Selling your home for sale by owner (FSBO)-style—that is, without an agent, is not only entirely possible, it’s easier today than it was in the past. The benefits of a FSBO home sale include a potentially great cost savings, since you will save the cost of the real estate agent’s commission—the largest expense home sellers are saddled with.
If you’re considering an FSBO sale of your own home, it’s important to prepare yourself for the task at hand, a worthwhile effort if you’d like to keep that commission in your own pocket. Sites like ListingDoor.com help with all the necessary steps, from researching your home’s market value, to pricing, staging, evaluating the market and even marketing and advertising your home.
Here are some tips for going it alone and avoiding mistakes.
Online access to pricing has never been easier for FSBO beginners
Among the most challenging tasks FSBO sellers face is determining comparable home sales, and pricing their home accurately. With the advent of online resources, understanding home pricing is simpler than ever before, especially if your home is in a development where floor plans, layouts, fixtures and finishes are homogenous.
Offline research is also important
Understanding your real estate market isn’t complicated, but it does take some time and effort. Attend open houses as often as possible to see what’s out there, and be sure to begin this process early.
Also, it’s important to keep an eye on a few homes for sale in your area from listing to close. Real estate agents do this routinely, which gives them an edge when it comes to understanding a market.
Selling your home has both financial and emotional consequences, regardless of whether you’re selling it yourself or through an agent. Remember, complete strangers will be traipsing through, commenting on your home, possibly criticizing what they see, which isn’t fun for any homeowner.
Remember, you will be dealing with these strangers directly, and you must not let your emotions get the best of you. Just keep reminding yourself of your goal—selling this home so you can to move on to the next chapter of your life. Keep your eye on the prize. Otherwise, sellers who aren’t able to emotionally detach can find themselves turning away perfectly qualified buyers, leaving money on the table, or both. If you think you can view your home neutrally, then you can expect a successful FSBO outcome.
Your FSBO project can become a part-time job
There’s a lot of work that goes into a FSBO sale. For someone with a flexible schedule or who works from home, in can be a great opportunity to save an agent’s commission—usually 6 percent of the sale price, which can add up to thousands of dollars.
Preparing the home to sell includes all of the de-cluttering, staging, and prep work that all home sellers must take on, plus being prepared to market the home, have the home photographed for online listings, submit the listing, show the home at a moment’s notice, perform the follow-ups, and oversee the open house scheduling and presentations, as well as managing the negotiating and closing.
Last minute doubts
In addition to the emotional aspect of selling a home, FSBO sellers need to brace themselves for making such a huge financial transaction. Some people can be overtaken with self-doubt when it comes time to sell, and that can cause them to make mistakes. There is no need to loose confidence in the 11th hour, as many subsequent FSBO sellers have learned.
Pricing a home too high or too low, showing the home in poor condition, not keeping up with all the steps outlined on ListingDoor’s checklist can trip you up. These mistakes are not uncommon among first time FSBO sellers, and this is when they give in and hire an agent after all. Keep reminding yourself why you chose to go FSBO in the first place. It was, most likely, to earn the maximum amount possible on your home’s sale. With that in mind, do your research and follow a plan, and you can be successful.