DIY, of course, stands for Do-It-Yourself and in real estate we refer to these sellers as FSBOs, pronounced "fizz-bo". The natural aversion to paying 6% to a broker to sell one's home is absolutely normal. But, because of the multitude of issues that are involved, selling your home yourself can be challenging.
If you are the adventurous type, go for it. The key to success in selling your Marco Island home, as is it is with just about everything, is preparation. Not preparing is a recipe for disaster. Your home may go unsold for a long time if it sells at all. Plus, your bottom line may shrink considerably if you fail to recognize some of the nuances of the process.
To help you prepare, I've put together a few tips that you should be aware of should you choose to tackle the sale yourself.
- Price it right. Setting your price too high can be worse than setting it too low. Home prices are determined by the market. Most sellers are emotional when it comes to their home and they have difficulty realistically pricing their homes. It's tough to be objective. Often sellers overprice their homes substantially. This is one of several factors that has contributed to a very low success rate amongst FSBOs.
- Prepare your home for sale. You don't get a second chance for a first impression. This goes double for homes. I've seen it a million times. Buyers will dismiss a property within 10 seconds if its not neat and clean or if it's cluttered with personal affects.
- Obtain and study all documentation. A mistake in this department may cost you your sale or worse. Invest the time necessary to know the documents. Contact us for a document package if you need one.
- Market your property effectively. You want to skew the supply and demand curve in your favor as much as you can, right. A sign in the yard will not achieve this. You need every single potential buyer to know about your property.
- Remain objective when showing your home. Don't get defensive if negative are voiced by potential buyers. Focus on the positives.
- Pre-qualify your prospective buyers. Much time is wasted on unqualified buyers. Not only do FSBOs fail to qualify buyers; I see inexperienced agents do it as well. It may not be comfortable asking the tiugh questions but you must. Finding problems after you've already made plans and scheduled movers is a nightmare.
- Negotiate effectively. If you're not experienced in negotiation, I recommend you read a few books on it. There are psychological nuances that must be understood in order that you don't blow it.
- Know your buyer. One of the keys to negotiating effectively is know the buyers motivation - knowing why he's buying.
- Don't move out before you sell. The home becomes tougher to sell. It looks abandoned and unappealling. This will cost you on the bottom line.
- Understand yourself. Know why you're selling and keep it to yourself. The counterpoint to "understanding your buyer" is not letting them understand you and your motivation. Not hiring a Realtor has done enough in painting a picture to your potential buyer; don't add to it.
If we can assist you with anything related to the sale of Marco Island real estate, don't hesitate to call. We intend to be full-service Realtors - even if you don't list with us.