Home owners can save a lot of money by selling their own home as “for sale by owner” or, as it is known in the real estate industry, FSBO (fizz-bow). People list their homes for sale with Real Estate agents everyday, and when their homes sell their agent takes a percentage of the sale which leaves the seller with less money. If home owners list their home For Sale by Owner, or FSBO, they can potentially save thousands of dollars.
Yes, home owners do have to do all of the work on their own. There are computer listing systems that sellers can pay for to put the house in which will give sellers access to all of the potential buyers who are looking at listings through traditional agencies. Then, when a real estate agent pulls up all of the listings for a potential buyer in a certain price range, that listing would be in the listings.
Remember that even though you do not have an agent and are selling the house as a FSBO, the people interested in purchasing the home may have an agent. The best way to keep an agent or a broker from deterring their clients from purchasing a for sale by owner property is to offer a buyer agent commission. This is where the sellers pay a flat fee commission or percentage commission to the agent of the buyers so that their agents will be willing to show the listed property to potential buyers. Sellers may end up paying this fee, but it will be small in comparison to what would have been paid if you had had a real estate agent instead of selling by yourself.
When selling the property it is also important to market and advertise the FSBO property. Create informational flyers to hand out to any interested buyers. Put a sign in the yard with your phone number for people to call and enquire about the FSBO listing. There are even information tubes or boxes that sellers can purchase to attach to the for sale sign, and then fill with the flyers you made so that people driving by can stop and get instant information about your FSBO.
Also, advertise in local newspapers and on the internet. There are many FSBO websites on the internet where you pay to advertise your home, and these sites can be great for exposure when selling any home, but especially a for sale by owner house. In the advertisement the bus facilities near the residential area should be mentioned. Pasir Ris Central will have specific landmarks that will provide good bus services in the local zones.
If you want to avoid the fees of real estate commissions, but don’t have so much time to do all of the work yourself, for sale by owner people can also pay a flat fee commission to one of the companies that helps you sell your home. There are companies that take a flat fee, let’s say $1,000, and for that price they will put the home in the multi-listing real estate computer systems, advertise your home in the newspapers and on the internet, help you create an informational FSBO flyer, and give you a sign to put in your yard. This would give you a good start to selling as a FSBO without all of the “do it yourself work” that is involved.
The real estate market has been hot for several years in most parts of the country. Even in areas where it is cooling down, however, for sale by owner sales make sense. Instead of paying 6% commission to a real estate agent, which could be tens of thousands of dollars, sellers can do the legwork themselves and make an even greater profit off their home. Buyers get a deal, sellers make extra, and with careful caution sellers can do well as a FSBO.
