It used to be the case that people wanting to sell their own home didn’t have much choice. They either listed their home with a real estate agent or they couldn’t sell. Now, the property market has opened up and many homeowners are choosing to sell their home FSBO – or, For Sale By Owner.
If you are thinking about selling your home for cash, you may find the whole process overwhelming. That, of course, is understandable, especially because selling or buying a home is a large financial investment that is bound by contracts.
There are basically 2 reasons why homeowners choose the FSBO route:
- They save on agent’s commission fees, which can be up to 6% of the sale price.
- They retain control over the selling process and can usually sell their home quicker.
If you are interested in selling your own home, here are my 5 tops reasons why you can do this.
1 Use Flat-Fee MLS Service
A Multiple Listing Service (MLS) lists homes for sale across the whole country. These services help you set a price, list your home, open escrow, and help with other transactions. You can even get a professional-looking “For Sale” sign for your yard. The beauty of this is that you can do all this yourself, with having to pay hefty fees to a real estate agent.
2 Do your own research
With internet access and access to many online real estate portals, you can do your own market research to sell your home quickly. All you have to do is search for similar properties in your area to see what they are selling for and how the properties are being marketed.
3 Get the right price
One of the advantages of selling your own home is that you can get the right price for it. One advantage that this gives you is that you can make your selling price more competitive. Remember, you are already saving money on real estate agent’s fees, and you can use this to list your home for a competitive price.
4 Use services of others
Although you want to sell your home yourself, you should also use the services of an appraiser and building inspector. For a relatively small fee, an appraiser will help you value your home at the best current market price. However, it is then up to you to set the listing price.
You also should have a building inspector inspect your home. His report can help speed up the sale of your property because lets potential buyers know that the house is in good repair and there are no hidden structural issues.
5 Know your property’s strong points
Another reason that you can sell your home yourself is that you know all the strong points of your property. These include renovations that have been carried out or work that has been done to prepare the property. When listing your home, you should make sure and mention all the features that may appeal to potential buyers.
Even though there is more to do when arranging a “For Sale By Owner,” if done right you can sell your home quicker and get more money than if you used a real estate agent.