Common Mistakes By FSBO

Selling your property on your own without any help from a real estate professional could spell a lot of trouble. Especially so if this is going to be your first time in selling a property. Being a first time  real property seller means that you may not have the right knowledge in selling a real estate property. Selling as an FSBO could really be a daunting task, with all the tasks that an FSBO will be facing. The tasks that is normally being done by a real estate agent will now be on the shoulders of the you as the FSBO seller. According to statistics about 90 percent of FSBO sellers fail. This may be because of the fact that FSBO’s had to do things on their own. Although selling FSBO is a very tedious task it is also very rewarding in terms of monetary value. Remember that instead of giving the commission to the real estate agent, you get to keep it for yourself which means bigger profit for you. On top of that buyers would potentially want to deal directly with you because of the fact that they want to negotiate the price directly with you, this way you are on a better position to negotiate because you could give a better price to the buyer having the property bought at a shorter span of time.

The Common FSBO Mistakes

Now let’s go back to the fact that only 10 percent of FSBO sellers are successful in selling their property. What are the other 90 percent doing wrong when selling their property?

1. Not Setting The Right Price - as an FSBO you have to understand that buyers are also doing their research before buying a property, for the obvious reason that the amount of investment is huge. This is why you have to establish your reputation as a seller by setting the right price. Do your research and find out about the fair price for your property. By doing this you will avoid having to set your price too high that the buyers would not want to buy the property from you or you might set it too low that you may be left with very little or none at all.
2. Thinks That Advertising is Not Important - how will people know about your property for sale if you do not advertise it? It is important that you get the word out that your property is for sale. This is why although advertising might entail some cash out on your part it is necessary to have your property for sale advertised.
3. Not Listing Your Property In Multiple Listing Service - advertising can be done online and this potentially opens your property to a global audience. Multiple Listing Service or commonly called MLS is a property listing service that is used by most realtors to show or advertise the properties for sale. These MLS Listing sites are not only being used by real estate property sellers but also buyers as well who are on the hunt for a property to purchase. This is why it is important, as an FSBO, to have your property listed in an Multiple Listing Service site.
4. Ask For Help - FSBO doesn’t mean that you should not ask for help. We have to admit that between work and family the tasks of selling your property is really going to be difficult. One of the tasks that will take most of your time is listing on the multiple listing service. To lessen the burden you can actually acquire the services of a Flat-Fee MLS Listing Company. Their role is to not only list your property in the MLS Listing service but also to help you in advertising offline through their extra service more than the MLS Listing. Acquiring the flat-fee mls listing service would give you lots of  savings as you will only pay flat-fee and do not have to pay percentage as what a real estate agent would get.
5. Not Improving Property Prior to Sale - Before selling your property it would be good if you fix some major issues in your property in order to make your property a lot more enticing for buyers. Fixing your property will also raise the value of your property, which means that you can sell your property for a higher value. So if you have that extra cash why not investing it on your property to increase its sale value?

To successfully sell your property as an FSBO you have to learn from the mistakes of others. By doing this you will be able to take the right and necessary steps towards selling your property fast.