5. List your home online
It’s finally time to post your home online. While you can create FSBO listings for free on popular search sites, you’d have to painstakingly post site by site, and your listing wouldn’t reach the majority of buyers and agents.
To give your home the most exposure, pay to have your home put on your local MLS (multiple listing service) — a platform agents use to share properties with one another as well as major real estate sites. Posting there will feed your listing to buyers’ agent databases and to common sites buyers use.
Although normally only licensed real estate agents and brokers can access and post listings on a local MLS, you have two options to gain access: paying an agent to post for you or using a flat fee MLS company.
Pay an agent to list your home on the MLS
A local agent may be willing to list your house on the MLS for a flat fee, without any other involvement in your real estate transaction. If you decide to go this route, make sure you ask whether the fee includes updating your listing if necessary.
Leverage a flat fee MLS company
There are a variety of paid FSBO websites that provide MLS services to FSBO sellers, enabling them to bypass the traditional agent and get their home included on the MLS.
Whatever you choose, read the fine print carefully: some sites may have hidden fees or even take a percentage off your sale — a detour you’d rather avoid on the FSBO route.
Not willing to pay for the MLS?
If you’re determined to save money by foregoing the MLS, creating a free FSBO listing on Zillow may be your top option. You can post videos and unlimited photos, and get fairly wide exposure via Zillow and the Zillow-owned Trulia.
6. Market your home
Time to spread the word. So, beyond listing on the MLS, what else can you do to market your home?
Place a FSBO sign by the road
Consider getting a custom yard sign with your contact information from a site like Vistaprint. Note that some MLSs may have rules about whether you can post a FSBO yard sign while your home is on the MLS.
Share on social media
Fields says that “having great relationships with people on social media who shared the listings” was a key factor in his FSBO success. So be sure to share your home across social media — and ask your friends to share, too.
Hold an open house
- Share details on Facebook and Nextdoor.
- Update your MLS listing with the open house details (if you’re able to as part of paying the flat fee), or update your DIY FSBO listing.
- Place open house signs at nearby intersections.
- Tidy up the house before potential buyers come through.
- Pass out info sheets with the address, bullet points about the house, your contact info, and perhaps one photo.
- If you can, collect visitors’ info, and then follow up after the open house to ask if they have any questions.
7. Manage showings
Welcome to the busiest phase of the process. In fact, according to Todd, a major reason some FSBO sellers switch to an agent is that “they underestimated the time and energy they would have to spend managing the noise.”
To manage the logistics of showings:
- Respond to inquiries ASAP.
- Set end times if you need to fit multiple showings into one day.
- Remove or secure valuables.
- Make sure the home is clean and tidy for showings.
- Follow up with buyers’ agents after showings to get their feedback.
Should you be present for showings?
If you’d rather not be present for every showing, consider using a lockbox with a code to let buyers’ agents enter the house. This is standard industry practice among agents. To ensure you’re working with someone legitimate, use Google to check their real estate license number.
With unrepresented buyers, plan to be on the property for the showing. During a showing, we recommend you:
- Point out a few highlights of the house.
- Let buyers look without hovering.
- Be prepared to answer questions.
- Avoid the temptation to tell all; let the house and listing do the talking.
8. Evaluate offers and negotiate a deal
You’ve got your first offer — congratulations! Before signing anything, here are some key considerations:
9. Close the sale — with professional help
Todd recommends every FSBO seller hire a lawyer to minimize risk and settle the legal documents. Real estate attorney fees vary widely depending on location and how much help you want, but it’s well worth the cost for professional guidance in closing one of life’s largest legal transactions.
FSBO mistakes to avoid
On your FSBO journey, watch out for these major pitfalls:
- Missing out on the MLS.
- Forgetting or refusing to pay the buyer’s agent commission.
- Over- or underpricing.
- Letting your house sit on the market too long. According to Todd, lack of activity is a common reason FSBO sellers come to him for help.
Lastly, “don’t get greedy,” Fields cautions. In his case, he turned down a full-price cash offer the first day thinking he might get more. After another month, Fields accepted and closed on a different full-price cash offer — wishing he’d saved himself that extra month of work.
Alternatives to selling by owner
If you decide you don’t want the hassle or pressure of FSBO, you have other solid options.
Enlist the help of a top-rated real estate agent
Ultimately, the services and price gains you can get with an experienced real estate agent may put more money in your pocket than FSBO.
Todd tells the story of a FSBO seller-turned-client whose home sat on the market for 180 days. After lowering the price a total of $50,000, the seller asked for Todd’s help. A walkthrough revealed carpet in a bathroom and other little things the seller hadn’t improved.
“If you put about $7,000 to $10,000 back into your home,” Todd advised the seller, “we can list it for about 20 to 30 grand above what you previously had.”
Todd promised the skeptical client that if he was wrong, he’d reimburse the $10,000. Ultimately, after taking 30 days to make the recommended updates, the home “sold for $10,000 above what they had originally asked for, and it was under contract in 10 days.”
Interested in such expertise? HomeLight offers a 100% free agent matching service tailored to your needs to help you find an expert local agent. It takes only two minutes to receive your matches.
Request a cash offer
If you’d like to skip the sale prep altogether — plus avoid paying agent commissions — you can opt to sell your home “as-is” to an all-cash buyer instead.
For a low-stress experience, consider requesting a cash offer from HomeLight’s Simple Sale platform. Tell us a few details about your home, and in as little as a week, we’ll send an offer your way. If you decide to accept the offer, Simple Sale sellers have the ability to close in as little as 10 days.
Without leaving the Simple Sale platform, you’ll also be able to compare your cash offer to an estimation of what your home would sell for on the open market, so you can make an informed decision.
Ready to sell your home?
Unless you already have a buyer lined up, selling a house by owner requires a significant investment of time and effort. You’ll need to pull your own comps, capture excellent pictures, create a listing, market the house online, field inquiries, negotiate, and close the deal. And that’s after preparing the house itself.
You also have to consider that FSBO listings tend to sell for less than agent-assisted sales. An experienced agent who knows the area can make recommendations for targeted upgrades to help you maximize your sale price and get a premium offer. This can help to offset or, in some cases, more than make up for the cost of commission — while saving you time and headaches.
If you choose to go FSBO, you should have a good idea now of what to expect from the process. Otherwise, our internal transaction data at HomeLight shows that the top 5% of real estate agents sell homes for as much as 10% more than average, and we’d be happy to make an intro to some of the best agents near you.
Header Image Source: (karamysh / Shutterstock)
