Each day, thousands of homeowners are faced with the decision on how to sell their property. Should they hire a real estate agent or should they go at it alone. As always, there are pros and cons to which route the homeowner ultimately decides to take.
Retaining agency services will cost thousands of dollars, while, going the for sale by owner route will require more work. But how much more work does it really take? The most challenging part of selling a home, regardless of which route you take, is preparing the home for sale. Work that no agent will not perform, so why not consider the alternative!
Selling your home for sale by owner is not rocket science. In fact, many homeowners report that selling on their own was more convenient and time effective. Afterall, you are responsible for booking your own showings and can control your schedule as you please. Let us consider the important steps in the FSBO selling process, perhaps, it will help you decide if for sale by owner is right for you.
Prepare Your Home For Sale
This is the hardest and most important step. A clean well-maintained home will not only sell faster but for more money. The general rule of thumb is to stick to basic cosmetic improvements. Such improvements are easier to complete and provide the greatest return on your investment. This includes painting, cleaning, and decluttering your living space and all functional surfaces. For larger repairs such as leaky roofs, windows, or other major deficiencies, you may wish to obtain some estimates ahead of time should this become an issue with your sale.
Hire a Real Estate Attorney
No matter which route you choose, you will require the services of a real estate attorney. Best of all, the cost is often the same if you choose to sell on your own. Your real estate attorney will help you draft FSBO contracts once you have an offer and complete the final sales transaction. Most importantly, they will be there for you throughout the course of your sale.
Advertise Your Sale
While there are many companies that will help you market your own home. There are only a few that offer “true” for sale by owner services to ensure maximum profitability. Companies such as Zillow offer great online exposure, however, allow agents to advertise as a primary contact on your listing. This usually results in paying some form of commission in the end.
While many others offer traditional agency marketing such as MLS services, which do you no good unless you declare a hefty commission fee. A leading for sale by owner marketplace, known as TradeCasa.com, offers the most effective and economical services, including many sales tools and DIY resources. Their for-sale signs are also very catchy and well designed. Combining outdoor advertising with digital media is what you need to be after.
Show Your Home
Once your home is listed online, you will be responsible for the showings. That is a good thing, as you know your home best! Simply respond to inquiries by phone or email and setup showing times that are most convenient to you and your potential buyers. Always, clean your home prior to each showing.
Negotiate Your Sale
This is the most rewarding and simplest step of the for sale by owner process. There are 3 things you need to negotiate.
- The Purchase Price – the final sale price of your home.
- Closing Date – the date during which the deed of the property and money is exchanged.
- Inclusions/Exclusions – what items are a part of the sale and what are not, this includes appliances, window/light fixtures or any other items you may wish to leave or remove.
Negotiate the above verbally with your buyer and once you fully agree contact your real estate attorney to draft up your sales contract.
The for sale by owner process may require some extra effort, but rest assured that your time will be compensated in the thousands. If you are still uncertain if this route is right for you, obtain more information from for sale by owner companies like TradeCasa.com to help you analyze the full perspective. At the end of the day, you worked hard to build your equity so why not preserve it.