For Sale by Owner – Work Hard For More Money

Many sellers get sticker shock when they see the commission rates of real estate agents, especially when it is unclear what benefit a particular real estate agent is going to provide. That is why more and more home sellers are considering the for sale by owner option. While this method involves more work for the seller, being flexible with buyers is easier and you will not have to pay thousands of dollars to an agent. Other costs such as closing fees are also negotiable and can be lower than when working with a realtor. Reaching a large number of potential buyers used to be more difficult when you do the work yourself. With the augment of the internet, that limitation has nearly disappeared. A number of sites cater specifically to the for sale by owner market, including these websites:

• Zillow.com
• BuyOwner.com
• ForSaleByOwner.com
• FSBO.net

While using the web is essential to reaching a larger audience, do not underestimate the power of a lawn sign “For Sale By Owner” or a small advertisement in the local newspaper. Craigslist is also a popular spot to post houses for sale. Just remember that even though you are an individual, you cannot discriminate against potential buyers in terms of race, religion, gender, sexual orientation, source of income, family status or age. To create a great listing, you will need to take a number of pictures of your home with a quality digital camera. Clean and tidy up the house to properly document every room in your home. You should do this in the early afternoon on a sunny day so the rooms are lit up with natural light but won't catch a full glimpse of the sun through the windows. Write up a description of your house segmented by room; if you are having trouble distinguishing what makes your house unique, ask a friend to describe the most interesting or aesthetic parts of your home. Stay away from cliche phrases and descriptions so your house stands out. Research prices for houses that are similar to yours, including a similar neighborhood and size. If possible, you should hire an appraiser to give you a price estimate and what changes could be made to increase the value. One of the benefits of selling without an agent is you can negotiate down to a lower price and still save money since you won't be paying anyone a commission.