How to sell a house by owner, FSBO or For Sale By Owner

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By GreenLeader
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Sold this house in 21 Days without a listing Real Estate Agent at market value and 6 months faster than the competition.

You have probably noticed more FSBO signs in your neighborhood. The reason is in today's economy saving the 6% agents commission and having full marketing control of your property sale really adds up. Selling your home by owner can be moderately challenging, but also highly rewarding and if done well will move you ahead of the competition.

Difficulty: Moderately Challenging

Instructions

Things You'll Need:

Computer
Digital Camera
FSBO Yard Signs
Flyer Tube
Sales & Marketing Skills
Good humor

Step 1

FSBO sign available at most Hardware Stores.

Understanding the value of your home is one of most important first steps and requires in depth research. Home values are directly related to current competition, condition, location and demand. Value is ultimately what perspective buyers will and can offer.

Collect as much comparative information as you can to assist you in evaluating. Search on the internet for "home prices", "home values", "recently sold homes" plus your town, zip code or neighborhood. Visit open houses, pick up marketing flyers and take notes on what is selling. Research what's hot, what's not and learn the industry buzzwords. Ask your friends what they like and dislike about your home. Make your home's list of pluses and minuses. Find out what is the average square foot value for neighborhood. Set your asking price and know your lowest acceptable offer.
Step 2

Review and understand your document before you need them.

Get all your real estate documents in order to professionally promote and close the sale. Each state requires its own specific real estate forms to include Offer to Purchase, Contract for Sale, Disclosure Statements, and Lead Paint Disclosure.

Home sale document packages can be acquired for around $75 to $299 in many hardware stores, attorneys offices, or online. Many of these packages offer customer service to help you understand and feel comfortable in filling them out. Make pre-arrangements with a local real estate attorney to review the final papers.
Step 3

Multiple Listing Service (MLS) has exposure value especially for Open House and web savy buyers.

Once you have your value and your documents ready you will need to decide if you will use Multiple Listing Service (MLS) or not. Listing on the MLS will provide large scale exposure of your home on the internet to buyers and Real Estate Agents. MLS listing through many real estate web sites also allows you to search by Open House and may even place your open houses at the top of the listings.

To find a service, search for "Flat Fee MLS" on the internet. Average listing fees range from $99 to $399 and will allow you to provide pictures, videos and details of your home. If you do choose to list on the MLS you will need to decide how much you would pay a buyer's Realtor if they bring you the sale. Average buyer's Realtor commission is 2.5 to 3.5 and they will be responsible for all the closing paperwork and processes. Still a big savings and you are in control.
Step 4

Great Pictures are worth a 1000 words.

Get ready to Store it, Clean it, Stage it and then Picture it.

Store it: Try to minimize the clutter and personal effects by storing it at a friends or storage unit, not in your garage or by packing the closets. Less clutter makes a house look bigger. Less personal items allows perspective buyers to imagine its their home.

Clean it: Everything needs to be its cleanest. Fresh paint, caulking, shower curtains and other basic aesthetics have the highest return on investment.

Stage it: Make the house look like a catalog showroom. There are many articles in e-how on staging.

Picture it: Take digital pictures from all angles of each room. Use close ups to show details and quality. Use wide angles to show spaciousness. Best lighting for outside pictures of your home are early morning and late afternoon. Shoot video, edit and add a narration or music to post to you tube and many MLS sites. If your not sure about your photo and video ability, hire a professional.
Step 5

Marketing Flyers need to be in color, informative, provide contact info and always available.

Next you need to put together a real estate marketing flyer. Round up marketing flyers and notes you collected in Step 1 during the open house research phase. Compare the features and buzzwords with your plus list and develop your sales presentation.

If you are real creative you can develop your own marketing flier but most of us need more help. Real estate flier templates from both Microsoft and Mac are available as a free download or more flexible and professional templates are also for purchase.

Make sure the FSBO yard sign has a flyer tube attached and it is always stocked with flyers.
Step 6

Ask for the Sale, Follow up, and Close.

It's Showtime!

Because you have one house to sell, your best tools in FSBO are an aggressive open house schedule and a salesperson who knows its value. Real Estate agents handling many homes usually can not provide this type of attention and time to know and show just one home.

Be sure to:
* Plan your promotion of the open house in a timely fashion: at least two weeks for newspaper, one week for MLS posting and 3 days to put out signs at all major intersections leading to your home.
* Secure all valuable items, files, computers and personal information.
* Make the house smell great like coffee and cookies.
* Put the pets at a friends or pet day care.
* Do the same with the kids.
* Have at least two people working the open house.
* Create a Sign in sheet with contact info and ask if you can notify the potential buyers of the next open house.
* Show, sell and answer questions but do not hover.
* Ask for the sale!