Is “for sale by owner (fsbo)” right for you?
Considering listing your property FSBO? here are a few things to consider
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.
The market changes quickly and it is important to be up to date with trends when deciding to sell. Consider what new developments are available, what price are similar properties listed for? have there been any negative or positive changes in your neighborhood which may impact the desirability of your home?
There are a couple of options to help you find that “sweet spot” on pricing.
When considering market factors, 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 there are problems with your home. See our article on Pricing Your Home For Sale for more details.
You can also 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 ballpark.
We highly recommend obtaining a property valuation. A formal valuation will tell you exactly the Market Value of your property, based on sales of comparable homes in the area and other relevant market and economic factors.
Non-attachment is not just for Bliss’s enlightened yogi’s! Try to let go of any emotional attachments you feel towards your home or possessions. Living on an island of many different cultures and customs, it’s beneficial to remain emotionally detached if a potential buyer doesn’t love your paint color as much as you do or if they can’t bear your new area rug. Use their comments to your advantage, many purchasers are unable to see past these details, but most of these things are cosmetic, and easily changed or negotiated within the final sale price.
If there are items precious to you, you might consider removing them from the house before a showing. Make it clear on your inventory list which furnishings (aka “chattels”) are included/excluded from the sale.
Time is money! If you’re a hands-on, DIY kind of person, the “for sale by owner” (FSBO) method is perfect for you! FSBO will require a modest investment of your own time. Here’s a list to help you prepare:
- Spend some time getting your house in good showing condition
- Deep cleaning
- Power washing
- Eliminating clutter and depersonalizing every room – consider it “pre-packing” to move
- Enquiries and selling
- Responding to emails/calls from buyers
- Be available for viewings and possibly host an open house. The beauty of FSBO is being able to engage directly with buyers
- Negotiate offers with buyers and close the deal
- Instruct a Property Lawyer / Conveyancer for legal property transfer (this step is the same as you would carry out if using an Agent)
Why use Fizbo?
Fixed-fee and FSBO are Internationally tried and tested methods and, we are happy to bring this much-needed alternative property portal to Cayman. We know that selling with Fizbo has great benefits and potentially massive savings for both owners and developers. FSBO does require a little extra work on your part, but we hope you’ll agree, it’s worth it. Our fixed-fee listings start at $1,975.
Fizbo will guide you along the FSBO path; here’s how we will attract buyers using a multifaceted marketing campaign, to include;
- Professional staging & photography
- Virtual tours
- Social media and web advertising
- Local classified websites
- Custom signage
Sell your home. No Commission.
With our fixed-fee packages, you can avoid paying Agents commission. As such you can choose to sell for a higher net price OR list for a more competitive price (to motivate buyers to consider your property over and above the competition) and as you have no commissions to pay, you can pocket the net same amount as you would have if you had listed high with an Agent. Genius!
Fizbo | For Sale by Owner | Cayman Islands