“For Sale By Owner” also know as FizzBo is an excellent way to make the most bang for your buck when selling your home. Together, we can be one step ahead of the game by knocking out 3 of the most costly mistakes most new homeowners selling Fizzbo run into.
There are many aspects involved in selling Fizzbo, but we are smart enough to figure out some the tips and tricks before we get started.
We will go over some of the most common mistakes here, but keep in mind all the tips and tricks in the world don’t count for much if the people looking to buy can’t see what your selling. We will dive into this more as we read on.
I have ran into many homeowners selling Fizzbo seemly doing everything right who have had their home on the market for 2 to 3 years and can’t figure out why it is not selling. More often than not they have either intentionally or unintentionally overpriced there home. Though this technique can be effective in certain sells industries, in the world of real estate it is very counter intuitive. Pricing your home is an art. This is something the top experts in the field know very well and have perfected, but don’t let that get you down. All knowledge can be learned and all experience shared. A smart person learns from his mistakes. A wise person learns from others mistakes.
So, now, you maybe wondering, how would I go about avoiding this mistake. Excellent question. You are going to want to start by get the Current Market Value (CMV) of the your home. The absolute best way to get this information is from the MLS which only Realtors have access to. Most realtors will get this information to you for free. Others might charge for this. There are other free sites that have this information just check out “123’s Top 3 Sites for listing your home for sale“. You will find the Top 3 there, but the National Associations of Realtors has the largest monopoly on listings(MLS) and you must have a realtors license to gain access. Once you have the CMV, you are going to want to price your home about 5% below that price. This will get your home a lot more offers and allows others to compete for the home. The sell price of the home will raise organically the more offers you get, usually allowing you to sell the home for more than the CMV. This is a commonly used trick by leading professionals in the industry. It may seem odd, but it works.
2.Not Hiring Professionals
This is probably the most common mistake made by homeowners selling Fizzbo. “For Sale By Owner” does mean that you have to do it all by yourself. Even the professional use a team when selling homes. Understanding you may need help with the details of this sales transaction is important and could save you a huge headache as well as a pretty penny in the long haul. From potential lawsuits to costly paperwork errors hiring a professional can help to save time and money on the sale.
Here is a list of professionals that homeowners selling Fizzbo should strongly consider hiring:
-A real estate attorney
-A professional photographer
-A home stager
It is possibly to sell without any professionals, but I have heard many people saying in retrospect they wish they would done this. No matter the level of experience, I personally would never sell a house without any of the above professionals involved.
3.Not Enough or Bad Pictures
As a Homeowner selling Fizzbo, Pictures are going to be your most powerful tool in your arsenal.. I could not state enough the value pictures have when selling a home. If you had all your bases covered and perfected, but bad pictures. You are in a losing position. Simple put no picture or bad pictures, no sale. Have you ever heard the saying, “a picture is worth a thousand words”, well that saying could not hold more validity than it does when selling a home. A buyers consideration process starts with pictures, first. Let me paint a picture for you here. Attempting to sell your home with bad pictures is like fishing without bait. You may have the best fishing gear in the world, but if you can’t get the fish’s attention you will be going home empty handed. The trick here is honest high quality photos with the right light at the right angles. Nowadays, your smart phone probably has a high enough resolution to do the trick.
Speaking of phones, most buyers are searching for homes on the go. So, you want to have your photos available on mobile devices . The National Association of Realtors and Google determined through a joint study that 89% of people looking to buy a home did so by searching on a mobile device. If the home isn’t visible online, it’s likely to sit on the market while you waste time and energy keeping the house clean for potential buyer visits.