How it Works: A High-level Overview of Our Selling Process
The game of Monopoly is the first experience many of us have with owning property. It can be a tough, ruthless introduction to the world of real estate dealings. You roll the dice, your eyes wide open, mouth set in concentration, you move your game piece, and you land on St. James Place. You then find yourself shelling out $14 to your slum lord sibling who owns the place. Two rolls ago, you earned your paltry $200 salary then gave $100 back to the bank for income taxes before you “just visited” jail.
Thankfully, this isn’t the real world. In today’s real estate market, we have ample choices when it comes to buying and selling property — and what we pay and accept for it. Usually, we turn to Realtors for selling our homes, but as the market has expanded and diversified, so has the opportunity for agent alternatives. Alternatives like ForSaleByOwner.
Do Not Pass Go: Until Fully Read
The key to a positive ForSaleByOwner experience is information. Fear and doubt can be the biggest obstacles to a hassle-free home-buying process, and we encourage sellers (and buyers) to be fully informed. It takes commitment, investing the time to understand the market and the factors that are going to influence the price you ultimately receive. These considerations include:
- Location, location, location
- Area (or plot) of land
- Schools/school district
- Overall economy
- Time of year
Being informed on these matters is what will get you the most money for your property.
It’s Time: Sell Your Home
You’ve decided now’s the time. In order to list the house, you need to make a proper inventory of the home. If your house was previously listed on the MLS (Multiple Listing Service) or you have current property information, that data can be extremely helpful for listing. If not, ForSaleByOwner provides a comprehensive guide that shows other ways to determine property size, room allocation and more.
This guide also provides the next major piece to our listing puzzle: what the house should be listed for. Going too high or too low can end in disaster. The home should be priced comparably to those around it with similar features and square footage that are currently for sale or that have recently sold. To make sure you don’t swing in the wrong direction either way, a professional appraisal is the best way to go.
While your Monopoly properties were scarce on curb appeal, photogenic features are what attract buyers today. Your prospective buyers want to scour photos and examine the home first-hand before making an offer. A small investment in a professional real estate photographer is suggested to make sure you’re showing off your home in its most flattering light. The photographer can adjust lighting, furniture and stage the home to go for top dollar.
On the outside, make sure your home is always drive-up ready. Dig out those old bushes and tackle those weeds. You’d be surprised how many people lose interest because the landscaping is subpar.
Offers, Escrow & Sold!
Once the home is listed, you’ll begin receiving inquiries from people wanting to see the home or gather more information. To help manage the showings, try to schedule all appointments during a set timeframe and have fact sheets with additional details, such as energy-efficiency features, valid warranties and property tax history, printed and waiting at the showings or in a PDF ready to email.
It’s also best practice to decide what offer range you’re willing to accept ahead of time. This way, when the offers begin to roll in, you won’t jump on the first one you receive or wait too long. Remember, the goal is to sell!
For more information about the ForSaleByOwner process or to contact one of our customer support specialists, please visit our website.