For Sale By Owner, Pocket Listing

Have you ever tried changing your oil?
I think over the many years of loving cars and wanting to be hands on, I have only done that once. I had to buy a container to hold the used oil, buy a wrench and the oil and take the time of researching and etc etc …
To be honest I didn’t think it was worth saving the money and I doubt if I did. I only did it once and the wrench that I used rusted after a few months, living in Canada had its bonuses. Well I don’t think I ever did that again, I don’t even remember what I did with the used oil and I think I learned a couple of lessons.
1. It’s not worth the time or the effort
2. I didn’t save money, overall it cost me more.
Well if a simple oil change is that complicated, time consuming and troublesome, what do you think selling your home involves?    I am amazed as why would any seller take that risk and would want to let complete strangers into their home, not to mention the legal impacts of selling a home. Years ago, I knew of a person that was going around in Toronto and buying homes from private seller, and then holding their title hostage and locking up their property with liens against their homes until he was compensated. YES it’s not legal and eventually the police and the RCMP (our FBI) got involved and did find the person and knowing the legal system, it took so long and I am not even sure how much time he spent in jail.  The point is that there are many people out there trying to take advantage of others and why anyone would take such a huge risk, is something to ponder.
In the latest research of all For Sale By Owner (FSBO) the following results were discovered:
The share of home sellers who sold their home without the assistance of a real estate agent was 9% of which 40% knew the buyer prior to home purchase.
The primary reason that sellers choose to sell their home without the assistance of a real estate agent to a buyer they did not know was that they did not want to pay a fee or commission (46 percent).
Approximately one-third of FSBO sellers took no action to market their home, and 64 percent did not offer any incentives to attract buyers.
The typical FSBO home sold for $184,000 compared to$230,000 among agent-assisted home sales
Considering this stats, why would anyone risk and want to make only 80% ???  If someone was to ask you, would you give me 6% and I get you almost double what you pay me? I think that’s a very decision to make for most. This is such an important issue that now it’s become a part of our listing agreements, whereby the Realtor has to explain the consequence of not utilizing MLS. A pocket listing is almost as putting your home for sale yourself. I doubt if anyone realizes the numbers or the risks, would still consider taking this on their own, especially when as a Realtor we only get paid when we perform and get you results. There aren’t many professions where the person working for you has a clear vested interested in performance and actually invests in trying to achieve results. It’s important to understand that using a Realtor does not protect you from liability or guarantee that there will be no after-sale consequences. They can happen whether or not you use an agent. The Realtor will take precautionary steps to lessen the chance of something going wrong that will result in an after-sale issue.  We have to maintain a large liability insurance just to make sure that we keep doing what we do properly and ethically and that’s what you really have to use a professional Realtor .
Bobby Bahmanpour
Luxury Specialist
Rodeo Realty Inc. bobby bc_002
Posted on November 8, 2013 by 
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