For Sale By Owner, or FSBO is the process of selling real estate without the representation of a real estate broker or real estate agent. Homeowners may employ the services of marketing or online listing companies or market their own property but do not pay a commission and represent themselves with the help of a lawyer throughout the sale.
Selling your house FSBO can save you a lot of money. If you do not hire a real estate agent, you will save thousands of dollars on commissions.
Many options are available for learning how to sell a home on your own. Homeowners have easy access to house selling resources via the Internet. Libraries are another valuable option for locating information and borrowing real estate courses presented on DVD.
Homeowners can find a variety of for sale by owner marketing tools online. Several sources offer FSBO marketing kits and real estate documents and contracts. Sellers also have access to multiple FSBO websites where information and photos of their property can be published.
Other sources for obtaining FSBO information is real estate clubs and online networking groups. Networking groups are typically comprised of investors, lawyers, mortgage lenders, realtors, brokers, appraisers and home inspectors. Participating in these groups gives homeowners the opportunity to network with real estate professionals and obtain top notch home selling information and resources.
Sellers of FSBO real estate must abide by the same code of ethics as realtors. Home inspections and property appraisals must be conducted by a licensed professional. Legally binding real estate contracts must be executed and filed through the court system.
Homeowners should create a marketing plan to attract buyers. Marketing strategies can include creating a website to showcase the property, create flyers or postcard marketing campaigns, or engage in a variety of advertising strategies such as signs, billboards, park benches, TV ads and open houses.
FSBO sellers must acknowledge that today’s real estate market is highly competitive. Homeowners must be prepared to take measures to stand apart from the crowd. Properties must be priced to compete with bank owned homes and foreclosure properties, as well as newly constructed homes offering big incentives.