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.

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?