Mistakes of FSBO (For-Sale-by-Owner)
It can be tempting to go FSBO, but the mistakes committed during this process can sometimes ruin the entire plan, so be aware of them to make the most of it. Listed below are some of the common mistakes committed by the FSBO’s and it includes:
While in the process of selling your house, one should take a sincere effort in making sure that the property is presentable, i.e. it must be completely clean, empty of clutter and be in its best possible condition. At the same time, make sure that you shell out money and fix up things that will yield you more cash. A very light cosmetic change is enough. In simple, let the house look presentable.
Pricing the house too high or too low
Owners who dislike spending money for real estate agents should always do their own research when it comes to fixing a price of the home. Observe the recent sale activity that took place in your area and check out the listing price to quote. Pricing the house higher will make your house sit on the market longer and pricing it low will result in a loss for you. So, take the time and come up with a price that is lucrative for both the sides.
Omitting pre-sale inspection
Savvy buyers will have your home inspected and skipping this will make your house sit on the market for a longer time than expected and making an attempt to have a home inspection will save time eventually making your home stand out on the market as ready for move-in.
Not negotiating on the terms
Unlike professional realtors, FSBO sellers are not used to the negotiation process and this may have a negative impact during the real estate transaction, particularly about matters such as earnest money, possession agreements inspection dates and so on.
Dealing with tire kickers
while a professional realtor saves time identifying a tire kicker and avoiding them courteously, sometimes home owners will have to face a lot of people who belong to this category which is annoying.
Failing to attend the potential buyers promptly
Seeing that some realtors are engaged in the activity of home sale 24/7, property owner’s may not be available all the time for showings and this may lead to unattending a potential buyer on-time which is again a negative thing.
Failing to list out the home on MLS (multiple listing services) is also one of the mistakes committed by property owners.
For a larger part of FSBO sellers, saving cash on commission is the primary goal. Even though real estate market professionalism and knowledge is a subject matter that can be achieved through proper training and experience, steer clearing the seller errors with caution works well in the long run and ensures that you sell your home quickly for a lucrative price, while still saving money on the broker commission.
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