For Sale by Owner: 10 Effective Tips:
"For Sale by Owner" is one of the most daunting phrases for those looking to sell their homes. Selling your home on your own can actually be a very difficult process, especially when real estate agents are constantly contacting you to persuade you that you should sell your home with them instead. However, there is no reason why you cannot sell your home on your own if you do your homework and make sure that you are completely prepared. If you fail to prepare properly then your home could be on the market for quite some time. The important thing is to remember that there are hints and tips that can help you out. In fact, the 10 top tips that everyone selling their home without going through an agent should remember are outlined below for you:
- Get the Pricing Right - Never ever go any higher than market value if you are selling your home yourself. This is because buyers will not get in contact with you at all if they think that you are trying to get more than your home is worth from them. You need to do a little market analysis to see what similar homes are going for in order to set a realistic price and make sure that you incorporate all costs into a breakdown that is available for buyers.
- First Impressions Count - If you are selling your home then you need to make sure that it is 100% ready, including all repairs necessary. This will set an excellent first impression and will draw in more offers.
- Get Legal Documents Ready - Always make sure that all legal contracts and documents are ready for potential buyers, from the mortgage payoff, loan application and property profile right through to the property survey, exclusion list and personal property confirmation. That way you will have everything you need to hand.
- Marketing is Key - Marketing is one of the most important elements of selling your home. You should take full advantage of all local resources, from newspapers to bulletin boards. The Internet is also key because you can reach more buyers there and ensure that your home is listed in house hunting searches that agents and brokers perform on a regular basis.
- Be Professional - When you are showing your home, you should be a professional rather than an individual with an investment in a property. An agent will remain objective and merge into the background and you should do the same.
- Set Pre-Qualifications - Do not waste your time on buyers that cannot go through the entire process from start to finish. If they cannot afford your home then screen them out.
- Stay in Until After the Sale - Never move out of your home before you have sold it as vacant properties are much more difficult to sell, largely because it does not have the same appeal and also because buyers are prone to negotiating to a lower sale price, which is not what you want.
- Know Your Buyer - You should remain in control of the sale process all the way through and that means knowing all about your buyer. You should know their financials and their motivations.
- Negotiate Well - You will almost certainly have to negotiate at some stage during the sale process. Although you should always have a contract checked by a legal professional before closing, it is up to you to make sure that all details are resolved to your satisfaction as well as the buyer's.
- Understand Your Motivations - Why are you selling? This is an essential question that you need to ask yourself in order to plan how you are to sell your home. Although you need not tell anyone, the reason will definitely help you to determine exactly what terms and price you are prepared to accept.
If at any time you have questions about selling real estate in Ulster County or the surrounding area, please don’t hesitate to contact Dylan Taft, Principal Broker/Owner, Taft Street Realty, Inc. - 845.687.9292 office or 845.380.3394 mobile.