FSBO or For Sale By Owner is a fast growing approach to selling property. It means you forego the services of a real estate agent to sell your home. By doing so, you increase the net return on the sale of your home because you no longer have to pay commissions and have more control over sales- related expenses. All told, going FSBO can help you save up to 6% to 8% in costs.
The key component in FSBO is marketing and promoting your home. You should generate as much interest in the first 2 months of putting your property in the market. Your goal is to sell you own home within 4 months. Otherwise, interest and the perceived market value may start to decline.
Here are 5 effective home selling tips if you decide to go For Sale By Owner:
Hire a Virtual Assistant
In order to yield productive results, you must be efficient with your time. Selling real estate involves different tasks outside marketing. You will need to prepare and review contracts, take in calls and organize home visits.
When it comes to organizing your tasks, your best option would be to hire a Virtual Assistant. A VA is highly skilled in providing administrative and support services. Best of all, hiring one will not cost much as you pay them only for hours rendered.
Fix Up Your Home
Although it is understood by buyers that purchasing property means acquiring it in its present condition, you should still make an effort to fix up your home by instituting minor repairs and improvements.
You don’t have to spend a lot of money. You just have to make sure the house is tenable. With the cost savings, you have a budget to cover the repairs. If your house is valued at $500,000, initially allocate 1% or $5,000 for improvements.
Get Professional Help
You will need great quality, high- resolution photos for your marketing collateral. Even if you have an iPhone 7 Plus with its dual camera function, do not take chances with the images.
Hire a professional photographer with experience in taking home shots. He or she knows the best lighting and angles that can present your home in its most flattering positions.
Create an FSBO Account
Ask your Virtual Assistant to create an account for you in a reputable FSBO site. These are websites that assist property owners who want to sell their own homes find prospective buyers.
If you choose the free option, you will have to update the images and content of your FSBO account. The Virtual Assistant can do this for you as well as engage with potential buyers.
Utilize Social Media
Social media is a powerful tool to help distribute content. Your Virtual Assistant can find out if your neighbourhood has a community page online and try to get you in.
Once you’re part of the community, a fellow member may be able to help you sell your home. The VA can also post content in your other social media accounts to push your property further in the market.
It is very important that your social media accounts are linked to the FSBO account. That is where interested buyers can view the property in greater detail and get more information about your home.
Keep in mind that marketing is a process. It will take some time to see results. The most important thing is to keep pushing your property via online and traditional channels.
You should consider having flyers made or ads published in local media. Studies have shown that if you combine online marketing with traditional marketing, you could improve the probability of a sale by 15%.