1You Need To Be Available for Showings at All Times
Typically, your real estate agent or the buyer’s agent will arrange to have the home shown on your behalf. However, as a ‘For Sale By Owner’, you will be required to show the home on your own. This works against you for two reasons.
- First, you may not be able to leave work or skip class to show the house at a moment’s notice.
- Second, it is always better for a homeowner to not be around when the house is being shown.
2You Should Hire Legal Representation
A real estate transaction can be derailed by any number of overlooked details. For instance, you could encounter a problem with the title or find out at the last minute that your porch encroaches on your neighbour’s property. These seemingly minor details could be avoided by having an attorney help you with the completion of the sale.
3You Should Be Ready to Negotiate
If you have never sold via the “For Sale By Owner’ method, it may be a good idea to learn some basic negotiating tactics. You can expect that the buyer’s agent or the buyer him or herself will want to either dicker over the price or try to get at least one or two concessions wherever possible. Reading real estate blogs, taking classes online or going to a local lecture could help you better understand how to work with an interested party without giving up more than you want to.
4Do You Know How to Market Effectively?
One issue that you may run into trying to sell your own home is the fact that there are thousands of listings on any given day. Therefore, you have to understand how to make your home stand out. This may be done by having family or friends talk up the property to anyone in their network who may be looking for a home. You may also want to put up signs or take out billboard ads if that is feasible in your area.
5Be Prepared To Deal With A Buyers Agent
Fact of the matter is that in around 95% of home sales, the buyer has an agent working for them. That agent WILL get paid for the service, and the fee will be included in the offer for your home. So the odds are that the seller is going to end up paying for the buyers agent anyway.
Going ‘For Sale By Owner’ can be worthwhile if you know what you are doing. While you don’t necessarily need a background in business or real estate to complete the transaction on your own, make sure that you know where to go for help if you need it. This will increase the odds that the sale goes smoothly and you learn from the experience.