It’s a good idea to sell your home by yourself. No doubt, you will save realtor’s commission.
All that is required is to have all the required information, time and the skills needed for the job. If you think, you have them, venture out to test your presumptions.
Many FSBO owners think that selling a home means putting a sign on the lawn, an ad in the paper and in the net and hold an open house once in a while. Selling a home, in fact, means much more than that.
To start with you must be willing to answer the following questions to any potential buyers.
- Why are you selling?
- Where are you moving?
- When are you moving?
The purpose of this article is to give you some tips on how to sell “own houses” privately. And also to inform the potential sellers that they can approach the author to sell their house in the professional market, if and when they decide.
Handling a transaction without a middleman is more work and stress for the buyer as well as the seller. Many potential buyers expect an FSBO property to be a bargain. The biggest barrier for many homeowners to selling a house themselves is emotional. Your home holds priceless memories to you. Yet, my advice to you is to remain unemotional in the process of selling. You have to look at your home as a commodity: no emotions please, otherwise you can’t do it.
Do you think that a qualified realtor will have emotions on selling your property?
Negotiation is an art. It can enhance the price, when handled properly. If someone makes a lowball offer, keeping your emotions in check, treat it as an opening bid, not an insult. Be realistic. Remember many potential buyers expect an FSBO property to be a bargain.
What is your temperament and negotiating skills?
Another hurdle is the considerable time it takes to research your home’s value, prepare marketing materials and then organize and host open houses on the weekends and showings on the weekdays–possibly for months on end. It is like a full time or part-time job, depending upon your need and circumstances.
Do you have the required time?
Be honest with yourself. You might be ready to put more effort into selling the house than an agent would. But if you’re going to skimp on research or marketing, you’ll likely end up sacrificing in a lower sale price what you’d save in commissions. Also, you’ll have sacrificed your weekends and family leisure times.
Setting the right price is key to fetching top dollars for your home quickly. The author can guide you to fix the right price for free in GTA.
If your homework still leaves you fearful of mispricing your home, consider paying for an appraisal. (It will cost you $300 to $500 in most areas.) You might also pay for a home inspection in advance ($400 to $700). The inspection will alert you to any problems that could provide buyers with negotiating leverage
Do decide in advance whether you plan to cut out realtors entirely or are willing to pay a commission to a buyer’s agent, and factor that decision into your list price.
In the home sale market you’ve got to spend money to make money. So make sure your home is primed to impress
Since you don’t have an agent to do the marketing, you’ll also need to budget several hundred to a few thousand dollars for promotional expenses. Promote your home both online and print media.
Multiple Listing Service (MLS)—is the dominant database used by agents. You can have access to this database by hiring a limited-service or full service broker
In terms of content, take a multimedia approach. Highlight the price, location, number of bedrooms and amenities, like a three-car garage, granite counter tops or a finished basement. Then add high-quality photos and possibly a well-produced video tour that show off your property’s best features.
Is the potential buyer “prequalified” for mortgage? Such a bidder is unlikely to leave you disappointed on your doorstep, after his offer to buy.
Do your math once again with regard to realtor’s commission and the benefits. Which will result in better price with least amount of your time? After this analysis, if you decide to become FSBO, feel free to contact the author to make use of his any of the following free services.
1. Fixing the asking price (sale price)
2. Tips on how to sell privately.
3. Offer forms
4. Open house guidelines
5. Steps to financing
6. Questions to ask buyers.
Perrii is a realtor with Homelife GTA inc.
He is looking after his own clients’ needs selling their houses for top dollars. He is ready to help you to sell your house for top dollars. Contact him at 416 473 6100 email: perrii@dreamsandmoney.com
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