FSBO: The Do's and Don'ts of Using For Sale Signs

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A professional sign is one of your most important marketing tools. Next to an MLS listing, your sign is just one more way to promote your property by owner property.

Why is a FSBO sign so important?

Professional signs help attract attention to your home from everyone in your neighborhood and from those who happen to pass by it. If your home is on a major road, a professional FSBO sign is a definite must. The yard sign provides a visual cue to homebuyers letting them know where they can get more information about your FSBO property.

Many sellers – for sale by owner and otherwise – do not want a yard sign because they do not want the neighbors to know they are selling their home.

Truth is … there is no such thing as secret marketing. Keeping the sale of your FSBO home secret is counter-productive. Let everyone know your home is for sale. For sale by owner signs are just one of the ways to do it.

If you choose to use a FSBO sign, here are some do's and don'ts:

The Do's of Sale By Owner Signs –

  • When you purchase your FSBO flat fee MLS listing, purchase a FSBO sign from your flat fee MLS provider.
  • Include your MLS #, property website URL and your contact information.
  • Make sure the sign says "Agents Welcome" – Having an MLS # and the notice "Agents Welcome" gives peace of mind to buyer's agents that you are offering a buyer's agent commission if they bring a buyer for your home.
  • Do have a brochure box filled with your feature flyers next to your FSBO sign.

The Don'ts of For Sale By Owner Signs –

  • Do not use the generic For Sale By Owner Sign. Real estate agents are hesitant to approach for sale by owner sellers (unless they're trying to get your business) for fear you may not pay the buyer's agent commission. List on the MLS and use a sign that reads "Agents Welcome" to eliminate this fear of working with a for sale by owner sellers.
  • Do not hand write a sign. Having a professional looking FSBO sign is part of marketing your home like a pro and competitiveness with agent lists.

As a FSBO seller, it is important to use all of the marketing tools available to you. A professional FSBO sign with the right agent message and property information will make it easy for buyers to find your property. And it will make it easy for you to spread the word about your FSBO property for sale.

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Source by Lisa Y Henderson

For Sale By Owner: Points To Consider

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Some people may think trying to sell your home without a realtor will save them a substantial amount of money. Only you can determine whether or not this route will benefit you enough to deal with its challenges. Here, I offer some insight into the pros and cons of trying to sell your home alone, and the benefits that you'll receive from working with an agent, so you can make as educated a decision as possible.

Pros of Selling Your Home Yourself

The first pro most sellers think of when they are considering selling their own home is that they will not have to pay the 6% average commission the realtor earns for putting in the effort to sell your home. One point to consider on the financial front is that homes sold by owners sell at 15% lower prices on average than if they were supported and sold by a realtor.

Secondly, you make your own rules when you sell your own house. You can choose your price, schedule shows when it's convenient for you, and negotiate when and how you like with potential buyers. If the selling of your home is not under a unique circumstance where you know you will be selling it with non-conventional terms (for lack of a better word), these points are not very valuable compared to what an agent can offer you with their experience. There is an art to pricing your home your agent will be able to inform you on, but you are always the decision-maker in this matter. They are also trained and skilled in the art of negotiation and the aforementioned statistic can attest to that. You can also influence when shows are scheduled if you have some restrictions for some reason. You are the driver, but trust that your agent's goals are first to represent you and keep your best interest in mind in all transactions (in accordance with the division), and get the most for your house in the least amount of time, for both your financial sakes.

Last but not least, you know your home better than anyone. You will remember all of its glowing features better than your agent might, but remember, for his commission he does employ a lot of marketing and professional services you may not have access to on your own. Most agents will walk through and give you their expert opinion on how to stage your particular property, if not have it home staged for you. Your agent will have professional pictures taken and sales copy written for your listing, if not more.

Cons of Selling Your Home Yourself

One of the largest cons to selling your home yourself is taking on the financial and legal liability for the transaction. A lot of paperwork, guidelines, and requirements are involved with the sale of a home. Even new agents struggle with the paperwork initially and their education in large part is all about the paperwork and legalities. Hiring a realtor is essentially free because they are only paid a commission out of the sale of your home, which should be higher than you would have been able to sell it for yourself, and if you hire a realtor for only one reason, it is to remove liability from yourself if any mistakes are made. Furthermore, it's for this reason that you've got to study real estate a lot to be competent.

Owners selling their own homes are often targets of people who do not qualify for a loan large enough to purchase your house. Realtors have experience vetting buyers and knowing which ones are serious and have the funds to make the purchase. If time is money, then you will save a lot here by hiring a realtor to sell your home.

Pros of Hiring a Realtor

Hiring a realtor maximizes the exposure of your home using the MLS (Multiple Listing Service, a system only real estate professionals have full access to), among other platforms of marketing. You will get the most exposure working with a realtor and you can interview several to unforgettable the one with the best marketing strategy and an attitude that fits you. Exposing the property using the most channels will result in selling your house much quicker than you could on your own, another benefit of hiring a realtor.

Finally, considering the scale of this transaction and the number of tasks involved that require specific knowledge and attention to detail should encourage you to hire a professional. Real estate transactions usually exceeded the threshold of $ 100,000. If you were in $ 100,000 worth of debt or medical expenses, or had a tax problem or legal problem worth this much, you'd probably seek professional help. Why not in this instance?

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Source by Shane Nguyen

6 Secrets for Selling Your Home Fast

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Are you in a financial crisis? Do you want to sell your home fast? If so, we suggest that you read a few secret tips that we have given in this article. With these tips, you will find it easier to sell your home in a short period of time.

Set the right price

First of all, you should evaluate your house and then reduce the price by 20%. Once you have done that, you will get tons of buyers with attractive bids. The buyers will keep bidding and you will be able to get much more than the actual value of your house. Actually, you have to have the courage but the majority of buyers do not have it. Still, it's the best strategy to sell a home fast in the here and now.

Half-empty closets

Nowadays, every purchaser is in search of storage. So, you should create enough space in your closets. All you have to do is remove half the things from your closets and then re-organize the rest of the stuff. This will impress the buyers. Also, make sure all of your cabinets and closets are neat and clean.

Light it up

Make sure you light up your house. After location, lighting is something that all buyers care about. What you need to do is remove the drapes, dust the windows, install quality light bulbs, change the lampshades and cut the bushes. Actually, the idea is to make your home as bright as possible.

Play the agent field

One mistake that you do not want to make is hiring an inexperienced broker. What you need to do is do your homework to get an experienced broker. The professional should be able to monitor the MLS. He should have the information about the houses that are going to be on the market. Actually, you should look for a broker who uses technology in order to do their business.

Conceal the critters

Like most house owners, you may think that having a cat or dog in your house may impress the buyers. However, this may not work for you. You need to keep in mind that not every buyer loves dogs or cats. Actually, some buyers may not like to see a bowl of dog food in your house. This may give an impression that the home is not clean. So, it's better to transfer the critters to a good pet hotel for that day.

Always be ready to show

You need to be always ready to show your house to potential buyers. Actually, you can not predict when the potential buyers will request you to show your house. What you need to do is keep your house ready at all times. Your house should be in the best shape. So, make sure the dishes are not in the sink and that the dishwasher is clean. While it's a bit inconvenient, you will be able to get your house sold fast.

So, you may want to use these 6 tips if you want to sell your house as soon as possible.

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Source by Shalini Madhav

6 Tips to Sell Your House Fast

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Often, selling a house can be an overwhelming challenge – let alone having to sell it fast. However, with good preparation and the correct approach, you will be surprised at how easy the task can turn to be. Read on for our tips on how to sell your house swiftly.

1. Find an Experienced Real Estate Agent

A good and experienced real estate agent can help you in securing a fast sale. Selling any property calls for in-depth knowledge of the local market, takes time, and great negotiating skills. This is why getting a good agent is recommended. When picking your agent try and find out his or her skills levels levels, experience and, of course, their fees.

2. Offer a Reasonable Price

Perhaps nothing is as important as choosing the right price when it comes to determining how fast the house is sold. And this is precisely where an experienced real estate agent becomes indispensable. Many house sellers like bypassing the commission agent believing that in the long-run it saves money. This may not always be true as a good and experienced realtor can help you in setting the best price for your house.

3. Advertise in Major Listing Websites

Nowadays everyone resorts to the Internet for what they want. If you really want that house sold pretty fast, then advertise online. This modern channel is now reaching millions quickly and is also very affordable. Look for major property sites and post your advert there and you will be amazed at the quick result.

If you want to go the old and tested way, why not simply have a "For Sale" sign post erected in front of the property? Everyone passing by will know your house is on sale and the word of mouth will also help in spreading the news.

4. Improve Your Curb & Exterior Appeal

Curb appealing is a key factor in terms of drawing potential buyers. Also important is how the exterior appears to a potential buyer of your house. To attract people interested in buying your home, it must look good not just from the inside but also from the outside. The truth is that many will first see your home as they drive by before making any further moves to contact you. If what is outside does not appeal, odds are high that they may never even bother getting in touch to see what the inside looks like. To improve the curve appeal quickly, you can plant flowers, make sure the lawn is mowed, clean up any debris, freshen up an any railings or painted exteriors with a quick coat of fresh paint.

5. Fix and Clean

Cleaning should go beyond the daily and routine cleaning job. For purposes of a quick sale, you may need to even consider renting outside or professional assistance. Get those windows professionally cleaned or if doing it yourself ensure they are washed inside and out. Dirty windows are easily noticed and prospective buyers are definitely going to notice them.

Get rid of any limbscale, repair and clean wooden floors, tile grout, and eliminate all lingering odors. This not only makes the house more appealing but also allows prospects to begin imagining themselves living there. If necessary, make any minor repairs- broken door / cabinet knobs, holes in walls, cracked tiles, and torn carpets.

6. Depersonalize Your House

Depersonalizing the place means obtaining the house ready for prospective new owners. This could be done by removing very personal items such as collectibles and family photos. Remember, that the objective is to make prospective buyers feel welcome and to begin visualizing themselves in their house not yours. Keep the place as neutral and simple as possible. Make the house clean and warmly welcoming. De-clutter the house and get rid of excess junk and trinkets. The whole idea is to give the incoming owners a blank canvas where they visualize their vision and dreams.

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Source by Earl White

How to Sell Your House Without a Real Estate Agent

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You can sell your house without the need for a real estate agent. No kidding. Normally, if you sign a contract with any real estate company, the average terms are as follows; the length of the contract will be for six months. The agent that you sign with will receive a 6% commission of the sales price of your home. If your home sells for $ 200,000, the agent will get $ 12,000 and you will only get $ 188,000. Surprise!

Here is the real deal. Let's say that you get tangled up with a lazy real estate agent. Maybe your agent has no buyers at all, waiting in the wings. I am positive that any agent will work diligently for a week or two in order to sell your home. After that, your agent may begin to lose interest and they're hiring that another agent somewhere in our country will bring the buyer. If so, your agent will receive a 3% commission anyway. At the moment that your agent loses interest, they move on to another property and abandon your deal all together.

Here's the problem for you. Number one, your property is tied up for six long months. If your agent loses interest in your property, you are a cooked goose. You have signed a contract with them and now you are at their mercy.

Number two, you now have no recourse except to wait six months. Of course, you can yell at your agent, in order to let off steam, but they are accredited to that and no real harm will be done.

Number three, during this period of time, you do not own your home anymore and you will not for the next six months. It is possible that you could rent your home, but every agent will discourage that, telling you that it will be difficult to show your home around a renters schedule. They will also tell you that a rental home will not show as well. All of which are true.

You could also sell your house yourself, while it is under contract. However, if you do not have that exception written in your contract before you sign, you may still be responsible for the entire 6% commission. Think before you sign on the dotted line.

Those are some of the problems, that you may run into, when dealing with a real estate company. I have a simpler solution. Sell ​​your home yourself. Now, this thought may sound terrifying to you, but I am going to explain exactly, step by step, how to do just that later later. I have personally flipped twenty-nine houses and sold eighteen other houses and not one time have I ever used a real estate company. Never! And neither should you.

Get more information at http://www.lifeinbahiaecuador.com

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Source by Tom Bradburn

Top 10 FSBO Tips to Selling Your Home by Owner

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By using some simple FSBO (For Sale by Owner) tips and techniques, the average homeowner can sell his or her own home without the assistance of a real estate agent. Just as many others have done in the past. You can sell your own home and save thousands, but it takes work and commitment.

Below you will read some simple strategies that can stack the odds in your favor, greatly increasing your chances for success when selling on your own.

FSBO Tip 1. Understanding the real estate market.

Getting an idea of ​​your local market conditions makes good sense. Just like any other product getting a feel of what's hot and what's not can help you make decisions that affect the sale of your home. Consider your neighborhood and the features that distinguish it from others. If you're comfortable, contact a real estate agent to discuss what the current market environment is like.

FSBO Tip 2. Timing is everything.

Timing the decision to sell and gauging the current market conditions could be two of the most critical decisions you make. If you need to sell your home quickly, the less flexibility, you'll be able to have. Conversely, if you're not in a big hurry you can sit back and wait for the perfect buyer. Just remember the real estate market is a cyclical environment. If it's a slow period now and you're in a position to wait it out then it might be a good idea to wait for the next upswing.

FSBO Tip 3. Assemble a team of professionals to help you.

While it's nice to think that you can handle things on your own, selling a home takes specialized knowledge. It's more than just writing up a sales agreement. Depending on what part of the country you're in you'll either need to find a real estate attorney or a title / escrow company to help with the legal details. As a rule of thumb, if you're east of the Mississippi it's usually a real estate attorney. If you're west of the Mississippi, it's a title company. Either way they'll be an indispensable part of your home selling process. Another important partner to consider is a reputable mortgage banker / lender. They can assist in helping you prequalify buyer prospects. We'll talk more about qualifying prospects as you read on.

FSBO Tip 4.How to determine the fair market price of your home.

This always seems to be a real tricky one. For many home sellers this typically reveals itself as a major point of contention. When trying to decide on a price guessing or basing your asking price on hearsay or nontraditional methods immediately reduces your negotiating advantage. Basing your price on what the house down the street sold for or what media outlets perceives as increased market value is not the way to get a legitimate price either. There are only two legitimate and well-recognized ways of determining a fair market value. One way is to contact a real estate agent or broker to provide you with a CMA otherwise known as a comparative market analysis. The best and most accurate way of determining price comes from a full-blown appraisal done by a professional real estate appraiser.

FSBO Tip 5. You're selling a house not a home.

While it's important to become emotionally distracted, you do not have to become a robot. After all this is your home, be objective but do not be cold. Keep in mind that people are going to perceive your home differently than you do. Either way way remain positive and extremely the right person will walk through the door and buy your home.

FSBO Tip 6. Preparing your home for sale.

Today's real estate market rewards those homeowners that place a high-value on neatnessas well as cleanliness. It not only adds value but alsogenerically promotes a quicker and more profitable sale. Once again the depersonalizing of your home helps your prospect with such an emotional decision. Decluttering the inside of a home is also key to your preparation. If necessary, rent out a small storage space and store some household items there. Just as a side note, having a garage sale is also a great way of getting rid of items that clutter up the house. Not only do you get rid of the items but also you make a little money in the process.

FSBO Tip 7. Start spreading the news.

It should be understood if you're going to sell your home and you're going to do it yourself, the easiest way to get the word out is to put a sign in your yard. This will immediately get the attention of anyone that happens to ride by. Naturally, this is the essence of selling on your own. Coming up with a highlight sheet to outline the key features of your home is a must. With the readily available use of word processing programs putting together a simple highlight sheet is easy.

FSBO Tip 8. Knowing a few, negotiating skills will get you a long way.

It's not necessary to become the next great diplomat. You will want to keep in mind that it's necessary to keep your emotions and personal feelings regarding the negotiating price of your property in check. When considering the selling price it's important that your calculations and numbers are correct. This allows you to have greater flexibility and leverage and you can negotiate from a position of strength.

FSBO Tip 9. Qualifying buyers and stopping the cookie loos.

So what's a cookie loo? A lookie loo is a person that comes to your house and looks in everything. They, look in cabinets, closets and drawers check everything out but never make you a serious offer. You need qualified buyers looking at your home or it's going to get very discouraging. One of the best ways of getting qualified prospects is to have them referred by your mortgage broker / lender. You can also take the direct approach. If you're arranging a showing over the phone, go ahead and ask them if they are pre-qualified. Do not be too shy when it comes to your prospects. If you're holding an open house and someone expresses interest in your home go-ahead and ask. Most of the time if they're pre-qualified they love to tell you. So do not worry about asking, it's the right thing to do.

FSBO Tip 10. If all else fails go to where the realters hang out.

If after a while, you're not getting the results that you were expecting for you can always go to the MLS option. This does not mean that you have to list with a real estate agent or broker. As a private party, you can list your home with your local multiple listing service. Usually this cost a fee but by doing this you automatically exposes your house to thousands of potential prospects all over the country. The upside is that you should be able to sell your home in short order. The obvious downside will be that you will have to pay co-op to an agent. Only in unique situations would the cost of co-opting be virtually impossible, due to low equity or some other extenuating circumstance.

These FSBO tips should give you a solid foundation to successfully selling your own home. There are many specific ideas and recommendations that are beyond the scope of this article when it comes to pricing, preparing and staging your home, and all of the items previously outlined. You should definitely research and prepare yourself for the selling of your own home process. In the long run, it will make things easier and could either save you or even make you thousands of dollars.

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Source by Alan Kirchain

Finding Homes for Sale By Owner: Important Things to Know

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When looking for deals on homes for sale, owner-listed properties are a great choice. Many individuals mistakenly think that a real estate agent is not just useful but completely necessary when purchasing a home, but depending on circumstances, this is not strictly true. If you are serious about purchasing a new house, you can go directly to the owner without the help of an agent. You can save on fees and reduce the headaches that negotiations cause if both you and the seller are on the same page.

Though you can get good deals on homes for sale by owner, there are certain issues to expect from this sort of transaction. Most importantly, you will have to be meticulous in staying on top of the financial aspect and keeping to a budget. When you are purchasing a building from its owner, most of the paperwork will have to be filled out by the two of you. However, as when going with an agent, the closing price is negotiable up until the end. Because these figures are flexible and third-party fees are eliminated, property sold by its owner can make for a great bargain for budget-conscious buyers.

The search for the perfect home can be the most challenging part of buying property, but it’s simple if you keep specific issues at the forefront of your mind while looking through listings. Local classified are often great places to find these deals, as online websites and listing venues are often swarmed as soon as they are posted. It is very common these days that sellers will choose local newspapers and circulars rather than online sites because the advertising fees are eliminated and the audience is hyper-local. This kind of deal is often referred to as an “FSBO house” (an acronym which stands for for “house for sale by owner”), so do not discount offline sources.

Additionally, negotiating fairly and well is extremely important to buying a home from an owner. In order to find an acceptable price point, bargaining from a position of strength is the way to go. A mortgage loan pre-approval can go a long way towards soothing the seller’s mind and demonstrating that you are capable of paying. Once this proof is provided, many individuals would not have a problem coming down on the price.

After you have negotiated a figure that both you and the seller are happy with, contracts of sale must be addressed. Many legal websites provide standard contracts free of charge, and providing your own contracts will help cover you if anything should happen. Additionally, make sure to hire a qualified home inspector to do a thorough check for any issues involving drywall, insects, water damage, et cetera. Remember, FSBO homes have not been vetted by an agency, so it is extra important to protect yourself and get expert professional advice before you complete the contract and become a homeowner.

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Source by Abby B Aarons

Ten Top Fails For Sale by Owner

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1. Over ambitious pricing- An owner's home is unique and special to him or her. They chose this home above all others, made it their own, lovingly maintained and updated it tirelessly. It's only natural that they above all others overvalue the property as a competitive product on the real estate market. A quick tour of Zillow.com For Sale by Owner listings highlights this issue where the vast majority of owners price their listing significantly above the Zillow Zestimate. While the Zestimate is not the last word in market analysis it tends to be very close. In addition, the data used for a Zestimate reflects homes sold by Realtors since they sell the majority of homes in the US. These sales are typically 10% to 18% higher than homes sold by owner.

2. Failure to update- Often a home's décor is picture perfect for the present owner – even if it was last done years before. Unfortunately, buyers usually expect up to date décor, appliances, mechanicals, and exterior. Otherwise, they devalue the home by the amount they estimate it would cost to bring the home up to today's appearance and efficiencies. This amount tends to be larger than the update would actually cost so it makes sense to do the work before the home is marketed. If this is not possible, the cost should be factored into the asking price. 'For the price we're asking they should take it as it is.' thinking does not fly – they will not.

3. Failure to market- A sign on the lawn and a Craigslist listing is not enough in today's highly competitive market. Marketing is successful if a buyer would have to be living under a rock to be unaware of the listing. Presentation is equally important. A home must look wonderfully appealing to compete with professionally staged and photographed listings typical of today's Realtor presentations.

4. The imaginary buyer- A home's salability can be determined by the size of the buyers' pool present for a particular home in a given location for a price range – how many buyers are looking for a home like this. Sellers often imagine a buyer who would be interested in their listing at the price they want. It's likely this phantom buyer does not exist or if they do would probably buy something more competitively priced.

5. Inflexibility Every situation is different. What appears to be the best course to the sale is often terminated or unsuccessful. When this happens failure to reevaluate and redirect often dead ends the process. The real estate environment changes slowly and often not in the desired direction.

6. Creative financing- Owners typically receive "creative" offers from prospective buyers that have an unfortunate standby to either fall through or cause serious financial harm to the seller. These prospects have often been refracted by owners represented by Realtors who know better than to engage in suspect deals with unsubstantiated buyers.

7. Failure to Qualify- Owners often accept contracts from buyers who are not credit worthy. The result is typically a fall through – back to square one – or litigation. A buyer should be qualified before they even see the home.

8. Availability- Owners should be available 24/7 on phone or email to answer questions about the home and to schedule shows at qualified buyers' convenience. If they have to wait they will usually see something else.

9. Negotiations- Lack of negotiation skills costs sellers millions of dollars every year in the US. Owners attract Buyers ready, willing, and able to argue them down. These same prospects would have little luck low-balling sellers represented by Realtor who are highly trained and experienced in negotiations and can spot a wheeler-dealer a mile away.

10. Not consulting a Pro- Even if there is some pressing reason not to use a Realtor to handle the sale professionally, not having one on tap to avoid devastating situations that can often destroy an other viable sale. The next best person to consult is a real estate attorney – no transaction should be without either; there's too much riding on the outcome.

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Source by Dennis Maier

Consider The For Sale By Owner Approach When Selling Your Property

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What Is For Sale By Owner?

For Sale By Owner or Owner Assisted Real Estate is the process of selling your own home without the aid of a real estate agent. Whilst most may not have heard of the For Sale By Owner approach or believe that it is an allowed practice, you can be sure that it has been around for an extremely long time and it is 100% legal, despite what a real estate agent may tell you. Most people who use the For Sale By Owner Real Estate method are Property Investors and those who are looking to make an extra buck or two when selling their home or investment property.

How Does It Work?

Selling your own property is a multi-faceted process that only the brave normally take on but if you do your research, like reading this article, you will have no troubles. First, you need to think about how you are going to market the property such as writing listing copy, taking images for the property etc. This is something that doesn’t cost you a cent and can be done in little over an hour, all you need to do is sit down and write a description of your property and then walk through your house taking some nice photos that will appeal to potential buyers.

The next step is the negotiation and sales side of the process. You would be wise (if you have not had previous sales experience) to speak to someone who you know that knows about the art of sales and negotiation, like a friend. You would also be wise to speak to a lawyer or conveyancer about contracts and agreements for the sale of your property.

How Much Does It Cost?

When it comes to selling your own home, it will only cost as much as you would like it to cost. Below are some of the things you may need to consider purchasing when you are going down the For Sale By Owner path.

  • Listing Your Property (Free & Paid Options)
  • Photographer (Optional)
  • For Sale Signage (Optional)
  • Conveyancer / Lawyer (Essential)

Are There Any Hidden Surprises?

If you do your research, no. The whole For Sale By Owner concept is fairly transparent and you have full control over the process, the only catch is that you have to do most of the work yourself. Creating your advertisement or property listing, taking the images of your property, posting it online, erecting “For Sale” signage at the front of the property for sale, handling enquiries, negotiating with potential buyers, sealing the deal and having contracts or agreements written up.

It may sound like a lot to do but when you think of it, the bulk of the work goes into the advertising of the property which may only take you an hour depending on how quickly you can write a spiel on your property and how good you are with a digital camera, the rest is simply taking phone calls and having someone like a conveyancer draw up the contracts for your property sale.

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Source by Lucas Keith Raby

5 Reasons NOT To Use A Cheap Realtor

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There are a lot of agents out there who advertise their services at a low discounted rate. I see signs all over town. “Sell your home for 2%.”

But, there are a few things you need to consider before going with such an agent.

1. That fee is listing side ONLY! That’s right, there is a little fine print that they don’t typically include in those advertisements. That fine print is that the 2% commission is only ONE side of the deal.

When a house sells the listing agent gets a certain % of the sale price. BUT they also have to pay the selling agent (that’s the one who brought the buyer).

They will almost NEVER give the selling agent less than 2.5%. That’s because a buyer’s agent will almost NEVER be willing to settle for less. I know I wouldn’t!

So now that 2% has turned into 4.5%. Yes, it’s less than the traditional 6%. But is it worth it considering what I’m going to tell you next?

2. Discount commissions mean discount service! You may not know this, but the costs a real estate agent has to pay to run their business are massive! So when an agent cuts their pay, they have to cut their effectiveness in business.

On average it costs an agent at least $500 a month just to BE an agent. There are desk fee’s, association fee’s, license fee’s, continued (required) education fee’s, MLS fee’s, E & O insurance fee’s, and the list goes on and on.

Let’s make the math simple. If an agent sells a $100,000 house at 2% commission then they make $2,000 (but you spend $4,500 because of the extra 2.5% to the buyer’s agent).

BUT WAIT! Their broker typically takes about half of that. So now they are making only $1000. And, Uncle Sam wants his cut too.

So, how does a discount agent stay afloat? They get as many listings as they can and they do NOTHING with them. They will place them on the MLS and then wait and hope the phone rings.

They can’t afford to do any real marketing for you. It’s simple math. So a low amount of commission gets a low amount of service.

3. If they discount their own value they will discount your value as well! An agent that is willing to take such a low commission to get your business is also willing to take a low offer on your home to get some kind of pay.

Think about it. How good are they really going to be at negotiation and getting you what you deserve if they can’t even get what they deserve? They are willing to lower their price without even being asked! How is that kind of negotiation going to help you in the sell of your home?

4. Training… do they really get enough? For every sale that they make (if they make one) they give half of that $1000 check to their broker. Typically a good agent can close 2 houses a month. So that’s $1000 a month that agent brings his broker. Is that enough for the broker to provide training?

The expenses an agent has to pay are high enough. But, imagine what the broker pays! Just like how the agent has to cut their level of service, the broker has to cut their level of training.

What you end up with is an agent with little training and no reason to do anything more than put your house on the MLS and wait. You get what you pay for!

5. Compare them to an agent making the traditional 6%. That 6% covers ALL sides of the transaction. The agent that makes what they are worth is going to be able to provide a 3% cut of the sale price to the buyers agent. So more agents will want to show your house.

They are going to have the money flow to advertise your house in many more ways than simply putting it on the MLS. They can afford to advertise YOU rather than their “2%” fee.

They don’t settle for less than they are worth, and they know how to negotiate for the best. So you can trust in their ability to get the best price for your home. If they see a low offer they are going to tell you it’s too low. They aren’t going to just “take what they can get.”

And, the simple fact that they bring more income to their broker means their broker has more ability to spend money on their training. So they can guide you through the legal issues that you wouldn’t even know could be a problem!

Bonus: How much money do you really think you could save by going with a discount real estate agent? In total, you spend 4.5% MINIMUM in their commission. That’s 1.5% less than an agent charging the full 6%.

So let’s break it down again with that $100,000 sell. You could pay $4,500 with a discount agent and deal with all of that drama. OR you could pay $6,000 with an agent that can afford to work for your best.

That’s only a $1,500 difference. But it makes a world of difference when you are dealing with the largest financial investment of your life!

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Source by Jason Nathaniel Evans

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