Between the cost of doing a few minor repairs and the various fees and commissions charged by realtors, when it comes to selling your home, chances are you didn't realize just how expensive it can be to sell your home. This is why you've decided to take on the task of selling your home on your own, which for many is the best way to make as much profit as possible. However, there are many common problems that private sellers can – and will – encounter. Here are two common mistakes that come with putting the "For Sale By Owner" sign in your front lawn – and how to avoid them:
Too Much Information
From providing lead based paint disclosure paperwork to documenting all the major and minor defects throughout your home, when it comes to working with a potential buyer, there are a few things you are legally obligated to disclose. However, keep in mind that there are times when providing a little too much information can actually hurt your chances of selling your home.
For example, while it's a great idea to point out the amazing view from your front window or the new crown molding in the master bedroom, there are other aspects of your property you shouldn't make light of. Not only will pointing out every amazing architectural detail or aspect of your home make you seem too eager to sell, it can also make buyers suspicious about what you're not disclosing.
In addition, if you've had problems with noisy neighbors or other situations that don't deal directly with your home and property, it's okay to keep this information to yourself.
If you're not sure what you need to legally disclose, or what points are okay to keep under wraps, the best way to ensure you're giving out the right amount of information is to contact an attorney who specializes in real estate law. They will point you in the right direction to help ensure you don't disclose or hide any information about your property that you shouldn't.
Marketing Is Key
For many private sellers, simply placing a "For Sale By Owner" sign in their front yard is their idea of an effective marketing strategy. Unfortunately, for you to actually get your house sold, it's vital to get the word out the right way.
Here are a few easy and inexpensive ways you can let potential buyers know that your home is amazing, and for sale:
Utilize the power of social media. Get on Twitter or create a Facebook page and use them to promote your home. Include pictures and don't be afraid to brag a little about your property.
Organize the ultimate open house. Instead of simply inviting potential buyers to tour your home, treat them to a unique experience. For example, host a barbeque and encourage neighbors to invite any friends or family members who are in the market for a new home.
If you're strapped for cash and out of options, word of mouth is often the best way to get your house sold. Get on the phone or email everyone you know and encourage them to spread the word about your home.
Investopedia recommends working with a real estate listing company in your area. In many cases, the fees these companies charge are nominal, and completely worth it. These sites are perused by thousands of potential buyers across the globe, which can help you sell your home much quicker.
Taking on the challenge of selling your home without the assistance of a realtor will create a lot more work for you. However, with the aid of a great attorney and a little marketing magic, you will be able to sell your home on your own much more quickly than you could have imagined!