20 Steps to Selling Your Home on Your Own

The real estate commission earned by a real estate professional on the sale of your property can be a considerable amount of money.  And we know that you’ll agree it’s tempting to try to save that commission by selling your property yourself.

Many people are very comfortable in the role of “For Sale By Owner” (FSBO).  You may find that you are one of those people.  Whether you choose to take the task of selling your own property alone or prefer to work with a real estate sales professional, these 20 steps are necessary for a successful transaction to work.

1. Conduct your own mini-walk-thru inspection. Make notes of all the items that need repair or improvement.  You may even want to bring in a second person to come in and do the same.  Your checklist should include, but not limited to, the following:  Fresh, clean paint trough-out; clean windows and window coverings; well-manicured lawn and yard; plumbing and all appliances in working order; new or cleaned flooring; all sealants (windows, tub, shower, sink, etc.) in good condition; roof and gutters in good condition; etc.  Tip:  You may want to have a home inspector to perform a pre-inspection.  This will prepare you for anything that may come up when the buyer has their inspection.
2. Stage/detail your home. (Or hire a stager)  Make all the necessary repairs and improvements prior to marketing your property to make it saleable.  Understand that once your home is on the market, every day is “Showtime”.
3. Carefully research information regarding the prices (more than just an internet estimate) and terms of sales in today’s real estate market. Investigate recent sales prices, under contract prices and unsold property (the competition) prices of properties similar to yours and in your neighborhood.  You may want to visit those properties as well to get a better perspective for comparison reasons.  Once done, establish a realistic asking price for your home based on that information.  Remember, buyers, will be looking at that same information when determining an offer price.
4. Meet with local lenders and determine financing alternatives for your prospective buyers, while determining what financial qualifications your target buyers need to qualify for the same.
5. Determine which internet sites, social media and print media will best attract your property’s target market.
6. Determine a marketing budget and placement calendar. Prepare a contingency for both if your home does not sell as quickly as anticipated.
7. Prepare professional, attention-getting advertisements to attract the right buyers (not lookers) to your property. A direct mail campaign should also be part of that plan. Include professional photos, videos, drone shots, and well-written description which tells the story of your home.  Be sure to keep all advertising to adhere to Fair Housing guidelines to avoid any violations.
8. Prepare a plan to reach out-of-town and upsizing or downsizing (based on your target market) buyers, who account for a major portion of today’s homebuyers.
9. Purchase an eye-catching and weatherproof yard sign; install it in a conspicuous location in your front yard. If on a corner lot, install two signs.
10. Purchase multiple directional open house signs to be positioned from major thoroughfares and neighborhoods to the property. They should be installed for every open house and taken down afterward.  You may need to ask the property owners of the located signs for permission and be sure you also talk to your town’s officials to sign what their sign permits process is.
11. Prepare a “feature/benefit/disclosure” and photo fact sheet, outlining specific features and disclosed workings of your home and the corresponding benefits to prospective purchasers.
12. Schedule and conduct an event-style open house (public and private) on weekends and weekdays. Be sure it is advertised in all mediums and begin its marketing at the beginning of the week of the open house.  Be sure it is “open house ready”.  Require every visitor to sign in.  (You want to know who’s been through your home and it helps for follow-up calls.) Be sure all valuables and medications are stowed in a safe and secure location.  Don’t forget to put out those open house directional signs first thing that morning..
13. Always be available to meet prospective purchasers at your home and to answer questions regarding your home, the area, schools, shopping, transportation, etc. Just be aware that there are questions that are illegal to answer). Hopefully, you can get that time off at work.  Buyers and sellers are like two ships passing in the dark and therefore, if you are not available for that buyer at that time, they will move on to another home.
14. Respond to telephone (whether calls or texts) and email requests in a timely manner. Learn what it takes to “qualify a buyer” both financially and emotionally.  Understand the difference between a real buyer and a “looker”.  Again, ask for names and numbers.
15. Be prepared to negotiate with a buyer. BUYERS BUY FSBOs FOR A BARGAIN. Take your emotions out of the negotiations, as if you are a third party.  Remain calm and in control or you will be taken advantage of.
16. Have an attorney on retainer (or at least on the ready), to prepare contracts and for representation. If you prefer not to use an attorney, then have all the necessary legal forms necessary, including, but limited to:  Deposit receipts; Offer & Acceptance or contract; Buyer’s cost sheet; the aforementioned Seller’s Disclosure and Lead Paint Form; etc.
17. Determine the type of financing you are willing to consider, such as: FHA; VA; Conventional; Seller Financing; Conventional; Straight Loan; ARM; as just cash.
18. Negotiate with the buyers all the final terms of the sale including: price; financing; inspection issues; contingency dates; title issues; Home Owner Association requirements; closing date; and other pertinent considerations.
19. Plan a final walk-through with the buyers before the settlement process to complete any unresolved disputes. Have a witness present.
20. While doing the above 19 steps, you will also need to go through many of the same steps when locating, purchasing, and so forth, your next home.

By hiring a Realtor who does this on a daily basis and more than likely, statistics have shown, will sell your home for 8-10% more than a for sale by owner, which puts more money in your pocket, to a qualified buyer, in a much quicker, stress-free environment, successfully.

For any questions about any of your real estate needs reach out to Jeffrey Halpern, Broker-Associate, and the Halpern Real Estate Group of Howard Hanna | Rand Realty at 201.317.7527 or jeffrey.halpern@randrealty.com.  For 3 FREE valuations of you home plus a buyer heat map click here.