How to be a Successful FSBO

If your spring cleaning this year involves repairing and tidying your house to prepare to sell it, then you might want to consider going the for-sale-by-owner (FSBO) route. You can save a significant amount of money because you do not have to pay real estate agents.

It is not as easy as sticking a “for sale by owner” sign in your yard, though. There are several steps you should take before you dive into selling your home. The following advice will help you make the most profit.

Plan Your Marketing Strategy

Your marketing strategy is one of the most important elements of the selling process. It is how you will be visible to your potential buyers. Once you identify who your buyers are, you can devise a plan for your advertising strategy.

Whether you choose to market your home online, on paper fliers you post around the community or through the MLS (Multiple Listing Service), it is best to advertise in several mediums. This will ensure as many people as possible see your home listing. Creating a strategy in advance will help you stay more organized and on-budget throughout the process.

Address Your Home’s Needs

If you want to be a successful FSBO, you must know your home inside and out. You do not want a potential buyer to notice a structural problem with your house during a viewing. Have a professional inspector check out your home so you can take care of any issues before it is time to show off your house. If you choose not to fix any problem, make sure you convey this to buyers and account it into the selling price.

Hire an Appraiser

Although you are trying to save as much money as possible, it is well worth it to dish out a few hundred dollars on an appraiser. He will give you an objective, professional evaluation of your home’s worth. You will even be able to give potential buyers official paperwork that documents the accuracy of your home’s price, so they can be sure they are making the right purchase.

Research the Market

You can learn more about your local housing market just by browsing the Internet or walking around your neighborhood and visiting open houses. Comparing your home to similar ones on the market near you will help you get a feel for your competition. It will also help you determine if your selling price should be lower or higher.

Review Your Property Record

This step goes along with addressing your home’s needs. If you know your home completely, you have probably checked the property record. You do not want to be surprised to find out there are liens against your property. Head to the New Westminster’s land title office to get a copy of your title search and see if claims have been filed. It might even be wise to hire a real estate lawyer, if necessary.