“For Sale By Owner” or FSBO is a selling method wherein the owner of the property chooses to sell on their own to avoid paying sizable commissions when you sell by a real estate agent or broker.
Commission rates are always negotiable, but the average commission of real estate agents ranges from 2% – 7% of the total property value. Let’s say your property is valued at $500,000, a 3% commission is $15,000.
Commission serves as a way to compensate for the time and effort of a real estate agent, but there are times when you don’t have the resources to accommodate such expense. If that is the case then FSBO is the best way to sell your home.
How Effective is FSBO?
As for any selling method in the Real Estate industry, “For Sale By Owner” does not just magically help you sell your own property. To get the best value and to sell your home as fast as possible, you have to do it right.
Here is our complete guide to successfully sell your own home without a real estate agent:
Step 2: Inspection – Invest on hiring a professional to check things you might have missed on the first step. Your buyer would probably hire an inspector to get professional advice. Better be prepared than to lose a potential sale. [Click here for the full guide]
Step 4: Prepare for Questions – Most interested buyers will have tons of questions that you need to answer “smartly”. Make your home more appealing by preparing the best yet not too over selling answers to those questions. [Click here for the full guide]
Step 5: Prepare to List Your Property – The time to show your property to thousands of potential buyers has come. You can list your property on free classified ad websites and on your social media pages, but if you want to sell your property fast, safe and easy, “multiple listing service” websites will give you the best odds of selling your property. Why? Because most of your buyers & their agents, will be looking for properties for sale and for lease on the top real estate websites in Australia, and you would probably want your property to be shown when they do. [Click here for the full guide]
Step 6: Prepare to Respond to Enquiries – No one can answer your buyer’s enquiry better than yourself, the owner of the property. Make sure that you answer each and every enquiry as you’ll never know who the most interested buyer is. [Click here for the full guide]
Step 7: Schedule House Viewings – Only a crazy person will purchase a property without viewing it. Make sure you schedule house viewings when you get home from work and over the weekends. [Click here for the full guide]
Step 8: Closing the Sale – By the end of this stage you must have sold your property. Choose the best offer and remove your listings. Enjoy your hard earned $$$ and maybe spend your supposed to be agent’s “supposed to be commission” on a cruise or on the beach under the sun. [Click here for the full guide]