Everybody has seen those signs, but, for how long?
Owners rarely sell their property in a timely manner, which of course ultimately impacts their profit.
It is simple to understand why: wether they like it or not, well over 90% of real estate transactions are carried out by real estate professionals.
Professionals can easily market a property with tools that an owner does not have access to.
So why do they do it?
Most of them think that the 6% a real estate firm charges to sell a transaction is excessive and undeserved.
This is irrelevant because that is how the market works: the 6% is usually split between the listing agent and the selling agent (the selling agent is the buyer's agent, this is the way it is addressed in the industry).
More often than not, the seller thinks that he is saving some money by eliminating this cost, which in fact is the largest seller expenditure at closing.
This is an illusion, because the price for housing is calculated on the basis of market conditions, and since realtors have a complete dominance there, that expenditure is statiscally included in the calculation of price.
Because of this a buyer who approaches an owner will offer less, because he will deduct the commissions the seller is saving, which distort the market price.
The end result is that the seller ends up not saving anything, and selling his property much later, if at all, thus losing on interest.
An important warning for FSBOs: you might face legal challenges if you do not use a Florida Bar-approved contract in your transaction. Please be advised that floridarealtors.org holds a copyright to those contracts, so only a Florida realtor can use them.
Some of these owners will say that they work with a real estate attorney or directly with a title company, but they are also mistaken, these professionals are not legally authorized to engage in real estate marketing and sales, so they cannot produce effective results.
If you are serious about selling your property, use a real estate professional.