According to the National Association of Realtors (NAR) only 36 percent of today’s homebuyers first find the home they end up purchasing through a real estate agent. Enlisting an FSBO site like ListingDoor.com is actually the most effective way to achieve a successful FSBO selling strategy.
As the number of FSBO sales continues to rise, home sellers new to the FSBO process can do themselves a big favor by taking the time to understand the process and clarify common misconceptions. Determining your FSBO game plan now can help you form a realistic time line, and plan a successful strategy ahead of time.
1. Establish a FSBO selling strategy
Create your FSBO selling strategy by first gaining an understanding of who your potential buyer is—that’s your target market. That means discerning your potential buyers’ income level, desired geographic location, and buying patterns. ListingDoor.com can help you establish this criteria and with it, help you best reach potential buyers. Designing flyers, selecting social media platforms, and deciding on other important marketing and advertising strategies will be much more effective once you have established this relevant information.
2. Check your property records
Make sure there are no liens against your property. A lien signifies an unpaid debt associated with a property. Search the county clerk’s, or assessor’s records online, or visit the county courthouse in person. If you opt to visit the courthouse, ask for help finding claims that have been filed against your property. If there is an issue, a title insurance company or a real estate lawyer can help you resolve it.
3. Get an appraisal
Hire an independent professional appraiser to determine the true market value of your home. On average, an appraisal will cost $300 to $400, which can be money well spent. In a tight market, a professional independent property appraiser can help value your home accurately, which will improve your competitive edge. An appraisal can be used as an official document to validate your home’s value, as well as, to prove diligence.
4. Hire a home inspector
Hire a professional home inspector to identify any problems that might hinder a sale. If problems are discovered during the inspection, you can fix them ahead of listing the house, or incorporate the cost of fixing them into your home’s pricing. Buyers are often rushed when viewing a home. Be sure to emphasize the strengths of the property and allow for plenty of viewing time. Be aware that in most states, you are required by law to disclose any problems known to you that the buyer will need to fix.
5. Make home Improvements
Making simple and inexpensive home improvements can increase your selling price. If the yard needs some landscaping to improve curb appeal, that’s a great place to start. Do a thorough yard cleanup. Prune and trim bushes and hedges. Fertilize the grass and plant some bright flowers. Other effective and inexpensive DIY home improvements include painting, decluttering, cleaning or replacing soiled carpets, cleaning or replacing old or soiled grout in bathrooms and the kitchen, changing dated knobs on cabinets and the like.
6. Research home sale prices in your neighborhood
The internet is a great resource to check out sale prices of other homes for sale in your neighborhood. Try to search for homes similar in size and amenities to your own, or make allowances in your price point for competitor homes with fewer or more upgrades than yours offers. Attend open houses in your area to view your potential competition. This is a great way to see what potential buyers are viewing in your area, and serve as a reference for making changes or improvements to your own home.
7. Utilize a real estate attorney for closing
During the closing process, enlisting a real estate attorney can be helpful. Most states require sellers to disclose key information about a property before closing; a real estate attorney can handle this process, as well as all the paperwork goes with closing. Real estate attorneys charge a minimal flat fee, usually $200 – $400 for their services, which may be well worth the price.
Follow these tips to get the most out of your FSBO home sale by helping you with you with all the critical steps in the for sale by owner home selling process.