How to Use a Flat Fee Multiple Listing Service When Selling By Owner

Traditionally, when you decide to sell your home, you turn the job over to a real estate agent. You pay that person a commission for the work done on the sale based on where you live. That commission also includes the listing of your house on the local Multiple Listing Service. There’s a way to avoid paying that commission and have access to the Multiple Listing Service, if you are willing to assume the task of selling the house yourself. Here is how you can use a flat fee multiple listing service while you sell your own house.

Difficulty: Challenging

Instructions

1. Choose among many companies that are available to you. There are broad-based national companies as well as others that specialize in homes located in their states. Each will offer to include your house in the local Multiple Listing Service. Expect to pay upwards of $400 or more, based on what else the company will provide, like signage or consultation with a professional real estate person. Go to the Internet and type "FSBO" and your city into your browser, or check your local Yellow Pages, for the real estate company in your area that provides these services.

2. Place a value on your house, probably your largest asset. Many companies will help with this by finding out what comparable houses in your neighborhood sold for recently. Others will not, but you must take this step before preparing your listing.

3. Prepare your listing. Highlight the positive features of your house. Tell prospective buyers why your house is the best value among others being sold in your area. Include the asking price.

4. Videotape a virtual tour of your house. Many companies have websites that will accommodate this feature, and there is no better way for you to show off your house. One word of caution: Nothing speaks louder than the quality of your video. Before you do this, be sure that you will be proud of what others will see.

5. Make your house ready for potential buyers. If you employed a real estate agent, you would be asked to show your house on a few moments’ notice, and it’s the same if you sell the house yourself. Also, plan to hold open houses frequently. Many websites have a special section devoted to this.

6. Hire professionals when you need them. Depending on the requirements of your state, a home inspection may be needed. And since all real estate law is complicated, you will need a lawyer to make sure of the details.

Tips & Warnings

• Don’t forget that, while you will be saving a lot of money by selling your house yourself, you will also be assuming a big responsibility. Have a plan in mind before you start.