Thinking about selling your home via FSBO? A lot of people have gone this route but over 80% eventually end up listing with an agent. Of those who are successful, most say they wouldn't do it again. The reason for this is simple: most people who go FSBO aren't prepared for the challenges and hard work that's involved. For those who are prepared, however, the experience can be very rewarding. So to that end, here is a summary of my Five Steps to FSBO Success:
1. RESEARCH -- Do Your Homework. What you do or don't do here will set the tone for your entire FSBO experience. Here are just a few things you need to know before going down the FSBO road: the pros and cons of doing it yourself, what's involved in the total process (from beginning to end), your home's true market value, your real costs of selling and your plan of action.
2. PREPARATION - Do Your Home Work. There's normally a lot of work to be done on a home, inside and out, before putting it on the market. This includes fixing it up (repairs), cleaning it up (appearance), taking it out (storage, garage sales and charity), and spacing it out (staging).
3. MARKETING - Let Your Home Work. Exposure is one of the crucial problems to overcome in selling your own home. Use every means available to get the word out: signs, brochures, advertising, the Internet, an open house, real estate agents, e-mails and post cards to family, friends, co-workers and neighbors. Don't leave any stone unturned.
4. SALESMANSHIP - Work to Sell Your Home. The difference between marketing and salesmanship is PEOPLE. The objective of marketing is to get potential buyers to consider your home. Once you get them there, don't blow a deal by taking things personal or being offended at an offer. Forget your emotions about your home and learn how to negotiate a contract for their house.
5. COORDINATION - Work to Close the Home Sale. This is when most deals fall apart so due diligence will be required on your part. Since you don't have an agent, it'll be up to you to coordinate the inspections and repairs, keep the buyer on track with his financing, and communicate all pertinent information with the closing attorney. These activities won't take place in a timely and smooth manner unless someone (YOU) stays on top of them.
Selling your own home will be a test of character, determination and patience. If you are diligent in following these five steps, however, you can do it; and, it won't have to be a nightmare. Though I have just briefly outlined these steps, tons of more detailed help can be found on the Internet. So, before you put your home on the market, do your homework!
Here are a few links to other articles that you might find helpful:
FSBOs Have Maranda Rights Too! Five Open House Tips for FSBOs Essential FSBO Service Providers
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