FSBO BLOG

I just wanted to share a testimonial we received recently from a former FSBO.com seller.  They were able to save a total of $18,000  by selling without the help of a real estate agent. 

Testimonial…

Awesome experience. The closing contract worksheet was well worth the $30 cost … it saved $18,000 of our $80,000 profit.

List Price $330,000

Sale Price $325,000

Days On Market - 12 Days

The forms they are referring to can be found in the “Real Estate  Contracts” section of FSBO.com.  I provided details on Real Estate Paperwork options for FSBOs in a previous blog.  Please click here to check it out.

This afternoon I had the pleasure of attending the AMA Atlanta’s  (American Marketing Association) first Marketing Technology event of the New Year. Sponsored by Aquent, with Maureen Schumacher, Southeast regional director for Google, and Brian Cusack, East Coast team manager for YouTube discussing marketing trends for 2008, and several successful Video Marketing Campaigns.  Some of the statistics they shared were astounding, and I thought I should share them with you today.  According to the latest statistics, the average American spends the same amount of time online, as they do in front of the TV.  This has never been the case before.  72% of US Internet users are logging on for the specific reason of watching videos, with 79% percent of them viewing from a high speed internet connection.  You Tube currently has over 1 Billion Video Viewings per day! 

What does this mean for FSBO.com, and for those selling by owner you ask?  Simple.  Many FSBO sites allow the seller to upload a video of their home to help showcase their home.  FSBO.com does not charge any additional fees for this service unlike most others in our industry.  You may add a home video to any package purchased on FSBO.com.  Soon, you will be able to upload unlimited photos to your FSBO.com listing, as well as “share” your FSBO video with others via an embedded link that we will provide for you.  If you have not already, I strongly suggest getting out there, shooting a video tour of your home, and placing it on your current or future real estate listing online.  I would also suggest uploading it to You Tube and other video sites alike. 

The viewers are out there.  The question is; is your video out there too?

We often get asked at FSBO.com if represent the seller at closing and take care of the paperwork.  Because we are simply a marketing service, and not a licensed brokerage, we are unable to do either.  We do however offer suggestions and links for handling the paperwork during the sale of your home.

First, we offer a section for you to purchase generic real estate contracts and disclosures online (Real Estate Contracts).  You can download these forms directly to your computer in an instant, and have them readily available any time a buyer is ready to make an offer.  Similar forms can be found at your local office supply store at a similar price.

Second, you can contact a local Real Estate Attorney.  You can either hire them to review your already existing, or you can hire them to create it from scratch with the terms you and your buyer have agreed on.  Obviously the second option here would be more time consuming for the attorney, and in-turn cost you a bit extra.

Other than that, there are a few closing services available out there, but none that I am familiar with off of the top of my head though. I suggest you search through our Professional Services database, on Google, or in your local phone directory. 

If you have recently handled the paper work for your own FSBO transaction, please comment on your experiences and tell us how it went.

I hope you are all having a safe and successful holiday season thus far. 

As America becomes a more heath and weight conscience society, I am sure we are all thinking about that extra cookie or slice of pie we grabbed around the holidays.  Well, maybe not all of us, but if that’s you, I have a few quick suggestions for shedding those extra holiday pounds while increasing your chances of selling your home. 

I suggest getting outside, raking the leaves, mowing the grass, or shoveling snow as a good way to stay active around the holidays, while also improving the curb appeal of your house.  Whether it is currently on the market, or soon to be next year, the more you can do now the better.  Cleaning and fixing the small things now will save you time, money, and stress when it comes time to show your home, or to have it inspected.

Here are a few quick stats that may motivate you to get some work done around the house: 

•  
  • Mowing the lawn for half an hour = 150 calories burned.
  • Gardening for 30 to 45 minutes = 150 calories burned.
  • Raking leaves for a half an hour = 150 calories burned.
  • Shoveling snow for only 15 minutes = 150 calories burned.
  • Vacuuming for half an hour = 100 calories burned.
  • Washing windows for 15 minutes = 50 calories burned.
  • Sweeping for 15 minutes = 50 calories burned.

In my opinion, the answer is yes; you should keep your home on the market during the holidays.  First, some experts may say that this will make you appear too desperate, and that may turn off the buyer.  If anything, it is the buyer’s advantage to work with a motivated seller.  They will be more eager to accept a lower offer than those that are not so motivated.  Second, just because you have a For Sale sign in your yard on Thanksgiving Day or Christmas day, does not mean you are going to field any calls, or let someone come in to look at it.  You don’t bring your For Sale sign in the house when you leave for the grocery store do you? No, if the house is for sale, it is for sale, no matter what the date is.  Finally, any buyer who is out looking at houses on a holiday is a serious buyer, and is ready to buy. 

 As far as decorating or not decorating, I don’t have an answer.  Some buyers may be affected by it, and some may not.  I personally would not care either way unless the decorations were blocking or obstructing my view of a part of the house.  Then it may be difficult to envision what the house looks like when it is not decorated. 

I always try to tell my sellers to make themselves as available as possible.  So pulling your listing off the market for a few days, or removing the sign from your front yard, can only hurt your chances at generating a successful sale. 

So, let’s here you thoughts:  Keep on or take off?  Decorate, or not decorate?

Any FSBO (For Sale By Owner) book or instructional guide  you read these will tell you that “overpricing” is the number one mistake that seller’s make when putting their property on the market for sale by owner.  Overpricing your home could be detrimental to your FSBO experience, and force you to list your property with a Realtor.  If you then add in their commission, you are significantly losing valuable profit, and most likely a lot of time.  There are a few ways to prevent overpricing of your home when selling FSBO.   

First, you must realize that the market determines the value of your home, and not you or your emotional attachment to the property.  You must stay competitive within your market if you want to make a realistic attempt at selling on your own. 

Second, you can obtain a Competitive Market Analysis (CMA) from just about any local Realtor in your area for FREE.  They will be glad to pull all comparable sales in your area for the past six months, and give you their opinion on what the asking price should be.  They will do this for free in hopes that you remember them if in fact you ever decide to list with a Realtor if you are unsuccessful in selling it yourself. 

Finally, you can obtain an online appraisal  for you home, which will also give you comparable sales, as well as an estimate to what your property is worth in your current market.  The cost for this online service ranges from $9.95 - $29.95.  Hiring a Licensed Appraiser will cost you around $300 or higher.

Whichever option you choose, please just keep in mind that you are saving on commission on the sale of your home compared to your neighbor who is selling through a Realtor.  This will allow you to set your asking price 1-3% lower than your competitor, and still net more than them at closing.  Setting your price a bit under market value will make your property that much more attractive to potential buyers, and will most likely give you a better opportunity to have a successful FSBO experience.