Some homeowners want to sell their home on their own even if it's a big job. It's their way to maximize profits from the home sale. With the For Sale by Owner or FSBO method, home sellers were able to save up to 6 percent of the sale price. Usually, real estate brokers take 5 to 6 percent commission on the homes they've sold.
If you are planning to sell your home the FSBO way, it is not enough that you are confident that you can do it alone, but you have to know what to expect. Here are a few simple tips to help you get through with selling your home on your own.
1. Determine if 'For Sale by Owner' is Right for You
Before you decide to sell your home on your own, you first need to determine if you are ready to face all the challenges. As we've mentioned earlier, FSBO is possible, but you need to be prepared with all that comes with it.
Selling a home or property is a complicated and time-consuming process. As a seller, you need to prepare, market, and show your home. Aside from that, there are tons of legal requirements and paperwork that require you to hire a title company, real estate attorney, and other professional service providers.
Find out the pros and cons of FSBO before deciding to sell it without the services of an agent.
2. List Your Property at an Appealing Price
Always keep in mind that overpricing will lead you to no good. Although you want to sell your home for top dollar, it would be best to price it correctly. Overpricing will most probably lead to more time on the market. If your home lasts longer on the market, you'll have lower chances of selling it for the list price.
To determine a home's value, real estate agents use comparative market analysis. But since you're working on your own, you can do your own market analysis with the help of free online resources like Trulia and Zillow. You can also search for local tax records for the latest sales data. It will help you determine the sales prices in the neighborhood.
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3. Prepare and Stage Your Home
Make your home sale-ready by getting all the necessary repairs and upgrades done before you list it. Here's a simple checklist you can use when preparing your home for the listing and showing:
Give your home some deep cleaning.
Declutter and remove excess and unnecessary things.
Make sure your home has enough light in every room.
Don't forget the home's exterior or curb appeal.
Make sure there are no signs of pets during the showing.
Hide your valuables
Hire a professional photographer for your home marketing and advertising
4. Create a Listing
Since you are selling your home on your own, you don't have the resources that real estate agents have to list homes on Multiple Listing Service. This means you will have to work hard to attract competitive offers and catch the attention of qualified buyers.
Make sure you also have an engaging, enticing, and comprehensive listing description. It's vital since it's the second thing buyers look for in a listing. As an FSBO, you can list your homes at Trulia and Zillow without charges. Physical signages will also help let your neighbors and passerby know that your home is for sale.
You can utilize Craigslist, different social media platforms, and printouts to widen your ad's reach.
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5. Have the Qualities of a Real Estate Professional
Since you're selling your home without an agent, most buyers will be hesitant to work with you because of inexperience. This is another challenge you'll have to face. You need to show them your professionalism and know-how, just like a real estate agent.
With these, you need to be prepared with answering calls no matter the time. Aside from that, you also need to have flexible schedules with showings. Show your professionalism by taking feedback seriously and not taking criticism personally. Another thing to keep in mind is that you should not let your property sit on the market for a long time. It would also help to hold an open house so potential buyers can visit your home at one time.
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The FSBO method will surely provide you with more cash in your pocket. However, you need to be smart about your approach to the entire process. It will require a truckload of work, but it will be worth it if you're able to sell your home successfully.
