The typical commission required by a realtor for selling a home will be around 6% depending upon which area of the country you live and the market trends. This can be a substantial sum of money that home owner’s may not want to part with. Some homeowners will attempt to sell their home on their own, but keep in mind that as much as 80% of homeowners end up listing their house with an agent after receiving little interest in the property. One of the main reasons for this is that realtor to realtor word of mouth is the best advertising out there to sell your home. Even if you successfully market your home, the buyer will more than likely have an agent to whom you will still need to pay a commission or finder’s fee. If you feel that FSBO is the method for you, take a moment to consider marketing strategies that may help facilitate the process.
Pricing your home accurately is the most important step in the process. If you overprice your home, you are doomed for failure. Check out the comparables in your neighborhood. Be sure to take into account any features these homes may have that yours does not. Look at square footage, lot size, and most importantly, the condition of your home compared to others. If the home down the street sells for $50,000 more than another, be sure to find out why, they may have invested in a high-end remodel that justifies the price. If your home is on the market for an extended period of time because it is overpriced, buyers may begin to suspect that there is something wrong with your home.
The Internet is a priceless marketing tool that any one attempting FSBO should utilize. There are many FSBO websites that offer assistance for free or for a nominal fee. Since the Internet offers access to your home remotely, you will need to make sure that the photos you use are well-done and look professional. Most buyers will not even bother looking at a home listing that does not have eye-catching photos. Make sure that your house is truly immaculate when these photos are taken. Trim the bushes, mow the lawn and clear up any untidiness. If a peeling front door is the only thing wrong with your house, the buyer will never know this because they will never come by to look at your home if the initial presentation is bad. First impressions absolutely count in real estate. Take photos of every room in your house and upload them. Make sure that you open windows, hide the clutter and highlight unique features such as a fireplace or built-in bookcases.
Be as descriptive as possible when listing your own home. Buyers are interested or they wouldn’t be looking so more information is better. Put up signs if possible. Advertise in every newspaper and real estate magazine that is reasonable. Send an e-flyer to real estate agents who represent your area and invite realtors for a tour of your home. It is much easier to market a home that they have seen. Make sure that your home may be easily accessed by realtors, if you put lots of restrictions on the access to your home, it will be prohibitive for a sale. Lastly, have open houses. Invite neighbors to the open house; they may have family that would like to live close by.
Selling your home can be a daunting experience. But if you are committed to a FSBO be prepared to do a lot of marketing on your own. Take advantage of every advertising outlet. If you are one of the lucky few who have success with this method, you will have saved yourself thousands in realtor commissions. Keep the market in mind though when considering this option. Selling your home in a timely manner when listed with a realtor may offset the value of saving a few dollars in commission.