So you think you can sell your home on your own?

In the recent years, it has gotten a lot more common for home owners to sell their own homes in recent years, as what’s called the “FSBO” (For Sale By Owner) listings. 

The reason behind why owners would go FSBO could be various: One of the most common is to avoid paying the commission to real estate agent  to reduce some of the payout fees. 

Some FSBO’s are experts at it, but if you are selling your home for the first time – you could be hit with a surprise with intensive workload behind the home selling process.  Therefore, I highly recommend that you do your research ahead of time.

Here are the 5 pitfalls which FSBO’s can fall into when selling their own homes.

1. Lack of research 

Researching pricing and terms of sales in today’s market, requires the right knowledge, methods and tools in this moving market.  Using the right data and information to establish a realistic price of your property, is THE MOST important factor of selling your home.

2. Lack of marketing 

There are tons of resources that you can use to market your homes, such as social media, Zillow, FSBO.com, etc.  You can also use free tool such as CANVA to create nice flyers and online ads.  However, utilizing the local network thru existing sphere in real estate industry, or local community, are some of the most powerful tools to best advertise your property.  Real estate agents usually has quick access to these connections.

3. Not ‘always available’ 

It is necessary for sellers to be available to walk through the property with perspective buyers to answer questions, and offer information about local schools, parks, shopping, access to highway, etc. – at any time the buyer requests for showing.  It is also very important to set the right security measures to manage who is in/out of your home at all times for your own security as well.

4. Not prepared to negotiate 

You, as seller, are required to be prepared to deal with the buyers as though you are an impartial third party during negotiation.  People often get caught with emotional outbursts during difficult conversations, so being prepared is extremely important.  Negotiations can often get complicated with inspections, contingencies and other unexpected conditions. 

5. Not sure of all proper forms 

If you ever seen the closing package for when closing a home purchase – you can probably imagine how much paperwork is involved in real estate transaction!  You will have to obtain all forms necessary for the legal sale of your home, including Seller’s disclosure, Deposit Receipt & Offer to purchase, buyer’s net sheet, …etc. 

So, what do you think?  Please share your comments/thoughts, as I’d be more than happy to hear from you! 

We, BHHS Starck The Goodchild Team, exclusively offer 20 tips on what to prepare for when selling your home on  your own, and also will walk you through the process as needed. 

Please feel free to contact me so we can go through those items, and get your home ready to get sold! 

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