Selling Your Property Via For Sale By Owner (FSBO) Approach
Selling a property as valuable as a home can be thrilling considering all the profits that come with it, however, the process may translate otherwise to most home sellers soon after realizing the commission paid to agents once the job is done. Working with an agent is always a good idea since your property gets guaranteed professional guidance throughout the selling process but also, working with an agent means deducting about 3-6% off the profit earned from a successful deal. Due to this, most home sellers decide to take matters in their own hands and challenge themselves to dive deep into the real estate markets in search of potential clients who may be interested in their properties.
If you are a home seller looking to take charge of your home sale free of agents, then this article is for you as it will emphasize the important areas to consider while selling your home without an agent.
Setting up the price
Choosing For Sale By Owner or simply FSBO as a way to sell your property is indeed a brave move as it depends on you by 100%. Most homeowners are still up for the challenge and this also means going through all the necessary steps as one would have done with an agent. Setting up the price for your property is the first and most crucial step when entering the real estate markets as it gives your property a standing point and decides whether it sells fast or sticks around for a while. This is why you need to be aware of the price you set for your property. One needs to research and evaluate the average market price at the time in order to define a range through which the property might fall in. Next, you need to identify the comparables for your property. These are points of reference that help you determine a price based on other properties in the market. You need to identify comparables that relate to your property in terms of structural similarities, area, and how recent these properties are sold. It is important that you take time to price your property correctly as it plays a key role in attracting customers. As an owner, you may be driven to overprice your property but this can result in redundancy of the property in the markets.
Setting up the home
The price is one of the most important factors when it comes to setting up a house for sale but how it appears has to match the figures. Selling a property by yourself can be a plus at this point because you know it better than the real estate agent. As a property owner, you get to have insightful information that can generate a good story that might inspire potential buyers to settle for it but also you may have information that one can only know through practically living in the house, e.g. temperature, light, noise, neighborhood, etc. As much as this information is necessary especially when given with confidence, your property needs to undergo a preparatory stage before its listing. This is the time to do all the minor repairs that may discourage viewers from settling for your property, a proper curb appeal to make a good first impression, declutter the house from all personal belongings that the viewers do not need to see, adding light and finally giving the house a cleaning therapy that leaves it fresh and shiny. All these and more will not only give your house a revamping look but one that calls buyers to settle for.
Marketing and Advertising
One of the key reasons that force most people to opt for a real estate agent is lacking the knowledge and skills to market or advertise the property. Agents can be pricey but they come with the market knowledge and long term experience that may translate positively to your property. However, this does not mean you can not take matters into your own hands with your property sale since all the marketing and advertising skills can be acquired with effort applied. The first step into selling a property is getting detailed photos that visibly exhibit its most important features. For this to be successful, hire a professional photographer for quality pictures to be used on listing platforms. Next, you may want to write down a detailed description of all the things displayed on the photos, this is an area to concentrate on since it is what viewers depend on when learning about your house. Identify the marketing and advertising methods that you will apply for your property. With the growth of digital marketing, you can easily identify websites that rank top on search engines like BE FORWARD where your property can be viewed by thousands of daily visitors. Word of mouth and distributing signs is also an option you can go with. Whichever method you find favorable, FSBO like any other sale requires patience and consistency for guaranteed results.
Selling your own property can take you through a challenging journey but if done correctly it can be highly rewarding. Before one opts to depart from the agent’s assistance you should be informed that being an FSBO requires a full-time commitment and discipline just like that of a real agent. Marketing can require a lot of time and money, the listing management process can be tiresome and labor-intensive and first-time sellers can make some costly mistakes due to the lack of experience.