Sri Lanka Luxury Property – FSBO Is A Mistake.
FSBO is an abbreviated form of “For Sale by Owner”. It’s a term that is often used by people who would like to sell their property by themselves and without the aid of a real estate agent or company. This trend is gaining momentum due to the fact that people do not want to pay the sales agents fees for selling their property.
Quite often, real estate agent fees are 3% so when you are selling a luxury property, this can quickly add up into thousands of dollars.
These days with the invent of the internet, it plays a substantial role in selling property. Property owners can now list their properties online easily and not have to incur the charges that a real estate agent would charge. There are now companies out there that can assist one when selling property and guide you through that process.
We strongly advise not to try and sell a property yourself. Yes, sometimes a For Sale By Owner “FSBO” will sell fast for the listed price but there are many times it doesn’t.
Before you decide on how to sell your property in Sri Lanka, here are 10 points to consider.
- Nearly all buyers work with real estate agents. Buyers will look through online listings and if you’re not listing with one of them, chances are your property won’t be seen. You can have the best property for sale in Sri Lanka, but if no one can your property then it’s not going to sell nor get you top dollar.
- Its only logical that FSBO’s will receive a reduced price given they are saving money on sales commission to the real estate agent, therefore people think you will take less because of it. You may save money on the commission but are losing money on the amount offered so having a real estate agent is no more expensive.
- Advertising homes for sale in Sri Lanka can be a costly exercise and as a FSBO you need to pay for this yourself. There are many luxury homes in Sri Lanka, you need to make yours stand out!
- An agent has everything at his fingertips. Whether its finding competitive pricing of luxury houses for sale in Colombo or what are the top luxury apartments in Sri Lanka to compare your apartment to in order to get the best price, it’s hard for you to know this information as well as they do.
- Do you really know who is your target market? Do you understand the current market as well as a real estate agent does? Do you know how to write an engaging ad for what could be the best luxury villa in Sri Lanka? These are all things an experienced real estate agent will know.
- There are many laws pertaining to buy property in Sri Lanka. Are you up to date with all these? Who pays the stamp duty and how much is that? Ignorance of laws is no excuse and real estate agents are there to guide you.
- Are you really that good a sales person that you can sell your top luxury beach villa in Sri Lanka? Do you know how to deal with objections and will you take offense if someone criticized your prized property? A good real estate agent makes all the difference under these circumstances.
- Do you know exactly which documents you require to sell your luxury apartment or house? Would you be able to help the buyer fill all these documents in without making small errors? Again, a good real estate agent is required to pay particular attention to detail on all documents.
- How good a negotiator do you think you are? You have the best home for sale in Sri Lanka, you want the best possible price, right? Bad negotiations could end up costing you way more than a good real estate agent.
- You many not end up saving money at all doing it yourself. You end up organizing documents, advertising and signs are all expenses which you pay.
You work hard and all you get is low ball offers and can’t negotiate them up as you don’t have the right negotiation skill sets. Many times FSBO’s end up getting less than if they had just used a good real estate agent.
You can see why most “FSBO” sellers eventually turn to a real estate agent for help. There are many luxury houses for sale in Sri Lanka and you need yours to stand out when compared to them. You can learn to do many of the things an agent does, but is it worth it to spend all that time and maybe not even save any money?
Don’t sell it yourself unless you really know what you’re doing, and you’re ready for the hassle. Whether you buy a luxury villa in Sri Lanka or intend listing your villas for sale in Sri Lanka, an agent is invariably your best friend.