Selling For Sale By Owner Can Be a Snap - But Avoid These Mistakes!
You might think that just because I'm a realtor I scoff at the thought of people selling their own houses (otherwise known as FSBO, or "For Sale By Owner"). However, this couldn't be further from the truth. As a realtor, investor, and someone who has sold lots of homes and seen lots of different situations, I understand that selling your own home might be the right choice for you! Everybody is different and some people are definitely up to the challenge of selling their own home. IN FACT, I've even created an Ebook to help people sell their own homes FSBO. It's free and you can find it right here....
Okay, so we agree that selling your own home is a choice some people feel is best for them. I will say that it can be a route that is full of potential pitfalls, however. I want to help you avoid some of them, so...here are 5 Things NOT to do when Selling a Home FSBO.
1. Hiding the Address of Your Property
Some owners feel like they want to conceal the address of their property because they don't want people doing drive-buys. However, this can be a mistake, because potential buyers will sometimes drive around to see tons of homes before even coming up with a list of the ones they would like to see later.
By concealing your address, you are doing yourself a disservice when it comes to visibility, both literally and figuratively.
2. Neglecting Placement on the Multiple Listing Service (MLS)
Getting on the MLS and other online marketing sites really is crucial when it comes to marketing your home. Did you know that the online site www.realtor.com receives almost 7 million visitors each month? People are definitely online and you want to be there too.
(There is one stipulation here: you must pay a commission to any agent or broker who finds you a buyer if you are listed on the MLS). But this usually doesn't actually cost you much in the long run, because oftentimes buyers who are making offers without using a buyer's agent expect a discount in prices.
3. Not Having a Flier Box - Or Leaving It Empty
Having a flier box outside your home is a great way to lure potential buyers who are cruising around looking at properties (see #1 above). But Don't let them get empty! Having a flier box and keeping it stocked with a nice-looking, professional flier that shows off the best of your home can be an easy way to market your home.
4. Pricing Too High
I've discussed this before, but it's really important so I'll reiterate - don't price yourself out of the market by setting too high of a price on your home. How do you avoid this? Research competing properties in similar locations & neighborhoods. Do a little research and it will go a long. And then price your house so it is a value in it's category. Trust me, you'll be glad you took this advice! And if you are getting nowhere with this step, it might be time to call a realtor.
5. Removing Your House From the Winter Market
I'm certainly an advocate of sprucing up your house to sell during the spring. However, if you already have your house listed in the fall and take your house off the market for the winter, you may run into trouble - there is a chance more competing properties will be placed on the market, or even that prices have dropped over the winter, restricting the value that you can receive for your home.
Also, did I mention that February is consistently my best sales month? And that's in Appleton, which can get pretty darn cold. Just sayin!
Need help selling Your House FSBO? Click below to get my free Ebook! And if you want to go with a realtor, contact me today!