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Five Things You Should Know Before Starting the For Sales by Owner Process

Five Things You Should Know Before Starting the For Sales by Owner Process

Each year, ambitious homeowners decide to buck convention and sell their home without the assistance of a licensed realtor or broker. While there is no single way to sell a home, there are noticeable pros and cons on both sides of the issue. For the home seller determined to go it alone, there are five things everyone should do before starting their For Sale by Owner (FSBO) project.

Prepping the Property

The first step to placing a home for sale is making sure the house is ready to hit the market. First impressions are the only impression in the real estate industry, so everything about your home has to look professional.

The key step to making your home look desirable is ensuring a thorough cleaning of all areas of the house. After the deep cleaning, your home should be clutter and odor free before you put up the first for sale sign.

Setting the Price like a Pro

Pricing is the next thing you will need to get right the first time. Potential buyers will be discouraged if the price is too high and will skip viewing the home. Overpriced homes have fewer people lining up to look at them.

One of the most reliable ways to properly price your home is by finding out the recent sales price of other homes in your area. You can talk to other sellers, check the newspaper, or contact buyers who have recently moved to the area. Pricing your home between 5 and 10 percent higher than your researched amount should net you an appropriate sum..

Learning the Basics of Real Estate Marketing

It's important to know how to get people to notice that your house is for sale. Typically, real estate agents and brokers would advertise the home on your behalf, but if you are doing a For Sale by Owner transaction, you will be responsible for creating interest in your property.

One of the biggest benefits to hiring a realtor in Plano is access to the MLS system. The Multiple Listing Service helps those selling a home reach potential buyers or realtors with clients who are seeking a property.

Some markets allow FSBO transactions to be listed on the site for a nominal fee. If an agent finds a buyer for your home using the service, then you could be asked to pay their commission, so proceed according to your financial plan and budget with this in mind.

Knowing When to Hire Professionals for Help

Those selling a home in today's world of regulations and paperwork will appreciate the addition of a few knowledgeable professionals to help with some parts of their transaction.

A FSBO transaction doesn't have to proceed without some professional assistance. If you find that you are overwhelmed or unclear on the specifics of a particular step in the process, then don't delay in seeking out professional advice. Even if your financial plan does not hold up to adding a realtor, consider enlisting the help of a real estate attorney or negotiator to work on your behalf when necessary.

Preparing for Closing

Those selling a house without the help of a real estate agent need to familiarize themselves with the requirements for closing a housing transaction in Plano, TX. Each state has specific requirements regarding what must be done before the home is considered purchased.

Before starting the For Sale by Owner process, make sure you understand all that will be required of you. In some areas an attorney is required, but others will allow a title company to process the paperwork.

Real estate agents have contacts in the industry, and they can ensure that you have a trusted professional managing your closing. Make sure that, in the absence of a realtor, you have chosen an experienced professional capable of handling the closing documents and paperwork.

Selling a home without the assistance of a realtor can be difficult and if you need to partner with a local realtor, then an experienced HFMA agent can be assigned to your immediately. If you are confident in your ability to properly sell your home alone, then you will find success at the end of the day. Planning and preparation are paramount to a successfully executed FSBO so if you need to connect with a seasoned professional, feel free to contact us. We're here to help.

About the Editor

Tanya Stewart

Ms. Stewart holds a B.S. in Engineering Psychology from the University of Illinois, Champaign-Urbana and Juris Doctorate law degree from the University of Georgia, Athens. She has over 15 years of experience running different businesses. She taught Marketing and Strategy for the Georgia branch of GKIC, a global Entrepreneurship & Marketing company.

GKIC influences more than 1 million business owners per year. Tanya specializes in Strategy for the business and implementation of the tactics necessary to execute the Companys plan. She also develops content, creates and refines campaigns and manages agents and staff to keep them on task. As a professional speaker and published author, she is articulate and persuasive, and serves as the American face of the company.

Her happy journey from Engineering-Psychology and through Law school merged into 15 years running different businesses. A professional speaker and published author, she has taught Marketing and Strategy for the Georgia branch of GKIC, a global Entrepreneurship & Marketing company that influences more than 1 million business owners per year. In seeking a new way to be of service, she Co-Founded to combine her love of digital marketing and people.

Tanya Stewart
Vice President Sales &
Co-Founder of HFMA

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