Avoid 5 Mistakes If You Are A FSBO

Having your house or property on sale by yourself can be nerve wrecking if you are not familiar with the system and activities one need to know before selling a house. Although people who have done this kind of thing a couple of times find it pretty easy but newcomers in this field must be familiar with some guidelines and do some researching before they put their home or property on sale in this huge competitive market. The mistakes made by “for sale by owners” is pretty common and repeated by every new comer unless you do your homework. Some of the major errors made by FSBO are talked about below to keep you from making the same mistakes.

When it comes to selling your house, the first thing you need to be cautious about is to price your property correctly which could be done with the help of a professional Comparative Market Analysis (CMA) if you are not familiar with the market yourself. A report is submitted to you by a CMA which tells you the marketability of your home, the prices on houses just like yours and other necessary details you need to know before dealing with a client. This is a very crucial guideline for a FSBO, no matter how great and ideal your house is an expensive price can scare people away without even knowing other good qualities about your place.

After pricing your residence focus on advertising of your home through banners, flyers, newspapers, online websites etc. The more you advertise about your home the better. Use your relatives, friends and other social connections to let people know you are selling to attract more and more buyers. The less you advertise, the longer you will be stuck with a home and the longer a property is on market with less exposure, the less chances it has to get sold in the future. People lose their interest and move on to a house that is new in the market.

Be proactive, if your house has some repairing and fixing to do which is expectable in every house then fix them yourself. If the buyer comes in and sees these defects, they will definitely want some concession in the overall price which becomes a loss for you. The fixing and repairing of some trouble spots will cost you a lot less. So do not wait around for a buyer who might not ask for a concession and repairs all the defects themselves because that’s never going to happen. Also be polite, friendly and constantly available for the buyers. You do not want to play hard to get with your clients otherwise you might lose them. Usually buyers are hesitant to deal directly with the owner, so from your part be as understanding and cool minded as you can because you might get comments that you do not want to hear.

Finally, when you are done with above precautions you come in direct contact with the clients. If you are giving a tour of your house make it presentable. Have the house cleaned up as if you are waiting for a guest to come over. Your clients do not want to see the mess your kids have made in their rooms, the dirty dishes in the kitchen or an untidy lounge. Have your windows opened every morning to let the fresh breeze come in and the bad odor of musty air go out. The cause of doing this is that it just ruins the whole image a client has in their minds when they leave the home. To them that whole mess of yours becomes a part of the home they want to buy which eventually with a bad presentation they don’t.

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2 Comments

  1. Posted March 26, 2008 at 6:04 pm |

    Fizzbo Propertycan be very difficult to sell in this very competitive market. Imagine that your neighbor has a Realtor aggressively marketing their home and you are stuck with low-tech marketing stuff. This kind of property needs to be very well priced to compete in my opinion.

  2. Posted May 7, 2008 at 11:37 am |

    I think the most important step is to be realistic in what you can and cannot do. I’ve seen so many first time home buyers jump into something they cannot afford only because they have big dreams.

    Do your homework done first if you are thinking about taking out a loan or mortgage. The time spent looking into your options can save you a good deal of money later on.