On My Own: Five Secrets to a Successful FSBO Home Sale
In the United States, approximately twenty percent of home sellers complete For Sale By Owner (FSBO) transactions. For many people, the cost of a real estate agent could be money well spent elsewhere and to be successful in the FSBO market it is essential to use all available tools and resources. Knowledge, planning, and a long-term view can mean the difference between a smooth, profitable sale and a confusing, frustrating, and even costly disaster. There are five basic secrets to making a For Sale by Owner situation work for you, so write them down, print them out and keep them in a safe place, even if you won’t be using them until later.
Secret number one: see the future
If you decide the FSBO sale is for you, make sure you hold onto it for at least three months. It’s easy to get discouraged or frustrated in the first few weeks and the temptation to quit will rear its ugly head. Take a deep breath and remember that Rome was not built in a day. Marketing and sales require a lot of time and work; be patient and your investment will pay off.
Secret number two: know your local area
Do your research and become familiar with local market conditions. Having an understanding of what’s hot and what’s not will help you make important decisions that affect the sale of your home. Read local real estate columns, visit local and national real estate websites and review reviews from industry experts, ask friends and colleagues about their personal experiences, and take a close look at other properties in your own neighborhood.
Secret number three: appearances matter
Clean up the patio, clean the rugs and upgrade the fixtures. Make sure the house looks its best and highlight the areas of the house that make the strongest impression. In today’s real estate market, homeowners who place a high value on neatness and cleanliness are typically rewarded with a faster sale and higher price. The time and money you spend will save both of you in the long run.
Secret number four: know the law
Although homeowners can complete almost all aspects of a real estate sale on their own, it is always safer to hire a real estate attorney to review the legality of your property transaction. In many states, a real estate attorney is required by law. Every home sale is different and unique. Your sale may require the skills of a professional, and when it comes to your finances, “better safe than sorry” is a good rule of thumb to follow.
Secret number five: creative marketing
Most FSBO home sellers use traditional marketing elements like yard signs and web listings, but adding some spice to your marketing plan always works. Creativity in this area always benefits a seller. The faster you can reach your perfect buyer, the faster you can complete a successful real estate sale. Imagine all the possible ways you are going to find them. Consider placing an ad in the local newspaper or posting flyers in public places. Connect with neighbors and friends and have them email and mention your property to their friends and associates. Word of mouth can often pay off faster than you expect.
FSBO opportunities can give you more freedom and make you more profitable if you are not afraid to do the work. For entrepreneurs who yearn to learn, execute and succeed individually, the first full sale of real estate is exciting. The confidence you build will lead to future achievements and the knowledge you gain you can take with you. For more information on FSBO and property listings in the Atlanta metro area, please visit my website at [http://www.LivingMetroAtlanta.com].