For Sale By Owner

We are about to enter Spring which is usually the busiest season of the year in residential real estate. And, many owners will start thinking about selling their home and how to do it in the best way to generate the most after sale cash proceeds within their skill set and available time. The following are a few lessons we have learned:

Realtors - For most people, using a local realtor will be their best option. Realtors have access to the MLS to market your property, local advertising campaigns to alert buyers about your property and the technical expertise to manage the transaction for the homeowner. Over 90% of all homeowners use this approach because it works.

For Sale By Owner - This approach has been declining over the past few years and, we suspect, is because of the internet. Over 90% of all buyers start their property search on-line which means a homeowner who is not using an agent must be able to develop a sales plan which involves getting their property on-line somehow. This plan can be successful with a little studying and planning and it should be used for certain homeowners. Some of the issues to address include (1) which legal documents will you use (realtors will use the state or local association of realtors forms), (2) what type of signage will you use, (3) how will you determine your asking price, (4) will you need to fix up areas of your home and how will you determine which ones are cost effective, (5) who will be your legal representative, (6) who will you use for escrow, (7) who will be handling property showings and inspections and (8) how will you present your home and keep it in ‘ready to show’ condition.

Hybrid – There are organizations and websites which can help you market your property for a fixed low fee. Like everything in life, you get what you pay for. So, if you are a homeowner who can handle certain aspects of the transaction, then this approach may be right for you. Areas which will fall to you to handle will including handling all person-to-person meetings including house showings, meeting house inspectors and any local officials.

There are many issues to consider when choosing the right approach for selling your home. Take the time to study this issue so you can make an informed decision that is right for you.

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