FSBO: Dealing With Potential Buyers

As an FSBO you will have to do everything that a real estate broker does in order to sell your property. From listing your property, to advertising, promotion and of course selling and negotiating the sale of your property, you have to do them all. Now if you were able to hurdle the first challenges of selling your property, it means that you have already a potential buyer interested with your property.

Now in negotiating the sale of your property or when interacting with your potential buyer you should be able to conduct yourself properly and say the right things in order to make sure that you will land that sale. As an FSBO if you got this far and as a first timer in selling real estate property then the following tips might be useful:

1. Price Your Property Right - remember that the buyer will be making a very large investment when he buys the property. Which means that the buyer will definitely exercise due diligence before buying your property. Due diligence includes knowing the fair market value of your property. This means that your potential buyer already knows the fair market price of your property, this is why you should also do your due diligence to know the fair market value of your property. This way you know how to price your property and where to negotiate it from.
2. Reveal Property Defects - old school strategies would dictate that you should keep mum about any defects in your property when negotiating. However, as FSBO you will still have to conduct yourself properly, be honest and show them any defects in your property if there are any and focus on the obvious and major ones, yes you might be losing a potential client by doing this but at least you will save yourself from a world of huge legal problems if you don’t, as the buyer is afforded by law several legal remedies when you conceal property defects.
3. Be open to negotiations - You have to be open to negotiation and be smart about it. Being open to negotiations means that you are willing to compromise on some areas, but still get the best or fair deal. Remember, being open to negotiations doesn’t mean that you are also open to taking no profit or taking a loss. Be smart about how you negotiate, you know the real value of your property so negotiate around that price point do not go lower that what is fair.

For an FSBO these three tips would definitely help you get started when you get to a point where you are already talking to potential buyers. Your flat fee mls listing, advertising and promotions did the job of attracting potential buyers to your property now it’s time for you to close that deal following these three simple guidelines.

Questions You Need To Ask Yourself Before Selling As A FSBO

It is not a secret that selling as an FSBO will expose you to some difficulties that you have to hurdle. The challenges are so huge as compared to just hiring the services of a real estate broker. However, the returns in terms of profit is also much more rewarding than having to acquire the services of a broker. The money you gain in selling as an FSBO is so significant that you can already invest it in a business or maybe use it to buy a new house. But do not just jump into selling your home as an FSBO just yet, statistics have shown that there is only a handful of FSBO who raked in success in selling their own property, most, about 90 percent of FSBO fail. Now it is not because FSBO doesn’t work but rather the homeowners who are selling their property as an FSBO do not have the right knowledge on how to execute selling their property the right way.

In order to prepare yourself in selling as FSBO you have to ask yourself of the following questions.

1. Do I Really Have the Time? - time is your greatest asset in selling as an FSBO. This is because you will have to do most if not all the things that a real estate broker does in order to sell your property. From having your yard sign and your property listed in mls sites to negotiating any offers and counter offers. You would also have to allot time preparing your home for open house and of course time to actually conduct the open house. If your answer in this question is in the affirmative then you are well on your way to selling as an FSBO.
2. Do You Have The Negotiating Skills? - when selling your home you will be receiving different offers and counteroffers. You do not immediately jump into an offer especially if it is lower than what you are asking for. This is where your negotiation skills would come in. Make sure that you have the necessary negotiation skills so that you will avoid having to sell your property at a lower value than what it is supposed to be valued at.
3. Do You Have The Money? - selling your property might be because you need the necessary finances in order to do home staging, home improvements and some other necessary efforts that would require shelling out some of your finances. Home improvements is important especially so that this will also increase the value of your home, you will be surprised on how high your property will go with just a little improvement. You will also need the finances in order to have your property listed in mls by acquiring an affordable flat fee mls service.
4. Can You Value Your Home Properly? - the most important skill that you should have is knowing how to value your home properly. This is where most of the FSBO’s fail, valuing their property the right way. Knowing how to value your property the right way is already a huge step towards being a successful FSBO. Remember you want to sell your property on its fair market value or higher and not lower than that.

Selling as an FSBO will yield higher profit for you however, it will also require a lot of effort on your part. This is why it is very important to ask yourself these questions in order for you to know and understand whether or not you are ready to sell your property as an FSBO. Finally, it doesn't hurt to search for more tips on how to become a successful FSBO.

Is FSBO Right For You?

So you have decided to sell your property? The first question that you gotta be asking yourself is whether you will require the help of a real estate broker to sell your property or to sell your property on your own as an FSBO.

Selling FSBO vs. Real Estate Agent

The main difference between having a real estate agent or broker sell your property as opposed to you selling it on your own as an FSBO is the fact that you get to have professional help with the former for a price while you can keep all the profits to yourself if you are to sell as an FSBO.

You can get  more information by reading our post on the benefits of selling as an FSBO.

Is FSBO Selling Right For You?

If you have decided on selling your property as an FSBO, you have to be ready for several things. First you have to know that selling as an FSBO would require a lot of your time and effort. You have to understand that you are going to do the job of a professional real estate broker, this means that you have to learn the strategies and techniques of selling real estate to make sure that your property will be sold at the right price and at the desired amount of time.

If you have the time to put in the work needed to sell your house then selling as an FSBO may be the right thing for you. However you also have to have the second essential ingredient to successfully sell your property and that is money. Yes, you need to invest in order to sell your property. Apart from the amount of money that you will have to shell out in order to improve your property which will result to the increase of your property’s value you also have to spend on several services.

One such service which you have to invest on is to get the services of a real estate appraiser. There is no shame in actually asking for professional help when appraising your property, besides it would be to your advantage when you have your property properly appraised, which means you will be selling your property for the right price.

Another area on where you should invest your money in order to sell your property is by marketing and advertising your property for sale. You need to pay for a for sale sign, you also have to put in or invest time for you to do the negotiations, as well as put in some time and effort to have your property advertised in the different mls listing sites. Fortunately, there is just one service that you need to acquire in order to do all these and then some. You only need to acquire a flat-fee mls listing service which does all these and sometimes even much more. You only have to look for the right flat fee mls listing service provider.

After looking at these tasks ahead of you, you can now decide, is FSBO right for you?