The Unique Real Estate Blog

For Sale by Owner (or FSBO) signs are popping up through cities across the nation. Seems the homeowners are becoming more determined to compete with, or eliminate the real estate Agent. Each FSBO has their reason for not using an agent. Some have had a less than pleasant past experiences with agents, and feel they can do a better job at getting their property sold. Others must sell their home on their own, simply due to the declining property values; they can not afford to pay an agent. Also there is the “experienced” home seller; they have purchased and sold before therefore they do not feel the need to share proceeds with an Agent.

You have decided to put your home on the market and want to do it yourself. Here are a few steps to consider as you prepare to do a For Sale By Owner.

Primarily, there are two choices for potential property buyers - either explore the listings with Real Estate Agents or try out the For Sale By Owners (FSBO) market. The reasons for selling the property may be many, but the modes of selling are mostly these two. Obviously, both of these modes have their pros and cons but as a buyer, you must know the ins and outs of the concept of FSBO before deciding to buy property directly from the owners.

With the slow real estate market we are experiencing, you want to make sure that your house is as attractive as possible to potential buyers. You need to remember that when buyers visit your house, they are imagining what it would be like to live in your home.

There are many homeowners who would like to sell their homes by themselves, thus saving money on commission. But who can you trust to tell you the truth about the how’s, the why’s, and the risks? Nine times out of ten, you really can’t trust someone who is trying to sell you something (that’s probably more like 99 out of 100, truth be told). The tough part is that those people are the ones who are most well-versed in real estate. At the risk of becoming unpopular with my Realtor peers, I’m going to follow my teacher heart and explain home sales to you honestly.

Let’s face it, it’s a hard cruel world out there. The real estate market is definitely seen better days. The worse part about this is that if you are trying to sell your home by owner losing hope isn’t that difficult to do. No one blames you for trying to reap as much profit on your home but it sure feels like it with agents calling you and buyers acting as if you owe them the house for free! It’s not the same market we saw a few years ago but all is not lost.

Should you Have an Open House.

Times are different now. With the digital age we now live in it makes no sense to me, as a real estate broker owner, to hold an open house. It seems to me there is more to risk than to gain. Some people will talk photos and video clips from small camera or cell phones. With these videos and photos they will either plan a later robbery on your home or sell this data to someone who will.

Let’s talk about the drawbacks of selling “For Sale by Owner.” Basically there are two things to seriously consider:

1) You have to do the work. You’re going to make your own marketing materials, take your own photographs, organize and post listings, etc.

Price the Home Correctly: It is crucial that you research and place the correct price tag on your home when selling it. A reputable real estate agent is the first person to contact to help appraise your home. Many agents won’t lend you the time of day to assist you with this aspect since they aren’t listing your home. But a good agent will do it for you with no strings attached. They realize that their business is based on reputation and referrals. They may not get this listing, but you may want them to represent you in your next home purchase. Or your cousin may need a good realtor’s help in the future. Do your homework. Find similar homes in your area and compare their price tags. Are the homesas attractive as yours? Are they as large as yours? Pricing the home correctly is crucial.

Selling your home privately can be an excellent way of saving on costs. Selling a property can attract a number of costs that can be difficult to cope with when combined together meaning that sellers may opt for a private sale in order to save money.