When you decide to sell your property on your own, without the assistance of a real estate agent, you’re choosing the for sale by owner approach in MN. While this method has its benefits (such as avoiding agent commission fees), it also presents unique challenges. If not properly addressed, these challenges could make the process more time-consuming and costly than you initially expected.
To help you decide if the FSBO route is suitable for you, let’s delve into the advantages and disadvantages of this selling method.
Advantages of selling your home via FSBO
- Lower commission fees – The most apparent benefit of going the FSBO route is the potential for cost savings. You can bypass the listing agent’s commission fees, which are generally around 5-6% of the sale price. While you’ll still need to pay the buyer’s agent their commission, you won’t have to worry about additional fees from the listing agent.
- Total control over the sale – By selling your property using the for sale by owner approach in MN, you maintain complete control over the entire process. From setting the listing price to choosing the buyer and handling marketing strategies, every decision is yours to make.
- Personal connection with buyers – As the current homeowner, you have valuable insights into what makes your home and neighborhood special. This knowledge can be instrumental in presenting your property in the best light, enabling you to connect more effectively with potential buyers.
Disadvantages of FSBO
- Pricing challenges – Without a real estate agent’s guidance, determining the right price for your home becomes your responsibility. Incorrectly pricing your property (either too high or too low) could deter potential buyers or leave money on the table.
- Limited access to resources – Key resources like the Multiple Listing Service (MLS) are generally available only through real estate agents. When you opt for the for-sale-by-owner approach in MN, you miss out on this expansive platform, which also syndicates listings to various other real estate websites.
- Subjectivity and potential biases – Emotional attachment might cloud your judgment when you sell your own home. What you see as a selling point, a buyer might view as a drawback. This gap in perspectives can sometimes lead to disagreements and lost sales opportunities.
Ease your FSBO journey.
Navigating the FSBO process doesn’t have to be daunting. With our FSBO package at Real Estate Corners, you’ll get MLS listings for a flat fee, along with other resources to help you manage marketing and engage with potential buyers. To find out more, call us at (612) 483-1230 today.
