FSBO or Realtor?
One of the most common questions that need to be addressed by home sellers is should I try and sell my condo on my own or should I use a Realtor. Selling your condo via FSBO (For Sale By Owner) may at first seem very appealing, after all just think what you could do with that 6% commission. But wait, certain things must be considered before trying the FSBO route.
First of all nearly 80% of buyers work with a Realtor, and that Realtor will expect to be paid even if their client buys a FSBO. So who pays that 3%, well the chances are it will be you. You could play hardball and refuse to pay, but all that will do is either discourage the buyer from making an offer (after all if you don't pay the buyer will have to pay) or result in a low ball offer.
Another fact that you should consider when making a decision, is that on average a home sold using a Realtor with achieve 16% more than a home sold via FSBO. So most people wanting to save money by selling their own home are in fact financially losing out. This increased sale price is due to a number of reasons including, incorrect pricing (seller setting the price too high or too low) and poor or ineffective marketing,
The most effective marketing tool when selling your home is the MLS (Multiple Listing Service). Unlike some other States, Utah does not allow Realtors to provide MLS only listings (a MLS only listing is when a Realtor places your home on the MLS but you are responsible for all other aspects of the real estate transaction). This means that if you want your home to appear on the MLS you must list your home with a Realtor.
Another advantage in selling your condo via a Realtor is that it saves you time. A good Realtor will guide you through the selling process ensuring that you do the least amount of work and suffer the least amount of stress.