Some more information to help you sell your house.
For Sale By Owner (FSBO)
For Sale By Owner (FSBO – dubbed “Fizbo”) is a term used to describe people(s) who sell their
property themselves and don't use the services of a real estate company.
FSBO represents a growing trend in the real estate industry as many people are demonstrating their
do-it-yourself spirit rather than pay the commission fees (usually 6%) of real estate agents or brokers
for their role in selling their property. In most cases, the commission fee represents thousands of
dollars - quite a considerable sum of money that many owners feel would be more beneficial towards
their own purposes.
The rise of the internet has revolutionized the entire real estate industry, including making FSBO a
more popular option. The internet has given birth to numerous real estate services that offer to
market and list FSBO properties at a small price compared to what a commission fee would cost. The
National Association of Realtors estimates that thirteen percent of real estate sales nationwide are
done without any involvement from an agent or broker.
Here are some reasons why many people choose to sell their properties on their own rather than
using a real estate agent:
1. The main reason to sell your home "By Owner" is to save on the price of your home in commission
costs (6 to 7%).
2. You are in control to whom and when you "Show" your home. This means doing it at your own
convenience, a far cry from rearranging your schedule to suit the real estate agent. Additionally, your
property does not have to be in "Show" condition every morning before you go to work.
3. Who knows more about the property than yourself. You know your home, the subdivision, the
neighborhood, the schools, bus routes and times, etc. This means you can "Show" and "Sell" your
home more effectively and more honestly than anyone else. A real estate agent won’t necessarily
know all this information about your property and the area.
4. You are not obliged to a 3, 6, or 12-month contract. Most real estate agencies require this.
There are many proponents of FSBO sales, including the vast multitudes of online real estate
companies dedicated to helping owners list, market, and sell their properties.
Real estate agents sell the house for you - handle the advertising, take the phone calls, do the
showings. But for all that money, many people feel it's worth trying to do it on their own. Also, many
people choose to go the FSBO route because they have a strong desire to be actively involved and
control the whole selling process.
Tips for FSBO
Exposure - A successful FSBO sale is very dependent on exposure. It is very rare these days for an
owner to sell their own property simply by putting a “For Sale” sign on his yard. One of the advantages
with going with a real estate agent or a realtor is that you’ll be able to assess the Multiple Listing
Service, which is only available to these professionals. The MLS is a powerful and far-reaching tool,
but it can be easily overcome with some rigorous listing and advertising work. Obviously listing your
property in the local papers is a good start, but you can also investigate online options that specialize
in selling FSBO properties. Also, there are services that will allow your property to be listed on the
MLS without the use of a real estate agent, but expect some hefty fees and a contract should you do
this. Be warned that FSBO are the arch-nemesis of real estate agents and realtors, so they often won’t
show their clients FSBO homes. The good news is that prospective buyers are more computer-savvy,
with the majority investigating to see what’s available online.
Be Realistic With the Sale Price – One of the main knocks against FSBO is that the owners will often
times have a high asking price, which will inevitably scare away any prospective buyers. This is mainly
due to the fact that the seller has no concept of market value. Due to this oversight interest in the
property may not be great. So to overcome this problem, invest some time and energy in really
understanding the real estate market. Hire an appraiser to give you some indication of what the
property is worth at the current time. Investigate on your own by looking to see what the sale prices of
properties in and around your area is listed at. Get an independent broker to perform a comparative
market analysis to determine what the market value of your property is. Remember, selling real estate
is a competitive business, so you’ve got to have a realistic sale price in order to compete effectively
with the big boys.
Know Your Property Intimately - Most owners going the FSBO route spend far more time sprucing up
their property than they do gathering information about it. But if your goal is to be a successful, you’ve
got to obtain pertinent facts and figures that prospective buyers will want to know when they view
your property. Some tips include measuring the square footage of the house, and completing a
property fact and amenities sheet. While you can obtain a sample from most stationery stores, a better
bet would be the listing form used by the real estate agents in your area.
Do the Due Diligence - Before the house hits the market, it’s imperative to do the “due diligence” fact
finding for many important reasons. Incomplete and/or erroneous information bears the highest
liability for you as the seller and could cause a sale to fall, or worse yet, a lawsuit from the buyer. Some
information you must obtain includes getting the legal description and tax information on your
property; getting a property disclosure form. You can obtain a form from a real state licensee or from
the Real Estate Commission/Division office in your state; Get your mortgage pay-off information from
the lender; Investigate public records to determine if any liens (i.e. federal income tax, etc.) or other
legal actions are posted against the property. You don’t want to be surprised here since it could
prevent you from selling the property; and get information about your current homeowner’s insurance
(premium paid, exceptions to coverage, etc.). This is especially important if real estate in an area is
tough to insure (as in Florida and California). Or perhaps the individual house is a potentially higher
insurance risk since a buyer may be able to obtain insurance coverage quicker and at cost savings if
they use your current carrier.
All the information you can find from going over the aforementioned tips will be important not only for
yourself, but also the prospective buyer. They can use the information to perform their own
comparative market analysis to determine an adequate proposal for you. Additionally, gathering the
facts you need can make a difference in the quality of buyer you attract, how quickly the sale closes as
well as what you’ll net in the sale. The term “information is power” can make the difference between
getting what you want and taking what you’ll get as a seller.
For Sale By Owner (FSBO)
For Sale By Owner (FSBO – dubbed “Fizbo”) is a term used to describe people(s) who sell their
property themselves and don't use the services of a real estate company.
FSBO represents a growing trend in the real estate industry as many people are demonstrating their
do-it-yourself spirit rather than pay the commission fees (usually 6%) of real estate agents or brokers
for their role in selling their property. In most cases, the commission fee represents thousands of
dollars - quite a considerable sum of money that many owners feel would be more beneficial towards
their own purposes.
The rise of the internet has revolutionized the entire real estate industry, including making FSBO a
more popular option. The internet has given birth to numerous real estate services that offer to
market and list FSBO properties at a small price compared to what a commission fee would cost. The
National Association of Realtors estimates that thirteen percent of real estate sales nationwide are
done without any involvement from an agent or broker.
Here are some reasons why many people choose to sell their properties on their own rather than
using a real estate agent:
1. The main reason to sell your home "By Owner" is to save on the price of your home in commission
costs (6 to 7%).
2. You are in control to whom and when you "Show" your home. This means doing it at your own
convenience, a far cry from rearranging your schedule to suit the real estate agent. Additionally, your
property does not have to be in "Show" condition every morning before you go to work.
3. Who knows more about the property than yourself. You know your home, the subdivision, the
neighborhood, the schools, bus routes and times, etc. This means you can "Show" and "Sell" your
home more effectively and more honestly than anyone else. A real estate agent won’t necessarily
know all this information about your property and the area.
4. You are not obliged to a 3, 6, or 12-month contract. Most real estate agencies require this.
There are many proponents of FSBO sales, including the vast multitudes of online real estate
companies dedicated to helping owners list, market, and sell their properties.
Real estate agents sell the house for you - handle the advertising, take the phone calls, do the
showings. But for all that money, many people feel it's worth trying to do it on their own. Also, many
people choose to go the FSBO route because they have a strong desire to be actively involved and
control the whole selling process.
Tips for FSBO
Exposure - A successful FSBO sale is very dependent on exposure. It is very rare these days for an
owner to sell their own property simply by putting a “For Sale” sign on his yard. One of the advantages
with going with a real estate agent or a realtor is that you’ll be able to assess the Multiple Listing
Service, which is only available to these professionals. The MLS is a powerful and far-reaching tool,
but it can be easily overcome with some rigorous listing and advertising work. Obviously listing your
property in the local papers is a good start, but you can also investigate online options that specialize
in selling FSBO properties. Also, there are services that will allow your property to be listed on the
MLS without the use of a real estate agent, but expect some hefty fees and a contract should you do
this. Be warned that FSBO are the arch-nemesis of real estate agents and realtors, so they often won’t
show their clients FSBO homes. The good news is that prospective buyers are more computer-savvy,
with the majority investigating to see what’s available online.
Be Realistic With the Sale Price – One of the main knocks against FSBO is that the owners will often
times have a high asking price, which will inevitably scare away any prospective buyers. This is mainly
due to the fact that the seller has no concept of market value. Due to this oversight interest in the
property may not be great. So to overcome this problem, invest some time and energy in really
understanding the real estate market. Hire an appraiser to give you some indication of what the
property is worth at the current time. Investigate on your own by looking to see what the sale prices of
properties in and around your area is listed at. Get an independent broker to perform a comparative
market analysis to determine what the market value of your property is. Remember, selling real estate
is a competitive business, so you’ve got to have a realistic sale price in order to compete effectively
with the big boys.
Know Your Property Intimately - Most owners going the FSBO route spend far more time sprucing up
their property than they do gathering information about it. But if your goal is to be a successful, you’ve
got to obtain pertinent facts and figures that prospective buyers will want to know when they view
your property. Some tips include measuring the square footage of the house, and completing a
property fact and amenities sheet. While you can obtain a sample from most stationery stores, a better
bet would be the listing form used by the real estate agents in your area.
Do the Due Diligence - Before the house hits the market, it’s imperative to do the “due diligence” fact
finding for many important reasons. Incomplete and/or erroneous information bears the highest
liability for you as the seller and could cause a sale to fall, or worse yet, a lawsuit from the buyer. Some
information you must obtain includes getting the legal description and tax information on your
property; getting a property disclosure form. You can obtain a form from a real state licensee or from
the Real Estate Commission/Division office in your state; Get your mortgage pay-off information from
the lender; Investigate public records to determine if any liens (i.e. federal income tax, etc.) or other
legal actions are posted against the property. You don’t want to be surprised here since it could
prevent you from selling the property; and get information about your current homeowner’s insurance
(premium paid, exceptions to coverage, etc.). This is especially important if real estate in an area is
tough to insure (as in Florida and California). Or perhaps the individual house is a potentially higher
insurance risk since a buyer may be able to obtain insurance coverage quicker and at cost savings if
they use your current carrier.
All the information you can find from going over the aforementioned tips will be important not only for
yourself, but also the prospective buyer. They can use the information to perform their own
comparative market analysis to determine an adequate proposal for you. Additionally, gathering the
facts you need can make a difference in the quality of buyer you attract, how quickly the sale closes as
well as what you’ll net in the sale. The term “information is power” can make the difference between
getting what you want and taking what you’ll get as a seller.
FSBO Information
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Cardinal WebWorks
26090 Templar Ln.
Punta Gorda, Fl.
info@FSBOeasylist.com
26090 Templar Ln.
Punta Gorda, Fl.
info@FSBOeasylist.com
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