A For Sale by Owner Guide (Part 2)
Following up on our first half of our “for sale by owner” guide, below is Part 2.
What is Your Home Worth? Show It
One of the biggest steps of selling your home for sale by owner is deciding on what to set the price at. You should learn about the market in your area and look at similar homes that are for sale or have sold. Don’t be afraid to work with an appraiser to figure out the price of your home. Keep in mind that all buyers are different and everything you love about the home isn’t the same as what everyone else will love about it. You don’t want to set your price too high or too low so it’s important to take the time to find out the value of your home before you place it on the market.
You should also attend a few open houses during your research to determine what other homes are going for and how they are being shown. Take the time to learn about showing a home and find out what works and what doesn’t. The biggest thing to remember is that all buyers are different and will expect different things when they arrive at showings. Some will want you to walk through the house with them and answer questions, others will want to wander alone and ask questions at the end. You should give them the option and be available to answer any questions they may have. Be sure to establish open communication up front.
Cooperate with Agents
Many buyers will be hesitant to give you their financial information, so it’s your job to be diligent to find out if they are fully qualified and financially able to buy your home. As a “for sale by owner” seller, it’s important to know whether they will be able to follow through with the sale or if issues will come up. You should also be willing to cooperate with a buyer’s agent to complete your sale as well. Simply because you aren’t working with an agent doesn’t mean you can avoid them completely. You should know the process of home selling from front to back and understand what the paperwork looks like before you are working with them. You should also be willing to offer a commission as buyers’ agents will be more apt to help encourage the buyers to purchase your home.
While a listing agent will be incredibly helpful in selling your home, selling your home “for sale by owner” is not impossible. If you are set on selling it on your own then you should be willing to do the research and know what is ahead of you. Following these tips does not guarantee you a successful sale but it can help you get on the right track from the start.