Baton Rouge Mortgage News

FSBO TIPS

August 23rd, 2013 12:48 PM by Bennet Oubre, MAI

There are several reasons for selling your house yourself. Some that make sense; some that don’t make sense. I’ve even taken this route myself, with mixed results. I am a do-it-yourselfer, so I understand that too, maybe that’s a driving force for you. Well, let me give you a few tips.

 Note: I thought I would dash off 10 tips and be done with it. That didn’t work. There were too many thoughts; too many experiences. 10 tips turned to 15, then 20. There are more, but you have to stop somewhere.

For Sale By Owner

This is 1 of 3 articles written to Help FSBO Clients. 

Part 1: Tips for Baton Rouge FSBO’s (For Sale By Owner)

Part 2: My Experiences with FSBO’s. Tales of Woe and Tales of Success                     

Part 3: What happens after the contract is signed!

§  Pricing. Don’t take your neighbors word on what things sold for. Don’t use other people’s asking price for setting your price. Find out solid info on modern sales. Practically same square footage, beds, baths, degree of updates, etc. Don’t fudge here. Today’s buyers know prices, you can’t overprice.

§  Use Realtors for their knowledge, they know what properties in certain areas are selling for, some might want up to $150 for a Comparative Market Analysis (CMA) or use one of my Realtors for FREE!

§  Decide if you will work with Realtors.  You are allowed to negotiate commissions! While you wouldn’t offer the full commission, there are realtors who will bring you homebuyers for a reduced Commission (2% is common, but it is up to you). Just be sure it is set beforehand.

§  Ask callers if they are pre-qualified or pre-approved for a loan. Don’t waste your time on “lookers.”  You can always have them call me 225 819 7670!

§  Make a great flyer. Possible buyers may scribble down your number, but they won’t remember what it was for by the time they get home.

§  Make it easy for buyers to reach you – phone and email. Get the “house for sale” on the Internet.

§  It Must be on the net. Make a video (use Animoto). Post it on FSBOBR.com, YouTube.com, CraigsList.com, even Facebook. These group network sites are the rage now. Google loves them and gives priority ranking to them.

§  Consider opening a Gmail account specific to the house (1234Oakdr@gmail.com) You don’t want to miss an opportunity because an interested buyer got lost in all the Macy sale emails! Plus once you sell the property you can delete the account.

§  Answer your phone! Buyers Won’t call back. Make it easy for homebuyers to reach you, not difficult.

§  Make it ready to see. “I can only show from 2-4 on Saturday” won’t work. Do you want to sell it or not?

§  Don’t be vague and hesitant. Know what price you want and either you will do owner finance or not. Know what closing costs are. Know lender requirements, interest rates, down payment required. If you are going to be a Realtor, be a knowledgeable one. Find a lender who will help you. Have agreement forms ready.

§  If your home qualifies for special programs ADVERTISE IT, this could be the difference between someone picking your property over another.

§  Do capture phone numbers for follow up later.

§  Have your Disclosure forms filled out and ready for homebuyers.

§  Don’t fib on those disclosure forms. There are some cases where these are not necessary, but in general, you must furnish them. (Estate sales, foreclosures are 2 examples)

§  Make that house sparkle! Get the family out. Buyers will feel like they are intruding if your family is there.

§  Never show the house alone, have a spouse friend or neighbor with you. Yes we want to sell the house but let’s keep safety in mind.

§  Follow up with possible buyers. They say they will call you back…they won’t! You call them! Decide on a time period.

§  If your house is vacant, try open houses. This is a low-key way for people to see your house. ·

Well, that’s my guidance – my top 20 or so tips for helping For-Sale-By-Owners. I wrote it swiftly and didn’t cover everything, but hopefully it’s helpful. I appreciate the opportunity to earn your business and your buyer’s business. I have both sold and purchased homes through FSBO websites, and made more mistakes than I would like to admit. But hopefully my mistakes will benefit you. If I can answer any questions, or help market your home please give me a call.

 

Posted in:General
Posted by Bennet Oubre, MAI on August 23rd, 2013 12:48 PM