The world wide web has made a foray into the real estate world. This has completely revolutionized the way real estate market operates. Gone are the days when property sellers depended on agents for the sale of their properties. These are times of ‘FSBO’ (For Sale by Owner’). The owner can sell his property independently because of the availability of online methods.
Earlier the biggest difficulty for a property owner for selling was that he the means to access buyers were limited. He could do it by advertising in the newspaper, putting up ‘For Sale’ boards, or by word of mouth, etc. All these methods could reach only a limited number of prospects. But the internet has changed this. A property owner can use property listing websites for selling his home.
The process of selling a home online is very simple and a seller can reach a large number of prospects through this method. It also minimizes his expenses as he does not have to pay large commissions to the agent.
Selling of a home by the owner entails the following stages:
Stage 1: Getting the home ready for sale
This implies de-cluttering and taking care of necessary repairs. It helps to remove bulky furniture and personal items from the house. The owner should also get any broken fittings and faucets repaired. Cleaning the house is also an important aspect. If required, the house should be whitewashed. All these steps help in enhancing the appeal of the house. The owner could consider getting the house pre-inspected so that he is aware of any faults that might have escaped his eye.
Stage 2: Determining an accurate price
The house should be priced keeping in mind the prevailing rates in the market. While pricing the owner should also bear in mind any major faults in the home. He has the option of getting the faults corrected or he could leave them and reduce the price accordingly. While deciding on the price he should give room for negotiations also.
Stage 3: Taking good quality photographs
Good quality photographs help in marketing the house as this is the first impression that the prospective buyers have of the home. These days, prospects are not satisfied with just pictures. They want more. The sellers could create a virtual tour of the house and use it as a marketing tool.
Stage 4: Listing the house on a property portal
In order to reach out to prospective customers, the seller will need to list the house on a property listing website. There are a number of property listing websites available to choose from. However, it is better to select a site after verifying its authenticity. There is also an option of paid and free sites available for listing. The seller can also list his home on multiple sites for enhancing its visibility. Sharing the listing on social media sites also helps in increasing traffic. Listing a property implies registering with the site and uploading images and description of the property. The online listing gives the seller the flexibility to upload information at any time as per his convenience. He can also modify the uploaded information. There is no limitation on the number of words used for the description of the property.
Stage 5: Establish connection with prospects
Prospective buyers will view the property on the site and will connect with the owners through the contact details provided.
Stage 6: Arrange for inspection at a mutually convenient time
The prospects will be interested in viewing the property before the decide to purchase it. Hence, the seller should arrange for inspection at a convenient time for both.
Stage 7: Negotiate the price
After the property has been approved by the buyer, the seller can negotiate the price directly with the buyer. There is no involvement of a third party.
Stage 8: Sign the legal deed
This is the last stage involved in selling a home. After the price has been negotiated, a legal deed needs to be signed between the buyer and the seller.
By going through these stages, a property owner can sell his home without an agent. Property sales made directly by the owner require dedicated efforts from him but they also provide enormous savings.