The largest benefit for the many that choose to sell commercial properties for sale by owner is keeping the normal Realtor commission in their pocket. Realtors and brokers typically charge around 6% as a commission on your property sale.

And it's not difficult to sell a home or business yourself. The process can be fast, easy and financially viable if you learn some basics about the process. Whether it's a business for sale by owner or a home, there are a few simple steps you must follow: pricing, listing and staging.

Keep in mind these For Sale by Owner (FSBO) basics:

1. Be careful not to overprice a property FSBO. Typically, asking 5% to 10% more than the market price will land an offer that will be reasonable.

2. Listing your home through MLS offers exposure. However, if your commercial properties for sale by owner sell through an agent, you must pay them about 3%.

3. Closing on the property usually occurs 30 to 45 days after a contract has been signed. Since for sale by owner is without the assistance of a Realtor, you'll need to consult with an attorney or title company to finalize the sale.

Action Steps
The best contacts and resources to help you get it done

Set your property for sale by owner at a reasonable price

A little research goes a long way when you're determining how much money to list your property for. Researching your local market is a good place to start. All the selling information on recently sold homes in your area should be readily available through public records.

I recommend: Check out the map from Zillow.com that gives you access to recently sold homes across the country with selling price and other specifics. Or use the Automated Valuation Model from ForSaleByOwner.com to provide you with a maximum and minimum range appropriate for your property.

Post a FSBO listing on a reputable site

Posting your home or business for sale on the MLS is known as the premier way of conducting business. Realtors use the MLS on a daily basis to see what properties are available for buyers. A listing real estate agent will post your property but receive no commissions once the home sells. Only the selling agent will be compensated.

I recommend: Three different pricing options are offered through Owners.com. Check out Congress Realty for their flat fee program or check with a local listing real estate firm.

Stage your home or commercial property for sale by owner for a quick sale

A buyer can't get a good feel for a property unless it has that lived-in, worked-in look. Staging can accomplish this even when the previous tenant or owner has moved out. Adding furniture, appliances and other items can make the difference in how a property sells.

I recommend: Order and download a staging kit from THSK, or hire a professional staging consultant from STAGE-IT.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Don't remove the property you are selling from FSBO listings unless a contract has been signed. A lot can happen between a verbal commitment and the time papers have been signed. The process can be complicated and your buyer might encounter some problems that ultimately impede the sale.

The number one way home sellers can cut the cost of selling their homes? Offering houses for sale by owner, or FSBO. If you’re thinking about selling as a FSBO (pronounced 'fiz-bo'), then take the time to consider whether you have the time and resources necessary for selling your own home FSBO.

Here are the top benefits to selling FSBO homes or other real estate for sale by owner:  

1.  Selling your own home FSBO through FSBO listings means savings the thousands of dollars (usually a percentage of the selling price) you would have paid in a real estate agent’s commission.
2.  Find a lawyer who specializes in real estate for sale by owner transactions for legal advice concerning FSBO homes, contracts and FSBO tips.
3.  Check out the online real estate for sale by owner resources, including house for sale by owner websites (FSBO websites) and FSBO listings.     

Action Steps
The best contacts and resources to help you get it done

Utilize the top for sale by owner websites for help

Selling your own home yourself is much easier with the help of for sale by owner websites and other online FSBO listing resources. Find FSBO websites with a good reputation before you submit your FSBO listings.

I recommend: ForSalebyOwner.com, one of many FSBO websites, has saved its customers more than $1 billion in real estate commissions since 1999.  It offers a home-selling guarantee and other home FSBO tips. Input your house's listing price under 'How much could you save?' to learn the true savings of selling your own home.

Advertise your FSBO home through for sale by owner websites

There are countless online resources where you can submit houses for sale by owner listings. Some are more costly than others, requiring you to advertise for a specific amount of time, while others allow flexible FSBO listings and options, so consider your options before placing FSBO listings.

I recommend: At Sell by Owner Listings, pay a one-time ad fee of just $29.00 to advertise your FSBO home until it sells; take advantage of their professional listing page and virtual movies.

Make smart spending decisions when selling your real estate for sale by owner

Remember that offering houses for sale by owner doesn't mean you'll spend nothing. Budget for these essential costs: advertising and FSBO listings, lawyer's fees, the closing or escrow agent's fees and inspection or other expenses you're required to pay when you have a for sale by owner house.

I recommend: At Owners.com, there is a goldmine of FSBO tips to help you with your FSBO house sale: Run free FSBO listings, purchase state-specific legal forms and find local appraisers and real estate attorneys.

Use FSBO websites to list houses for sale by owner

Find for sale by owner websites that give you more than boring text-only houses for sale by owner ads. Instead, go for the website where you can upload home video tours, numerous photos and get FSBO tips and selling advice.

I recommend: At myFSBO.com, FSBO listings packages range from $14.95 to $149.95 and include varying levels of features, including photos, flyers, signs, and real estate contracts for FSBO listings. By Owner Online gives you a choice of ad packages and guarantees they'll advertise your property until it's sold.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Always, always get legal advice you can trust for all aspects of selling your own home as a FSBO.
• •  It's important that those offering houses for sale by owner learn the state laws regarding which inspections and closing costs are the seller's responsibility in a real estate for sale by owner transaction.
• •  Deciding to list your house as a FSBO isn't an irreversible decision. At any point before you sell the home, you might change your mind and decide to bring an agent on board.
• •  Real estate agent commissions vary widely, but usually range from three to eight percent of the purchase price (not the listing price) of the home; if you want to weigh the convenience versus cost factor in deciding whether you'll be selling your own home FSBO, or using an agent, these percentages will help you consider the options.

Whether it's a home or commercial property for sale by owner, you can save thousands of dollars by selling it yourself because you can forgo the commission paid to a real estate agent or broker. However, you'll be doing most of the work yourself and time is money also.

Exposure for your business FSBO is the key to a fast and profitable sale. The best way to do this is to post an ad or listing with a reputable multiple listing service (MLS) site or sites specifically designed for FBSO listings.

Consider the following information on pricing and costs of for sale by owner (FSBO):

1. Realtors and brokers typically charge 6% for commission on your property sale. By going the business for sale by owner route, all that money stays right in your pocket.

2. A hidden cost to commercial properties for sale by owner may be the need to consult with an attorney on negotiating a price with a potential buyer and making sure the appropriate paperwork is handled properly.

3. When selling your home yourself, you may want to consider other exposure options besides Internet listings such as lawn signs or placing an ad in a local newspaper.

Action Steps
The best contacts and resources to help you get it done

Post FSBO listings for a flat fee

Posting your home or business for sale on the MLS is known as the premier way of conducting business. Realtors use the MLS on a daily basis to see what properties are available for buyers. Through a flat fee, a listing real estate agent will post your property but receive no commissions once the home sells.

I recommend: Find what's included in your flat fee price and how to place an order via Flat Fee Listing. For flat fee pricing options, use the map at BuySelf Realty.

Consider a monthly contract rate for a FSBO listing

Instead of a flat fee, some listing Web sites will allow you to be billed monthly. This might be helpful if you only want to test the waters for a short time or if you think your property may sell quickly.

I recommend: You can post your vacant land for sale at Land-For Sale by Owner for a monthly fee. At RealEstatePhotos.com, you can post multiple pictures and information about your property for a 3-month fee.

Register your property FSBO for free

Free? Seem too good to be true? What have you got to lose? Well, you could lose out on service, quality and experience more competition when it comes to attracting a buyer. However, FBSO listing sites that offer free postings still offer exposure. If you don't get the response you're looking for, you can always go with the monthly or flat fee option.

I recommend: Up to three pictures of your property, a map, and best of all links to major search engines is what you get for free when you sign on to Homes FSBO By Owner. Or check out the free services at AllStatesFSBO.com.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Just as when working with a Realtor, a buyer has the right to request an inspection on homes for sale by owner. Be prepared to make any required repairs or the buyer may cancel the offer.

Listing your house or commercial property as for sale by owner (FSBO) means that you are not hiring a real estate agent to help you. This keeps you from having to pay a commission when you sell your property. It also gives you the opportunity to take control of the sale, giving it the desired exposure through newspaper website listings, fliers, open houses and word of mouth.

Before you tackle FSBO, it's important to know what you're getting yourself into. While the process may save you money, it can still be a lot of work. The key elements of FSBO in this guide will help get you on your way to placing your property on the market.

Action Steps
The best contacts and resources to help you get it done

Staging

Staging is the process of getting rid of the clutter and personal effects in a house or property in order to make it more appealing to the buyer. The idea is to neutralize the house so potential buyers can see their personal effects, family members or businesses within the property.

I recommend: The National Association of Realtors provides a field guide for staging a house, with several articles and other resources to assist you.

Disclosures

The law requires sellers to disclose any and all defects that a property may have that could cause problems for the buyer in the future. Examples of disclosures include cracks in the wall or driveway, past water damage or rodent problems, to name a few.

I recommend: Obtain more information on disclosures and why the law requires them on ForSaleByOwner.

Escrow

Escrow is where a third party agent holds funds to ensure that the buyer and seller complete their requirements of the purchase agreement before the release of funds. Typically the buyer provides the escrow deposit and the seller provides the escrow instructions.

I recommend: Access Total Real Estate Solutions for more details on the escrow process.

Purchase agreement

The purchase agreement, also known as the earnest money agreement or residential offer, is the contract between the seller and buyer regarding a property. When selling your property FSBO, it's best to hire a real estate attorney to draw up or look over the purchase agreement before you finalize the sale.

I recommend: Visit Martindale-Hubbell's Lawyers website for a list of everything the purchase agreement must cover.

Inspection

An inspection, done by a professional, is a thorough look at all aspects of the property's structure and systems from roof to foundation. If you request a house inspection prior to listing your property FSBO, and provide that information to any interested buyers, it attests to your trustworthiness and gives buyers peace of mind. Additionally, the buyer has the right to request an inspection of the property at any time during the contract process.

I recommend: Read the frequently asked questions of the American Society of Home Inspectors for a better understanding of house inspections. Money-zine describes six important items on an inspection list and what a buyer can request if there are problems.

Closing

At the closing, also known as the settlement, of an FSBO, the property officially changes ownership from the seller to the buyer. Everyone signs the final paperwork, the seller receives the purchasing funds and the buyer receives the deed and the keys to the property.

I recommend: The Home Buying Institute provides several articles that detail the closing process and what you can expect from it, including closing costs, which the seller my sometimes be responsible for.