When you list and sell your property on your own, saving the realtor’s fees to both their agent and the agent representing the buyer, this process is known as For Sale by Owner (FSBO). This can be an opportunity for better deal for both the seller and the buyer. One difference or a possible problem that might facehere is that the buyer has to negotiate the price without an agent’s help but, on the better side you can take a legal advisor’s help (yes, it’s cheaper and worth counting on).
Well, below are a few tips you might want/ need to take into consideration while using the FSBO service.
- Time management
As you are the buyer/ seller in direct contact with the property at hand, you must have enough time to be available for on ground tours.
- Determine the price
While saving the commission fee, do not forget to appropriately price your commodity. You can take online help to check current property price in a current region or take legal help. Going solo is risky. If you are new at this or looking for speedy responses; we would recommend using multiple listings service (a marketing database set up by a group of cooperating real estate brokers.)
- Be Creative
There is a plethora of options one can explore and increase their property’s reach amongst potential buyers. Newspaper’s classified section isn’t the only way. You can distribute pamphlets with HD pictures on your property. You can use online advert services which link people to your property’s video or 360 degree virtual tour. It’s really up to you. You can even focus on a particular audience in case; you are selling a particular kind of property, for example: a shop with an excellent seller reach or in the main market, etc.
- The old and effective way
DO NOT forget to put the “For Sale by Owner” sign! The passers-by can always be the easiest way to get your property sold.
- Take online help
Websites like FSBO Sheet works on FSBO lead generation for real estate’s buying and selling. It provides up to date – no repeat or duplicate-leads so you have more time to prospect, set appointments and take more listings!
- Home inspection
Being the customer, it’s your soul right to dig deep in the legality of the house and not get mugged by a fraudulent. It is possible the house is not as clean as it appears to be.Precaution is better than cure, after all.
- Third party help
While closing the deal, you need to pay some money i.e. earnest money as a deposit to finalise the deal. It is suggested to not to let the seller have complete control of the same and rather add it to the escrow account. It helps you stay on the safer side and withdraw your money if at all, something goes wrong between complete payment and signing of the contract.
With that being said, we wish you a happy and safe housing. Don’t forget to invite us to house warming party!