Is “For Sale by Owner” right for you?
While selling your own home can save thousands of dollars on real estate commission, the “For Sale by Owner” (FSBO) method does mean a little extra work, which may not be for everyone.
If you’re considering listing your property “FSBO”, here are a few things that you should take into consideration.
The market changes at such a rapid pace and not everyone keeps up to the minute with trends when deciding to sell. As an example, if summer is a slower season, you may want to consider trying again when the market picks up in the fall at the start of the school year, a more popular time to buy.
When thinking about the market, pricing is also key. Pricing too high or too low can put potential buyers off. Too high, and buyers may think you’re not serious about selling. Too low, and they may think something is wrong with your home.
There are a couple of options to help you find that “sweet spot” on pricing.
First, check out comparable homes in your area; currently for sale and recently sold. Consider size, aesthetics, amenities, environmental upgrades and so on. Determine the price per square footage for comparable homes and apply that to the size of your own home and you should at least be in the right ball park.
Second, consider having a property valuation. A formal valuation will tell you exactly what your house should be worth, based on comparable homes in the area and other relevant factors. Bear in mind that comparable prices often include realtor commission. Factor in the saving on commission and you can choose to sell for a higher net price OR list for a more competitive price and net the same amount.
The practice of non-attachment is not just for enlightened yogi’s! You need to be ready to hear things you might not like and to “let go” of any emotional attachments that you may feel towards your home or possessions. Living on an island of many different cultures and customs, take nothing personally when a potential buyer comes along and doesn’t like your choice of paint in the master bedroom, or the new area rug in the dining room. Use their criticisms to your advantage! Many buyers have a difficult time seeing past paint colors, or unappealing furniture. The good news is that most of these things are cosmetic and can be easily changed and/or negotiated within the final sale price. If there are things that are very precious to you, consider removing them from the house before showing, and make it clear on your inventory list exactly what furnishings (aka “chattels”) are and are not included with the house.
Time is money! If you’re a hands on, DIY kind of person, the “For Sale by Owner” (FSBO) method is perfect for you! But remember, FSBO will require a modest investment of your own time.
First, you’ll need to spend some time getting your house in good showing condition. That means doing things like a deep cleaning, power washing, eliminating clutter and depersonalizing each and every room – consider it “pre-packing” to move. You’ll need to answer the phone when buyers call, be available for viewings and possibly host an open house. The beauty of FSBO is being able to engage directly with buyers.
For Sale by Owner is not a new concept, and it is not for everyone. For a flat, all-inclusive fee, starting at only $1,500, Fizbo is here to guide you along the FSBO path and to attract buyers using a multifaceted marketing campaign, including:
- Professional staging & photography
- Virtual tours
- Social media and web advertising
- Local classified websites
- Custom signage
Fizbo does the work to get your phone ringing and email inbox dinging! What’s more, if you’re not satisfied with our services after 90-days, we’ll give you a full refund!
If you have questions or you’re interested in listing your home, contact me via Facebook messenger, phone or text message.
Fizbo | For Sale by Owner | Cayman Islands