FOR SALE BY OWNER (FSBO) TIPS The following Tips are a collection of best practices. Though there is no “silver bullet” when it comes to selling your home, these tips have provided some of the best results over the years. 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. Tip #2. 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. You'll need to find a title / escrow company that is familiar with manufactured “home only” transactions to help with the legal details. 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 pre-qualify buyer prospects. We'll talk more about qualifying prospects as you read on. Tip #3. Pricing your home to sell. A property is only worth what a ready, willing and able buyer is willing to pay. You can try to determine what your property is worth by looking at the sales price of other properties around you, how homes currently on the market are priced, and what comparable homes are selling for in your area. Tip #4. You're selling a house not a home. While it's important to become emotionally detached, you don't have to become a robot. After all this is your home, be objective but don't be cold. Keep in mind that people are going to perceive your home differently than you do. Either way remain positive and ultimately the right person will walk through the door and buy your home. Tip #5. Preparing your home for sale. Today's real estate market rewards those homeowners that place a high-value on neatness as well as cleanliness. It not only adds value but also generally promotes a quicker and more profitable sale. Once again the depersonalizing of your home helps your prospect with such an emotional decision. De-cluttering 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.
Tip #6. Effectively Marketing your Property. Spend the money for an attractive lawn sign. Put a holder on it and fill it with handouts containing information about the property and financing possibilities. Better than half your calls will come from your sign. Tip #7. 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 discussing 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. Tip #8. Qualifying buyers and stopping the window shoppers. So what's a window shopper? A window shopper 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. You can take the direct approach. If you're arranging a showing over the phone, go ahead and ask them if they are pre-qualified. Don't be too shy when it comes to your prospects. If you're holding an open house and someone expresses interest in your home goahead and ask. Most of the time if they're pre-qualified they love to tell you. So don't worry about asking, it's the right thing to do. Tip #9. Additional Insights. You may want to familiarize yourself with a Glossary of Real Estate Terms which will help explain most of what happens in real estate. Sometimes it is helpful to be familiar with the various abbreviations that are used in real estate.