For Sale By Owner Philly, Practice Makes Perfect

Selling it yourself: Easier than ever, but DIY danger remains

Just like any DIY project, For Sale By Owner (FSBO) has its risks and rewards. As much as I would like your business - and offer Philadelphia-area's most competitive commission - there is no denying you could potentially save thousands doing it yourself. Couple key things I would recommend to anyone deciding to go FSBO.

1- Pay the few hundred bucks (more/less) , most internet companies seem to charge to get your home listed on the regional Realtors' Mulitple Listing Service (MLS). From the MLS, you will attract the attention of hundreds/thousands of home-selling professionals. In addition, your listing will also syndicate across the internet to all major consumer home-shopping websites like Zillow and Trulia.

2- Indicate on the MLS that you will compensate any agent/broker that brings the buyer. Most serious buyers use the hard to resist services of licensed Realtor. We, most frequently, have No Charge to buyers and add priceless counsel and convenience to a complicated process. Buyers deserve an advocate for the biggest investment of a lifetime and most take the obvious choice for Free Representation. With no compensation advertised, you'll engage only a fraction of the area's serious buyers. Even if you post a bounty of  3% commission to a buyers' agent, you are still saving the other 3% many listing brokers might require. 

3-Cozy up to a local agent, possibly Ted Gross (Keller Williams/R5Realtycom), who will be willing to share tips and expertise in exchange for the opportunity to work (also at no charge) as your buyers' agent for your new home.  The buyer leads you generate when selling your own home may also tempt an agent to assist..

4- If digital photography isn't your bag, or just to get the best results, hire a professional to take pictures. Along with price, location, condition of home, quality pictures are a key ingredient to lure buyers.

5- Prior to listing your home, attend many open houses and notice how homes are professionally presented. Whenever and wherever possible, remove clutter and mystery. When a buyer looks at something in your home and wonders, "What's up with that?" you are sacrificing value.

Home selling is not rocket science but it is, typically, deceptively daunting and has pitfalls. Managing and providing access/security  to your home can be exasperating. Determining which inquiries/buyers/offers are viable and worthwhile - versus being dead-ends - has many nuances. Price-setting and especially negotiating a major deal, while having limited experience, could see you give back everything you save on commission to ignorance. Failure to dot the i, cross, the t, and understand contracts and details relevant to the process can lead to sales falling through and additional months on market. 

Like most DIY projects, there is a learning curve. If selling your own home is something you plan to do multiple times, then you'll only get better and more efficient (with both time and money) each time. If it's a one and done type of thing, expect it will be like most DIY projects. There will likely be monetary savings, but due to inexperience and the inevitable exertion of more time and effort than expected, they money saved will be likely be less than hoped.

-  By Ted Gross, Keller Williams MainLine Realty,  610.348.7972,  Ted@R5Realty.com