Bonita Springs Limited Service & FSBO Challenges
The value of a good Bonita Springs listing agent is often over looked by some home owners and I struggle to understand the basis, sometimes. My best guess is that the average consumer doesn’t understand what a good real estate agent actually does and the fact that getting a Florida real estate license is fairly easy so many newbies do it poorly. The profession, as a result, is a huge failure/drop out rate.
Recently, I was in a class and had to rely on Angela to run a few of the last minute errands prior to activating a listing in the MLS. She had her friend, Kim, with her that afternoon and by the time they had finished their running around Kim had actually reached the conclusion that nobody understands what it takes to properly get a home onto the market, staged, cleaned, photographed, measured, etc.
It’s true, there is a lot to do when listing a home is done correctly. Watering down the value of the profession is the ease of getting a license and the fact that, well, because a large segment of the population things that you just put the home for sale in the MLS and wait for it to sell. Most experienced listing agent also bristle when they look at the MLS and see a property over priced or even under priced because a new agent doesn’t understand inventory and absorption of the current homes for sale.
Recently, a property that I have been following has listed for sale. I did not interview for the job. I just happened to know that the home owners had a few personal issues and it would be coming onto the real estate market for sale. One of the home owners had decided to get a real estate license to sell it themselves. When I saw it activated in the MLS I had expected to see the owner had listed it but instead it was listed with a flat fee discount establishment. This should be interesting to watch. That old saying, ‘you get what you pay for’ may ring true.
I’m not sure the listing fee of a couple hundred dollars is going to make up for the fact the home owner is negotiating (and the point of contact) to get into the home. You can’t purposely design a more uncomfortable and awkward situation for home buyers and even buyer’s agents. They are generally clingy and chatty and under foot during showings instead of letting the buyer experience the home.
As a buyer’s agent I know that when I show or write a contract on a FSBO or a limited services listing I am basically being leveraged by the inexperienced home seller who doesn’t understand the process nor do they have the proper paperwork in order to legally keep the contract intact. I’m basically doing the listing agent job for free as every step of the way I must educate the home seller on every aspect of the process, negotiate with them and obtain their signature on any documents. Of course, I do that for my home buyers because they want the home so badly.
Now, not all buyer’s agents will do that and it would be very easy to become embroiled in a contract where the buyer can walk away from the contract, the buyer would also, legally have their deposit refunded to them because there aren’t very specific disclosures signed which are required under Florida real estate laws. There are no supplements hosted in the MLS for the particular home. Watch this: HOA Summary Disclosure. There also aren’t any Seller’s Disclosures, you know, the cover-your-butt document for home sellers nor any other popular document such as Flood Insurance Addendums or mold riders.
So, I will continue to watch this Bonita Springs home for sale to see what happens. There are actually decent photos of the home (not iPhone photos). Unfortunately, I know it is an uphill battle for this home owner. The home is quite beautiful and located in an equity golf community and there only five homes for sale in the general price point of the home. However, the fact of the matter is that the absorption rate for this neighborhood alone, in the price range of the home for sale is five years of inventory. FIVE YEARS OF INVENTORY. That, right there is the that kind of insight and education you do not get from a newbie agent or from being your own real estate agent. It might also explain a few of the low ball offers that will coming their way, too.
Limited service listings aren't inferior. You know exactly what you pay for. You give $X dollars for "this list of items" to be performed. It's just that some of the most crucial items most Bonita Springs home buyers need aren't on the list of services available to home sellers.
If you’d like to learn more about selling your home, full service, in the Bonita Springs or Estero, Florida area call or text Chris at 239-273-7430. Chris Griffith is an experienced listing agent and a Certified Residential Specialist.