For Sale By Owner: Save Money Or Lose Money?

15 June 2014
  Lee Amble

Can you save money by selling your home yourself?

This article will be about preparing your home for market. It's written for those who want to sell their homes on their own; in other words, it's an article on making money or losing money.

As someone who has been a realtor for 39 years, I have seen some (For Sale By Owner) FSBO's win and some lose. The last time I saw stats on home sales, I believe about 90% are sold by realtors; there must be some reason.

Todays technology is changing so fast, I see many more FSBO sales in the future, largely because of internet access. Internet is changing the way we buy many things including homes, and I think we haven't seen all the changes yet. I see real estate drones, skyping, online title companies for closing, in the future. Right now there are online loans like Quicken. That's just the beginning.

As a realtor, I can tell you, our industry is changing so fast it's hard to keep up. Not everyone sees what's in the future. What we do today will be gone within 10 years. We still can survive, but it will be different.

For Sale By Owner Safeguards And Selling Tips:

  • Be sure your asking price is near accurate.
  • Spend your money wisely on marketing.
  • Allow a lot of time for organized viewing and showings.
  • Be responsible for your security; make sure you know something about your potential buyers before you allow them in your home. It's necessary in today's world.
  • You will need great negotiating skills.
  • You will need someone to guide you from start to finish.

If money is a factor, and it usually is, the cost, time and effort of all of the above should be weighed against the listing fee.

I would not recommend selling your property privately unless you are confident of your skills in the following areas:

  • Local knowledge.
  • Setting an achievable price.
  • Preparing details, writing copy and taking photographs.
  • Advertising the home properly.
  • Maintain a buyer's database.
  • Arrange showings and remain calm.
  • Do not oversell.
  • Negotiating skills are a must.
  • Dealing with offers and being able to answer their questions honestly.
  • Finalizing the sale.
  • Legal protection.
  • Personal safety.
  • Being available for home inspectors and appraisers.

These are many of the items you want to brush up on, especially knowledge and security items.

The more prep time I did, the better my TV and radio appearances were. Now is showtime for the FSBO folks. Study, brush up all your skills and you may be able to do it.

Thought For The Day:

Abraham Lincoln said: "An optimist is one who sees an opportunity in every difficulty and a pessimist is one who sees difficulty in every opportunity."

Thanks for reading. Please, if you have any real estate questions about buying or selling, call me at 928 533-4455. The call is free!

Remember, "Experience Isn't Expensive, It's Priceless!"

Lee Amble, Realtor, Consultant
National Realty Of Prescott

Lee's Cell: 928 533-4455

Jan's Cell: 928 533-4488

This email address is being protected from spambots. You need JavaScript enabled to view it.