With rising real estate agent’s costs, many homeowners are now choosing to sell their home by themselves. The popularity of “For Sale By Owner” (FSBO) has meant that more and more people are becoming their own property agents.
In my latest blog, I’m going to guide you through the process of selling your own home. In fact, selling your own home is much easier than you may think. FSBO will save you a lot of money when you become your own realtor.
Top Tips For Sale By Owner
If you want to sell your own home for cash, you need to know how to list the property, show it to potential buyers, and close the deal. Here are 4 basic things you should remember on For Sale by Owner sales.
1 Prepare your home
When it comes to selling your own home, presentation is the key. Your home should be in a “show home” condition. This means decluttering your home as much as possible, fixing up the yard, and doing minor repairs.
You can help to make a good impression by having a few scented candles around to give a nice aroma when buyers walk around.
2 Get the price right
Next, you need to make sure and price your property properly. Many FSBO home sellers make the mistake of over-pricing their home and then they wait a long time to receive any offers. You should see what similar sized homes in your area are selling for and then set the value accordingly.
Remember, though, that any buyer will want to negotiate the price and therefore you should add about 5 to 10% above what you want to sell your home for. This gives you some leeway to drop the price and still make a profit.
3 Market your home properly
“For Sale by Owner” sellers need to advertise and market their homes properly. Here are some of the best ways to do this:
- Get a lot of exposure listing your property on online line real estate websites.
- Take high quality photos of your home to show its potential.
- Get a professionally produced yard sign.
- Get an information sheet professionally prepared to give to potential buyers.
4 Get a real estate lawyer
Although you can do most of the negotiating and advertising yourself, it’s always wise to hire a real estate lawyer. Although this is an additional expense, it can save cash and a major headache in case anything goes wrong.
An experienced lawyer can help guide you through the technicalities of offers that have conditions attached, handling the escrow payments, and reviewing contracts.
Although many “For Sale By Owner” sellers are successful in selling their home, others have found it advantageous to sell to a real estate wholesaler. For example, in the Dallas-Ft Worth area, many people trust DFW Real Estate. They are a trusted company who have years in experience of helping home owners quickly sell their homes for cash.
You too can become a successful For Sale by Owner seller if you get to know your market, make sure and don’t over value your property, and take legal advice when needed.