10.5 FSBO Insider Tips

fsbo2.jpgOk, a real estate agent giving actual useful advice to FSBOs??? Isn’t that self-defeating you ask..? Maybe I am crazy, but my theory is that I would rather be known for providing good, solid information than trying to convince you not to sell your home without a real estate agent. Besides, facts are - you can go it alone. Is it easy? No…but I want to provide you with enough information that you feel well-equipped should you decide to go this route. Heck, you might decide this isn’t what you want to spend your time on, and give me a call. Or maybe you have a friend or family member who would rather use a real estate agent… Then perhaps you say “….hey why don’t you at least call the guy at the website where I got my information…” What’s the worst that can happen from giving me a call?? So, I suppose you can say I have some ulterior motives…
Ok, enough discussion, let’s get into these tips I promise:

This information is probably best listed if it is broken down into a few categories:

Pre-planning, paperwork, etc. -

There are several things you really must do before moving forward to putting your home on the market, and these are lumped together here as

Tip #1 - Don’t be afraid to contact me. Like I have said and will say many, many times, you can talk to me without fear of being pressured into working with me, harassed afterwards with calls, or otherwise made to feel uncomfortable. I cannot answer all your questions, but it’s worth a call….
Tip #2 - Determine your market price. There are several public-access web sites that can help you with this. Don’t rely on just one. Check several and see what sort of differences you might see. If in doubt - refer to Tip #1
Tip #3 - Dig out your paperwork that you should have when you purchased your home - like the deed, survey, etc.

Tip #4 - A must have North Carolina Residential Property Disclosure Statement. Follow that link, print off the form, complete it, and make several copies. You want to have these readily available to any serious buyers. This form is governed by state laws - not the Real Estate Commission. A major issue here is that your buyer can get out of the sales agreement should you not provide a copy within three days of contract agreement. It’s just a lot easier to have it at the start. Questions? See Tip #1

Marketing -

Tip #5 - Now the fun begins. Of course you need signs. You can pick up the old standby red and white signs like the photo above. These will work and are pretty recognizable, but why not do it right and go down to your local sign store and talk to them. You can get some very professional signs for around $30 - $50. Using just one classy sign in your yard will demonstrate to buyers that you are on top of this process.

Tip #5.5 - Make your phone number readable. If I had a dollar for every sign I’ve seen with difficult to read phone numbers… Remember most people see your signs while driving. Especially if you are placing it on a busy road this will be vital. Spend the money for those nice adhesive numbers. Yes they are expensive, but…. Don’t rely on the black marker you found in your kids book bag, and your hand-writing…

Tip # 6 - Create flyers. There are many ways to get nice, useful flyers created. You can use MS Publisher to create your own, or go on-line and use one of the services there. Make them colorful with nice photos of your home. Print a few color copies to have available inside your home. Black and white are okay for the info box in the yard.

Tip #7 - Advertise, advertise, advertise. Now this can get expensive, but you have to do it. Don’t rely on your signs. There is a finite number of people who will see your signs. That’s okay, but you also have to reach beyond that group. In the Charlotte are you should consider the Charlotte Observer even if you are in Union, Cabarras, Rowan, etc. Prices start from around $50 for two weeks of a simple on-line ad all the way to nearly $300 for four weeks of newspaper and on-line advertising. You should consider getting an MLS posting. There are a few companies who will get this into the MLS for a flat fee. Typically several hundred dollars. Don’t expect any further services, though. Craigslist is another place you should definitely place your ad. Be careful about your email address here, though. It can be a haven for spammers. Also go down to your local grocery store, and pick up some of the real estate magazines. These will often let you run a full page ad, but it can be expensive - like $500 and up, but great coverage. Basically, I don’t think you can advertise too much. You just have to decide what your budget is.

Tip #7.5 - Here’s a GREAT deal…!!! - I currently pay for a full page ad in Charlotte Homes and Loans Magazine. Each month I have a few slots for FSBOs. If you are willing to pay a commission to me should I bring you a buyer, then I will include your ad in the next edition - at no charge..!!

Sales contract, negotiations, and more - whew…!! you’ve done all the above, now someone has presented you an offer. want to know If a real estate agent has brought you this offer, then most likely it will be presented on the standard forms used by virtually all the agents in the state.

Tip # 8 - The Price - Obviously your eyes will be searching the page for the for the price. Price is not the entire story, so unless it is incredibly low, and unrealistic (believe me, it happens - a lot) take a deep breathe and don’t get too excited or too discouraged. If it is ridiculous, then just simply say no, and politely say “..we prefer not to provide a counter offer at this time..”

Tip #8.5 - Written - I hinted at it above. The offer to purchase must be in writing eventually. You can talk all day over the phone and agree to all kinds of terms, but at the end, you have nothing without it being written and signed by both parties.

Tip #9 - Negotiation - Ahhh the fun stuff. Some people love this, some hate it, most are probably in between. If you are the latter, then you should re-think even going FSBO. Otherwise, there is no magic formula for negotiation, and lots of books articles, etc. on negotiation. My very simplified advice here, and how I negotiate: First - be honest, secondly - the old adage win-win is a proven method, and thirdly - know your limits and be willing to walk away.

Tip #10 Offer evaluation -

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