FSBO Tasks

In a past blog, we explained some of the challenges for sale by owner (FSBO) home sellers face when attempting to sell their property on their own. We also explained the difference between the average FSBO sale price and the average real estate agent sale price.

There are many variables involved that might change the equation, but in most cases, you’ll end up maximizing the value of your equity by working with a real estate agent – even after paying a commission.

However, if you’re still committed to pursuing the FSBO approach, there are some things you can do to increase the chance of reaching a positive outcome.

It’s also important to understand all the implications of DIY home sales and some of the added complications you’ll need to deal with personally.

Pricing Is Key

One of the biggest and most common FSBO mistakes is setting the initial asking price too high. You might have put a lot of money into home improvements and feel as if you’re being cheated by accepting anything less than a 100 percent return on all of those investments. Unfortunately, what you believe your house should be worth doesn’t necessarily influence what home shoppers think all those renovations are worth.

If you want to sell your home relatively quickly, it’s important to set a realistic asking price. If you set the price too high, and there are other comparable homes in the area with a much lower price, you run the risk of having your house ignored.

Professional Photography

Visuals matter when it comes to marketing your home. You may want to look into having professional photos taken of your house by a photographer experienced in real estate photography. The photos on online listings are often the first impression home shoppers get of a property. It’s important these photographs spark interest and leave viewers wanting to see more in person.

Choose the Right Marketing Channels

You may be able to use a flat fee MLS service through a licensed broker to get your home listed on an MLS without an agent. FSBO sellers should also consider informing local buyer’s agents that they are willing to pay them a commission to incentivize them to show the house to local home shoppers.

Be sure to do some research on who you choose for the MLS service and take the time to read over the contract. There may be hidden fees, MLS compliance requirements and regulations, as well as additional charges to modify the listing in the future.

Although FSBO sellers can gain access to the MLS via a flat fee service, they won’t have some of the other marketing tools licensed local real estate agents can access, including a professional network of buyer’s agents.

You’ll need to use alternative marketing methods like social media, classified ads or even printed marketing collateral like mailers or flyers. None of these are free, and the cost of DIY home marketing can add up quickly.

Stage Your Home

You don’t necessarily have to pay for professional staging. You can find a lot of home staging advice online if you’re looking for ways to save money. The downside to home staging is that it is disruptive, especially if you plan to stage parts of your home for as long as you have it on the market (which can be a long time with the FSBO approach).

Keep in mind that staging only pays off if it acts as a canvas for the imagination of home shoppers. The goal is to help viewers envision their belongings and life in the space, not showing off your own interior design prowess.

Be Available for Showings

Showings may be few and far between if you don’t actively market your home or your marketing efforts are limited. When showing opportunities do come along, you’ll want to be sure you’re available. Try to keep your schedule open and flexible enough to accommodate home shoppers who contact you.

Approach Negotiations Thoughtfully

You may want to study up on the traditional real estate offer, counteroffer and closing process to ensure you can negotiate effectively. Having a basic understanding of real estate contracts may help you navigate the process. While it’s always important to effectively represent your own best interest, it’s typically helpful to be open to compromise.

Understand the Paperwork and Fill It Out Properly

Real estate agents do a lot more than just market your home and show it to prospective buyers. They handle a lot of the legal requirements and paperwork involved with the process, including things like:

• Property disclosure forms
• Purchase agreements
• Bill of sale
• Working with a title company
• Coordinating with relevant parties on the preparation and reviewing of closing documents
• Meeting all disclosure requirements (like the lead-based paint disclosure for homes built prior to 1978)
• Assisting with mortgage and lien payoffs

If you’re attempting an FSBO home sale, it will be important to know everything that will be legally expected of you and ensure these documents and steps are all performed according to state law and relevant regulations.

Get Professional Assistance With Selling Your Home

The most reliable way to sell your home quickly and maximize the value of your equity is to work with experienced real estate professionals familiar with the local market in your area and the home selling process.

At 72SOLD, we’re committed to offering the most reliable real estate representation for home sellers. We’re proud to stand by our reputation for getting our clients multiple great offers faster than the competition.

If you’d like to work with a professional who will make the process fast and easy, visit us ad 72SOLD.com.