For Sale By Owners aka FSBO is definitely an option when a seller wants to sell their home themselves to save on the realtor's commission. Sometimes this approach can work for a seller, but other times it won't.
On this post, I will provide you some tips that For Sale By Owners can use in order to help them reach their goal of selling their house for the most money possible in the fastest period of time.
Some of these techniques are used by realtors to maximize exposure of the property and For Sale By Owners (FSBO) can utilize some of them as well to help them get it sold on their own.
These are some things you should do before thinking about planting that sign in your yard, not in any particular order.
1. Make sure to establish proper value of your property:
- Intrinsic value should NOT be considered.
- Improvements made to the property (consider only improvements, not over improvements).
- Don't believe everything you hear, what your neighbor told you the house down the street or their house sold for, might not necessarily be accurate information.
- Do a Comparative Market Analysis (CMA) from reliable sources (usually involves a realtor) Zillow and Trulia are NOT accurate sources to provide you a real CMA. If you are in the South Florida area contact me I have not problem providing you a free of charge CMA no strings attached.
2. Have a sign in sheet aka guess registry at the door. Here you want anybody visiting your open house to sign in with their name and contact information. Always follow up on them to see their thoughts of the property (do not take them personally, remember this is valuable feedback).
3. Visit other open houses on your neighborhood; that way you can get a feeling on the market, as well as keeping an eye out for your competition.
4. Put directional signs leading to your open house from any major road, as well as one in front of the house (always check with the city first to make sure it is ok under city's ordinance, and well as with the community for any deed restrictions regarding signs).
5. Make sure your property has proper curb appeal; also that the entrance and the inside of the house is clean, and pleasant for a potential buyer.
6. If possible send your family for a day out on the town, having a house free of occupants is always better for potential buyers; they will feel they have more freedom while touring your property.
7. If you have pets is always better to lock them up in a room by themselves while showings are taking place.
8. Make sure the house has a welcoming smell, use candles or some kind of pleasant extract.
9. Have an advertising strategy, make sure to feature your property in many websites, newspapers classifieds, and flyers as possible; if you are able to put it on the multiple listing service (MLS) do it to expose it to real estate agents who can bring you that buyer, but be fair offer at least a 3% commission to the buyer's agent to better your chances of them bring you a buyer.
10. If you can, have a home inspection prior to putting it for sale. This will help you identify any problems that house might have so you can have them fix; if fixing them is not an option use the inspection findings and report to your advantage, price the property accordingly and fully disclosed the problems with it.
Doing these few things can greatly better your chances of selling the property on your own, which is not an easy task; only 17% of For Sale By Owners are eventually successful of selling their property on their on.
If you have any questions as always do not hesitate to contact me.