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.