for? Give me a call today to discuss this fantastic free marketing opportunity

Call my 24/7 voicemail system at 810-765-0529. Leave a message if no answer. I pride myself with less than 24 hour response on most occasions

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