Everybody has heard wonderful stories of how homeowners saved thousands and thousands of dollars in real estate commissions by doing it themselves. These are true stories, but they come too few and far in-between those unsuccessful ones. In real estate, there is LOCATION, LOCATION & LOCATION. In translation, it means PRICE, PRICE & PRICE. How would you get top dollar for your property if you are only limited in your market? Or depend only on your For Sale sign? And now more fancy FSBOs having their own property websites equipped with photos and virtual tours. PRICE Most FSBO homeowners guess what their house is worth. Too often, they think it is worth more than their asking price, given the options and upgrades they have in a house. Having the price set correctly the first time is very crucial to your success. When it is priced too high, most buyers will move on to the next house. When it is priced too low, you are at a loss. NEGOTIATION Negotiation is NOT an art. It's a tool you need to ensure your success in getting the best price for your home. Real Estate is one of the few places (along with the automobile business) in American life where some form of negotiation is the rule rather than the exception. Just because it is the norm, however, does not mean that most people are proficient at it. It takes a keen understanding of the process in order to be good at it. MARKETING/ADVERTISING Advertising works best when it is run frequently over a period of time. Most FSBO sellers, however, try to cut costs by running a single ad here and there, usually not often enough to attract the attention of many buyers. The Realtor®, on the other hand, advertises their listings often in print media, in electronic media, and in the MLS, which is only available to licensed Realtors® and brokers. Also, most Realtors® find houses for their clients listed on the MLS system and too many times, the Realtor® in the car with his/ her clients just passed by your house. CLOSING There there are three battles to overcome in selling your home. First is to find your buyer in any resource you can. That includes advertising/marketing fees which you have paid and time it takes to show the house to prospective buyers, which many are just curious neighbors wanting to see the inside of your house. Next is to negotiate the price, terms and conditions related to the sale. Depending on your skill sets, this may come naturally to you, or it may not. Lastly, after the first two steps are taken, the transaction goes into closing. Selecting the right Title company is crucial in your success and so are your skills to request for the right paperwork from your buyers to ensure they are also keeping up with the necessary work it takes to close on the deal. FEAR Prospects often shy away from FSBO homes. Some fear legal problems because of the intricate paperwork involved. Some may worry the seller is not disclosing everything about the home's condition. Others may simply feel uncomfortable negotiating directly with the owner. FSBO sellers face the same Real Estate requirements as everyone else working with Realtors®. Working directly with buyers (bypassing Realtors®) does not remove you of any obligations, risks or potential liability. |
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