If you’re in the seller’s market, you would already know how traditional methods of selling don’t work anymore. Gone are the days when things would be done just by hiring a real estate agent, who would then charge barely 2% to 3% commission. With things drastically changing, it is time you switch from relying on someone to sell your house to taking charge of your sale. And that is why this blog will focus on how you can sell your house by opting for a For Sale By Owner service. `
If you’re alien to this concept or have been pretty familiar with this topic, this article will take you through every question a beginner would have about selling your house using for sale by owner services.
WHAT IS FOR SALE BY OWNER (FSBO)?
A method of selling a property without involving a listing agent directly, most homeowners in America opt for For Sale By owner to avoid paying high commissions. The commission varies from 3% to 6% of the selling price, depending on the listing agent you’re working with.
When you opt for the FSBO method, the responsibility of doing all the agent duties – from paperwork to listing to coordinating with the potential buyers – falls on your shoulder. With technology evolving and people opting for buying and selling homes online, there are many for sale by owner websites that help you ease out the process, which seems like a tedious task.
If you’re a first-time seller on FSBO websites, you might be a little overwhelmed. However, with some user-friendly websites like Houzeo, listing our home using the FSBO feature becomes a cakewalk.
HOW TO PREPARE YOUR HOME AS A FOR SALE BY OWNER?
To attract potential buyers who are genuinely interested in purchasing your property, you need to think from their perspective. Put yourself in the shoes of a buyer and see how you can modify your home to make sure everything is in order. Here are some steps you can follow to prepare for a for sale by owner:
i) Clean thoroughly: Give your home a deep cleaning. Shampoo the carpets, wash the windows, scrub the tiles, basically do everything that makes every nook and corner shine.
ii) Declutter: Put away your belongings like family pictures, keepsakes, knick-knacks, and everything that’s labeled personal. Sellers would like to see the house and picture a space they would be living in. Decluttering gives them a better idea, thus increasing the chances of a quicker sale.
iii) Do necessary repairs: There’s no need to go overboard and renovate entirely, but just make minor yet necessary repairs. For example, fix the leaking roof or broken windows to ensure the buyer doesn’t have to incur all those expenses.
iv) Outside matters as much as the inside: Along with fixing the interiors of your home, make sure to fix your home’s exteriors. That is the first thing a buyer is going to notice. Clean up the fence, plant fresh flowers, and repaint the front door if required.
HOW TO MARKET A HOME AS A FOR SALE BY OWNER?
i) Multiple Listing Service (MLS)
When we said you would have more control over your sale, we also meant you having the liberty to market your house the way you want. One of the best ways is to list on a Multiple Listing Service (MLS) real estate website. Not only will this help you attract more eyeballs to your listing, but also help you save thousands of dollars that you would have spent on an agent’s commission instead.
These MLS are flooded with the largest pool of your target audience and the most accurate list of buyers interested in for sale by owner properties. And by doing so, you can save the 3% to 6% real estate agent commission.
ii) Flat Listing Fee
Several MLS websites work on a flat fee model where they charge you a one-time listing fee and offer all the services that a traditional real estate agent would. Some of them charge you as low as $299 to list your home. No hidden fees, no extra unjustified charges. Along with listing your property on several other real estate websites, they also give you end-to-end assistance, making the listing process for a seller transparent and seamless.
SET AN APPEALING HOME LISTING PRICE
Almost every seller wants an extra dollar to get the top-notch price for their sale. But overpricing often leads to diverting the buyers to other sellers, which leads to a longer time on the market and eventually a price cut.
As per a study by Zillow, across America as a whole, 57% of homes were sold at or higher than the price when the first offer was accepted within a week. In the second week, the sellers have to compromise for a lower price, figuratively speaking, 50% less and declining there onwards.
Consider listing on your local MLS or an MLS that provides you nationwide coverage, thus increasing the visibility of your listing.
Selling your home as a for sale by owner lets you have more control over your sale and assures you saving thousands of dollars that you would end up spending on an agent’s commission. With the world going digital, walk along with the trend and see a faster and smoother sale.