Tips: For Sale By Owner

When my husband and I decided to sell our home, we went out on a limb and listed it For Sale by Owner (FSBO). In our case, we did not have our eyes set on another house and we were not in a position where we needed to sell. Rather, we knew the market was hot so we decided to go for it and just see what happens. We were in a high-demand market where sellers hold most of the power so we had this on our side. We also had purchased a couple of houses before so this was not our first rodeo in real estate. However, this was the first house we were ever selling! The list of pros and cons when listing an FSBO is longer than you would care to read and most articles aim to highlight the disadvantages. I on the other hand see the befits of both sides but having successfully listed and sold my house on my own, I have a few valuable tips for homeowners looking to do the same.

1. CMA:

A Comparative Market Analysis (CMA) is what real estate agents use to estimate the value of a property. To get an idea of what your home is worth first take a look at houses that have already sold in your neighborhood. Zillow is a great resource to find this information. You will want to take into account when the house was sold and compare it to your home in terms of square footage, bedrooms, bathrooms, updates, etc. It is important to look at houses that have already sold because this gives you an idea of what prices work but you also want to take into consideration what is currently on the market too. This research should help you determine the market value for your home.

2. Take good pictures!

This might be more important than number one! When my husband and I were looking for a second property in Vermont it felt like every minute of every day was spent scrolling through real estate marketplace or MLS websites. We put together a list of properties we wanted to see and set up back-to-back appointments, all in one weekend.. After a tiring and unsuccessful 2 days I desperately, and still reluctantly, was like "hey babe, let's just go take a look at this one since we are here." "This one" is the house that during our search my husband kept referring to as "the dump." "This one" that the photos were so dark you can barely see the rooms. "This one" that we NEVER would have even given a second thought if any of the previous houses we saw worked for us." This one" is the house we ended up buying! After seeing 6+ houses the one we almost didn't see because the photos were SO bad ended up being the best house we saw that weekend. When buyers are looking for a home the photos they see online are their first impression and, as we know, first impressions are everything! Take your time to take good photos. Turn all of the lights on, open the curtains, and take them during the day, added natural light will brighten the space. Take photos of the entire room, potential buyers need to know what they are looking at. If you are not up for the challenge investing in professional photos will be worth it (or even a friend who has pretty good photography skills with their iPhone).

3.Declutter and keep clean

Before you take photos of your home, you want to declutter and tidy up every room. Getting your house showroom-ready will help buyers envision themselves living there. Put away all the mail that may be piling up on your counter. Pack up any knick-knacks you have around the house. Remove large collections of family photos on display. Again, you want potential buyers to be able to see them living in your home, and removing some of your personality will help facilitate this. You also want to remove any furniture that is crowding a room or in bad shape. Taking away extra furniture instantly makes the room look larger and opens up tons of possibilities for potential buyers. Make sure all surfaces are clean and clear, tidy up toys, remove papers from the fridge, and do not shove everything into one closet! Buyers look behind closed doors. Decluttering your home will give it a clean and fresh feel which welcomes buyers. This also helps you get a head start on packing and tossing those items you never use but have been holding onto for years. Once you have decluttered your home for photos, it is important to keep it as tidy as possible while it is on the market for showings. You never know when a potential buyer may call you and ask to come by.

4.Work with buyers agents

If you want to sell your home for sale by owner that is wonderful but do consider working with buyers agents. You can negotiate the commission rate you are willing to pay and most agents will happily accept without much pushback. Marketing a FSBO can be hard, especially if it is your first time. Buyers agents have a pool of clients who may be interested in your home. By not working with them you are potentially missing out on offers! Also, most people working with an agent are serious buyers. It is important to know that the person interested in your home is serious about buying and has the funds to do so.

5.Don't let other agents sway you into working with them

Most real estate agents do not like the FSBO model. When we first listed our house my phone was ringing off the hook with agents calling to get us to list with them. Each agent had their own spiel but most of them said they would be able to get us more money. Some even wanted us to list it with them, at a higher price, so their commission wouldn't affect our profit. I even had one agent tell me I will never be able to sell it on my own. From there, it was game on! Some of these agents can be convincing but we were determined to sell it on our own or at least try to before turning to a professional. You have nothing to lose and a lot to gain when deciding to list your home yourself. If it is something you have a good handle on, go for it. You can always list with an agency if you are not seeing any traction. Selling a home for sale by owner can be easy, don't be intimidated!

*An agent came to our house wanting us to list with her (this was before we put it on the market ourselves). She told us we can get X for our house but the number didn't sit well with us. When we decided to list our home FSBO the listing price was 25K higher than that agent originally gave us. Our house ended up selling 10K over ask!*

That is my little bit of inspiration for everyone venturing down this road, sometimes your best interest is in your own hands!

6. Show like a pro

If you want to sell your house FSBO you have to be invested and willing to show your home to all potential clients. This was my favorite part of selling our house and it also works to your advantage. No one knows your home better than you! A listing agent will not know how peaceful your porch is on cool mornings or how the sun shines through your kitchen window at 3 pm. You know your house best and you know what others will love about it. The charm, the lighting, the updates, and renovations. Yes, the fact that you put in a new kitchen in 2018 will be on the listing but having your first Holiday in that kitchen with 16 of your family members all gathered at the table and talking around the island are little details you can mention as you walk a potential buyer through your house. Sometimes buyers need a picture painted for them to see your house as their future home and you are the perfect person to paint it for them.