Real Estate Tips - Selling It Yourself? Plan It Out!

If you plan to sell your home on your own, or already have your home on the market, good luck! Some homeowners choose to sell their homes themselves, and do so successfully. However, you have a lot of competition. Real Estate Agents are in the business because they know what they are doing, and if they don't, they won't last long. In this multi-part series, we will tackle the road to selling your own home. The questions you should ask yourself, how to develop a marketing plan and where to go with your questions.

Questions To Consider

• Why are you thinking of selling your home on your own?
• Are you trying to save money?
• Were you burnt in the past by an unscrupulous agent?
• Are you sure you can do better than some stranger?
• How much time can you invest in selling your home?
• Can you be available at various times of the day or week to show your home?
• Are you accessible by phone when potential buyers have questions?
• Do you feel safe inviting strangers into your home?
• What precautions will you take in order to ensure the safety of you, your family and your home?
• Do you have all the legal forms required to complete a real estate transaction?
• Do you feel comfortable with these forms, in filling them out and understanding their role in the sales process?
• Do you have a marketing plan?
• How will you bring buyers to your front door?
• How will you find buyers who qualify?

Selling On Your Own

Many For Sale By Owners (FSBOs) start out because the homeowner just doesn't want to pay that pesky commission. Homeowners are sure that the agent just isn't worth a small percent of the sale price of their home. So FSBOs plan on saving that dollar amount by selling the property themselves. Can you save money? Possibly! Can you become the victim of buyers looking for a good deal? It happens! Many buyers who shop around look specifically at FSBOs because they smell a bargain. These buyers know that you, the homeowner, aren't paying a commission to an agent. So these buyers immediately cut that commission amount straight off the top of your asking price. Not fair, you say. You already figured in the cost of saving that commission and you put the price at a point where you could come out on top. But just as you are trying to save money, so is that buyer. So, many FSBOs end up with lowball offers, lower than they want or perhaps are even able, to take. Lowball offers aren't the case with every FSBO, but it happens more often than a homeowner would like to believe.

Another reason a homeowner goes the FSBO route is because the last transaction was a bad one. The agent lost the respect or trust of the homeowner and it just left a bad taste in the homeowner's mouth. This happens, more often than most real estate agents would like. As in any profession, there are bad apples. But there are many, many more professionals who take their real estate career seriously and work diligently to do the best they can for their clients. Talk with trusted family and friends. Ask for a referral. Then meet with the agent and see how you feel. If you still have a nagging feeling about working with an agent again, then consider forging ahead as a FSBO!

Help Along The Way

There are many resources available to FSBOs! Here are just a few of your options:

• Visit your local library. There are plenty of books outlining the sales process. There are even videos on how to present your home, negotiate deals and complete the transaction.
• Partner up with a local loan officer you know and trust. A loan officer will be glad to give you sales and marketing tips, and you will have a knowledgeable person who can screen your buyer prospects and make sure they financially qualify to purchase your home.
• Surf the Web! There are many websites with FSBO selling tips. Beware of FSBO tip sites which are really the sites of agents trying to obtain your contact information. Don't forget to take a close look at your state's Department of Real Estate site! You can find out what forms you will need and what your legal obligations are as a seller.
• Talk to real estate pros in your area. Really! Many agents would be happy to answer your questions or provide you with a form or two. But keep in mind that if you end up turning to an agent to sell your home, you should give the first crack to the agent who helped you.

Still going to tackle the sale on your own?

by: Tina McAlister