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For Sale By Owner (FSBO) Checklist
Posted by Matt Newbill in Fizbomap, For Sale by Owner, Tips, Advertising on November 27th, 2006
Selling your home without the help from a professional service (For Sale By Owner) requires considerable time, knowledge and research, not to mention huge commitment and dedication. In fact, industry statistics about FSBO’s indicate:
The average price achieved is 27% lower than that of a real estate agent. In 2005 only 14% of For Sale by Owner homes were successfully sold by the owner. In our local market (Boise, Eagle, Star, Middleton, Meridian, Nampa, Caldwell) that means an estimated 500 owners actually sold as a For Sale by Owner. On the other hand, property listed through the MLS had a 75% success rate, selling 19,341 properties in 2005.
To help you beat the odds, Fizbomap wants you to review the following checklist for success!
FSBO Checklist
Pricing your home:
- Obtain comparative information to price your property competitively.
- Understand which features of your property can influence your asking price.
- Determine the best possible price for your home.
Marketing your home:
- Create a comprehensive marketing package for your home.
- Take impressive photographs.
- Ensure you have floor plans available for buyers to view.
- Write accurate and detailed room descriptions.
- Select the best media for reaching a targeted audience of serious buyers (utilizing both on-line and off-line resources).
- Negotiate the best deals with media suppliers.
- Produce professional, high quality, and informative home brochures.
- Write hard-hitting property advertisements.
- Arrange for ‘For Sale’ signs and ‘Open House’ signs to be erected outside your home.
Dealing with buyers and arranging showings:
- Answer calls and deal with queries promptly.
- Send information to buyers quickly and efficiently.
- Screen buyers before they enter your home to ensure they are serious.
- Coordinate showings and open houses at times convenient to both you and buyers.
- Devote sufficient time to conducting showings and open houses.
- Ensure your own safety during showings.
- Answer buyers’ questions objectively.
- Negotiate with skill to achieve the best possible price for your home.
Dealing with offers and completion:
- Agree an acceptable price for your home as well as the terms and conditions of the offer.
- Ensure you’re fully aware of state, local, and federal laws.
- Coordinate appointments with surveyors, inspectors, attorneys, appraisers and finance companies.
- Prepare the necessary contracts and documentation required to complete the sale.
- Ensure you’re fully prepared at the closing table and bring all required documentation along.
- Understand your rights should any problems arise with completion of the sale of your home.
REMEMBER: For Sale by Owner listings only reach a limited amount of prospective buyers making it very difficult, if not impossible, to get the highest price. This is why Fizbomap is such a wonderful service. Fizbomap delivers full market exposure.
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