Agent A-Team or Solo Superhero? Finding the Right Real Estate Partner for Your Selling Journey in Wildwood Florida
When it comes to selling your home in Wildwood, Florida,…January 29, 2024
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Selling your home is hard work. Experienced real estate agents usually take on this work, primarily focused on the marketing and promotion of your home and legal support and negotiation. As an FSBO seller without a real estate agent, you will take on all of the responsibility. Therefore, it is a good idea to be prepared and knowledgeable about the process and the parts you plan to do yourself versus outsourcing.
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How Selling By Owner (FSBO) Works
Many home sellers are considering figuring out how to sell their house as a sell-by-owner home in today’s market. Usually, a house is a person’s most significant financial asset. Therefore, selling their home on their own can be desirable to save on realtor commissions and keep more of the house equity. With the current market as hot as it is, the desire to do so has increased with an even higher incentive to keep more of the home revenue when it sells.
This guide is a general resource, and every state has its regulations. Always check with an attorney or advisor for legal support.
FSBO is when you sell your house without using a real estate agent. As the seller, in an FSBO, you take on the duties the real estate agent would typically manage, such as market research, pricing, open houses and deal negotiation. If you were to use an agent, the commission on the sale of your house is around 3%. The commission is deducted from the home’s final sale price at closing. However, you will still have to pay the buyer’s commission, which is around 3%, regardless of the type of sale.
For clarity, you will still need help selling your house FSBO. However, it will be in a different capacity than the traditional method. Primarily, you will need support in the legal documentation. You will need to hire an attorney for legal document management.
Top Reasons for FSBO Sale
Positives Of Selling A House By Owner
Negatives Of Selling A House By Owner
Steps To Sell A House By Owner
Here is the step-by-step process to sell your home FSBO.
1. Prepare your house for sale.
You will want to get your house in top condition to sell it for maximum revenue. Before you have any showings, here are a few to-do lists.
2. Do the work necessary to set a competitive price.
Setting a competitive price can be tricky. The best way to do this without an agent is to use an online home value estimator. Several sizeable online listing sites, including Zillow, Redfin and realtor.com, can support you with this service. Additionally, companies such as Richr.com are recommended specialists for FSBO owners in the Florida market.
You can also search the listing sites to see what homes are selling for in your area. These are called competitive or “comp” properties. Here are some recommendations on filters to narrow down your search to the most accurate competitive set.
First, filter your searches for areas close to your house, a few blocks away if possible. Then, you can expand the map if you do not find any immediate results.
You’ll also want to filter results by details like:
From there, make sense of your research. Compare your home with the homes found in your searches. Look at the key features of each home and the pricing of each house to see how they align with your home’s features. You can make adjustments based on what you find.
3. Takes stellar photos of your home.
Remember, buyers’ first impression of your house, in most cases, will be through photographs they see online in a listing. So take compelling and high-quality photos of your home. Consider hiring a professional to take photos, which should only cost around $100 to $200.
If you choose to take the photos on your own, make sure to:
Use great lighting
4. Create a detailed online listing.
You will want to make your listing complete and as comprehensive as possible. Use a descriptive paragraph and highlight the critical features of your home.
Tell a story with your description to draw in buyers by including details such as:
There will also be a section for property details beyond the overall description.
Make sure to complete it fully. The section will list the following:
Once you have completed the steps above, you are ready to list your house on the market. To receive maximum exposure, you will want to list your home through the MLS or Multiple Listing Platform. You will need a real estate agent to complete the listing on your behalf. Companies like Richr.com offer this service and other helpful tools throughout the FSBO process for sellers.
Market your home to spread the word beyond your online listing. This can be done with a combination of several strategies. One way is to place a sign in your yard announcing the house for sale and contact information. Every city has its sign regulations, so check with yours before placing a sign in your yard.
Another idea is to hold an open house. Try these strategies for a successful open house event:
7. Manage showings
Beyond open houses, real estate agents may want to bring buyers to the house individually to tour the home. Showings can become time-consuming.
To manage the logistics of showings:
If you prefer not to attend every showing, use a lockbox on the front door of the house with a code so real estate agent’s can tour the home with potential buyers on their own. Ensure you get the license number from realtors before providing them with the code to ensure they are legitimate.
During a showing, we recommend you:
Once you have an offer, there are some key considerations:
9. Close the sale — with professional help.
Either hire an attorney or a professional business service to help you with the negotiations and legal work during the closing process. Legal fees vary widely by the agent. In addition, companies such as Richr.com offer in-house legal support and the documents you need to sell your home.
How to Avoid FSBO Mistakes
Watch out for these major factors:
Frequently Asked Questions
Do you have to pay taxes on the sale of your house?
Your house is considered by tax authorities to be a capital asset and subject to capital gains taxes. However, you may be exempt from the tax. Here are the details on the exemption.
It’s easy, fast and simple. List your home for free with Richr with Richr’s happiness guarantee.
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Many homeowners are going the FSBO route due to the ability to keep the extra revenue from selling their homes. However, there are several steps in selling a home, and FSBO sellers should do their research and diligence to understand what goes into getting their home sold for maximum revenue.
If you’re looking to buy or sell a house and would like to discuss your option, Richr can help you!
Our fully licensed Concierge Team is here to questions and provide free, objective advice on how to get the best outcome with your sale and purchase.
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