7 Tips For FSBO Success

Jun 15, 2015

If you want to get every possible dollar from the sale of your home this spring, it may be time to stick that for sale by owner sign out in the front yard.

It may be the difference between profit and loss.

People who can sell their homes the for sale by owner — or FSBO — way essentially could save 6 percent of the selling price, the money they would have paid real estate agents, says Greg Healy, vice president of operations at ForSaleByOwner.com.

But unless you’re living in a model home, there are some things you should do well before you think about planting that sign in the yard this spring.

Following these seven steps should increase your odds of for sale by owner success:

1. Design your selling strategy

Once you determine who your potential buyers are, you can craft a plan to market your home to them. Your approach may be to advertise on online or to put up fliers in local neighborhoods. You can also use online services to list your home on your local multiple listing service, where buyers or their agents will see it. Determining your game plan now allows you to set up a realistic time line and allocate sufficient funds.

2. Know your home’s strengths and weaknesses

“The last thing you want as a seller is to be surprised,” says Healy. Get a professional home inspection done early so you can identify problems that are almost certain to be discovered and have time to fix them. Even if you don’t fix them, you can incorporate the knowledge of any problems into your pricing, Healy adds.

3. Check the property’s record

This is the time to make sure there are no liens against your property, says Piper Nichole, author of “The For Sale By Owner Handbook.” Go to the county courthouse and ask for help finding any claims that have been filed. You may want to hire a title insurance company to do a search or even a real estate attorney who can help you clear up any problems.

4. Get an objective price evaluation

5. Research your local market

6. Start home improvements

7. Pull together your team

For detailed information on how to succeed in selling your home on your own, continue reading full article here.