Common Mistakes made by Owner at the time of Selling

If you have decided to sell your home on your own, you have joined a growing crowd of For Sale by Owners (FSBO) in this area. More and more people are choosing to work without a Real Estate Agent. The main reason is Saving Money.

But for the unprepared FSBO home seller, this process can bring them to their wit end. Unexpected calls, last-minute walkthroughs, and the thought of being stuck with two homes are all very real concerns. You could lose many thousands of dollars in the process if you are not careful.

• Not  Developing  a  Marketing  Plan

You might be under the impression that all you need to do to sell your home is put up a 'For Sale By Owner sign in your yard and then wait for the calls to come in. This is untrue, and making this mistake in thinking will cost you dearly. Think of other ways you can promote your home. By selling on your own, you are saving thousands of dollars you might have paid a Realtor. Use a small portion of this money to market your home.

• Wasting Time with Unqualified Buyers

You have a busy lifestyle and you should not waste time dealing with buyers who can not afford to buy your home, or worse, with buyers who are not really interested, but why are just seeing whats available. Because of this, you need to ensure that everyone you deal with is a qualified prospect. We offer a no-cost service that can pre-qualify your prospects for you, so you never have to deal with this issue. It's included at NO-COST as a part of our For Sale by Owner Survival Kit. More information on this kit is available at the bottom of this report.

• Preparedness

It will help you if you already have a lender you can send prospective buyers to. A business card from the mortgage office as well as a stack of empty credit applications is a great way to give your buyers a push in the right direction. If they do not have a lender already then you can give them a push in the right direction. Get from the mortgage company that you are working with a good faith estimate so you can quote a possible payment and interest rate.

• Lack of Access

By choosing not to work with a Realtor, you are making some clear trade-offs. The biggest tradeoff is that you have to answer the phone, conduct your own open houses, and showings, instead of the Realtor. Do not make the buyer jump through hoops to get information about your home. Always return any calls from buyers as quickly as possible. Make yourself available to answer any questions they might have and work with the buyer's schedule for showings.

• Offering Concessions in place of Repairs

If you have any trouble spots in your home (i.e. - carpets that need to be cleaned, fixtures that need to be replaced, or paint that is chipping), you are much better off fixing these items yourself, instead of offering concessions to the Buyer to cover the cost of the work. Even if you have to hire a handyman to make the necessary improvements, it could still be 3 to 5 times cheaper to pay the handyman than it would be to offer concessions to the buyer at the negotiating table. For a list of items that you should fix ahead of time to avoid this situation, make sure you request a copy of our NO-COST For Sale by Owner Survival Guide.

• Not working with agents

I understand the trepidation most people have with working with agents. Some of it is warranted some of it is not. Do not automatically rule out working with agents. I have known many people that to avoid listing there $100k house have spent $10K in payments and expenses to do so. It sometimes makes good business sense to work with an agent. Just make sure that it is on your terms and not the agents.

• Not Following-up with Buyers Effectively

When someone shows interest in your home, but never calls you back, don't automatically assume they are not interested anymore. Call them and follow up. This is not difficult and you should not be intimidated by the fact that it feels like a cold-call. Just use this simple script: Hi, may I speak with (Buyer Name)? Then, when the person you want to speak with comes on the line, say Hi, (Buyer Name), this is (Your Name). I'm calling because you had previously shown great interest in the home I am selling. My house will probably sell sooner, rather than later, which is why, before it sells, I wanted  to follow-up with you and see if you were still interested.

Once you have completed get your final preparations set up. At the very least you need a For Sale by Owner Sign and some sort of outdoor literature holder. Either an Info-Pak or Info-Tube will work great for that. If you property is off the beaten path or deep inside a subdivision then I highly recommend buying some directional signs to point traffic your way.  Buying some strings of pennants is another way to make sure that people know your house is for sale. String them up across from the roof of your house to the corner of your street. If your home is vacant when you sell it you may also want to consider purchasing a lockbox to keep your keys in so you can grant access to agents or lenders that may need quick and easy access to the property. For around $125.00 you can get most everything you need for final preparations and it will make all the difference in the world.