For Sale By Owner (FSBO) Basics

The fundamental points on selling your home or business through FSBO

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.

 

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

 

• 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.

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