With changing times, and growing world, each individual must be able to keep up with the latest developments in the world. Now unarguably, Real Estate is an evergreen necessity, be it as basic amenities of life, luxury, or as one of the most excellent investments. We all know this, don’t we? So what’s new here?
Now when you talk of real estate or buying or selling houses the first thing that pops up in your head is a realtor or real estate agent. Now, this is very traditional, since the time real estate came to existence, this is how land assets are traded i.e through a middleman. But the problem with this long-age system is that it is expensive first of all and in some instances, it happens is that your home’s sale or purchase is in someone else’s hand. Do you think that’s good, because the process, the scheduling and most of the decisions will run according to someone else’s comfort, not yours?
That’s why some people have taken up FSBO(For Sale By Owner) to solve this problem, it is not the perfect solution. It has both sides, pros and cons. Let’s know about those and how we at Reozom will help you with it.
First, know what exactly For Sale By Owner means; While the term itself is self-explanatory, and means to sell the house by the owner itself, without any agent or realtor acting as a middle-man. Well, hold on a sec, don’t forget For Sale By Owner is not all about just saving the commission you will pay to a broker but also the responsibility to get the work done rightly.
Now some basic responsibility that comes up with this process, is researching the realty-price of the neighborhood and quoting a price that is comparatively justified, also you need to take care of the marketing, paperwork, and legal procedures attached with selling a house. These need to be taken extra care of, since any mistake can bring you financial or legal repercussions along with it. Also during a For Sale by Owner, you’ll have to check the laws in your state first and make sure none of it is being violated.
The pro side of this coin:
Control – At least on your end, your sale would be in complete control of you. All the showings, open houses, review contracts, or arranging open houses, all will be conducted and scheduled by you. But as it’s said ‘Great power comes with great responsibility.’
Now if you have never read an inspection report or home sale contract you will soon find yourself under the water troubling with jargon. So make sure you know what you are getting into.
Money – When you hire Real estate agents, they’ll work off a commission, meaning they’ll take a part of whatever your home sells for. According to a survey conducted by Effective Agents in 2019, the average commission for the year was 5.7%. So in case your home sold for $200,000, at 5.7% the commission would be $11,400 and you’d walk away with $188,600 only.
So now you know this heavy pay could be saved if you opt for ‘For Sale By Owner.’
The cons side includes;
Negotiation – The best realty deals are closed during negotiation. It’s very rare to see, that a buyer agrees to a seller’s price at one go. Most deals happen over days (and weeks) of negotiation, to get the best possible deal for both sides.
Marketing – Now the way you market your home and approach the buyers could be a make or break the deal, in finding the best buyer or best price. Stats show that most of the sellers going for For Sale By Owner don’t know the right way to market their home.
When is For Sale by Owner the best way?
Now some real estate transactions are simple, not all but some, and sometimes you also have buyers and marketing figured out, with all the odds in your favor For Sale By Owner is the best way and could be your next big saving. For instance, you already have a strong interest from a buyer for your place. In that case, you can work with an appraiser to come up with the best possible price for the home and hire a real estate attorney to handle your transaction’s legal paperwork.
How will Reozom aid you in all of this?
REOZOM is one of the most innovative, simple-to-use, and extremely affordable online real estate platforms in the real estate market. REOZOM’s team is made up of real estate professionals, technologists, and designers who are keen on revolutionizing the residential real estate industry. The company boasts its goal; which is to streamline the buying and selling of a home to save their customers’ time and money by bringing digital advancement and real estate together.
“Bringing simplicity to residential real estate through technology is our goal. The current way of buying and selling a home requires calls, emails, meetings, and a lot of time; REOZOM makes it possible to do it all from the luxury of your home or office,” said the founder of Reozom, Justin.
REOZOM helps it’s customers to get their homes listed at some of the best websites like MLS, Realtor, Trulia, and Zillow for the small, one-time fee of only $395. This will give enhanced exposure of your house to the buyers and save you thousands of dollars which you’d have spent on an agent rather. It’s as easy as it sounds. REOZOM won’t just save you money but it is also a great timesaver. Listing a house on different platforms and websites through REOZOM.com takes only 30 minutes. Also, it is extremely hassle-free. The marketing side, legal documents, and disclosures are all handled by REOZOM. Again you can make as many changes as you wish in the listing without any additional cost. REOZOM will be your guiding light during For Sale By Owner process.
Now you know this awesome money and time-saving secret of the real estate industry, let your friends and families know of this whenever they’re selling a house.