For Sale By Owner Will Become More Popular
The for sale by owner method of selling residential real estate certainly has potential for more growth. It can take a fair amount of work, but the savings can be substantial. And, due to the internet and the fact that so many people are comfortable and willing to research before making an important purchase, there are more and more people who are doing a lot of the work that their Buyer’s Agent does.
This does not mean that a REALTOR® has no place in the home selling and buying process. In fact, REALTOR® are still valuable and very important for many home buyers and sellers. However, there are more and more people who are doing more of what a REALTOR® does, and more and more people who are comfortable or willing to take on the task of buying or selling on their own, particularly if they have bought or sold real estate before.
What does the future look like? REALTOR® or FSBO?
The answer is both.
Quite likely, using a REALTOR® will remain the dominant method used to buy and sell real estate. Most people just don’t have the time or confidence to carry out a transaction. And, because so many buyers and sellers are doing it for the first time, they desire full guidance.
This being said, there is huge potential for FSBO’s and Independent Buyers (buyers not using a REALTOR®). We estimate that about 10% of residential properties in BC are currently sold privately. But, we estimate that this will increase eventually to 20-25%.
Buyers nowadays already do a lot of their own research and searching even before they begin working with a REALTOR®. We estimate that over time many buyers will get to a point where they don’t feel they need any help with finding the right property, just with the paperwork to make it happen. And, many independent buyers might also begin searching the databases of the most prominent for sale by owner databases to supplement their MLS® searches, to ensure they see every property for sale that might be a candidate.
A flat fee MLS listing through us ensures that a for sale by owner seller gets full exposure to both Buyers' REALTORS® as well as independent buyers.
For more information on for sale by owner selling vs. REALTOR® selling, click here.