Do the CEO's of FSBO websites really FSBO?

No! They want you to Do as I Say… not as I Do

This adage could be no truer today after it has been reported, in a recent Herald Tribune article, that when it came to selling his Florida mansion, Al Bennati, the longtime chief executive of BuyOwner.com, has chosen to list his home with a local real estate agent.

BuyOwner.com is one of many websites out there now that encourage homeowners that they do not need to enlist the help of a professional agent to be able to sell their homes.

They go as far as to tell homeowners:

"BuyOwner.com allows you to reach the most potential buyers in the shortest amount of time, in the most effective (the Internet) and most cost-effective manner (no commission!) possible."

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Let's break down that statement:

Myth #1 – The Internet is the most effective way to sell your home

Many have said that, with the introduction of home search on the internet, hiring an agent is no longer necessary. When the time came to list his own home, Bennati went against his advice, saying:

"To sell a home of this magnitude, it needs to be done by a person and a company that reaches buyers of this caliber."

Myth #2 – FSBO'ing is the most cost-effective solution

Without proper exposure to the "right kind of buyers," your home will not sell. Many real estate professionals have elaborate strategies to get your listing in front of those who need to see it.

The most recent Home Sellers' and Buyers' Profile Report from the National Association of Realtors revealed that, though 92% of buyers search for a home online, 90% still use a real estate professional.

This isn't the first time a CEO of a primary FSBO website has enlisted the help of an agent when the time came to sell their own home.

Two people made fortunes convincing others to sell their homes through their FSBO sites. Yet, when selling their home, they recognized the value of using a real estate professional.

There is a reason the real estate industry has been around for centuries: it performs a valuable service.