Seller’s Guide to Listing a Home for Sale by Owner in MN
No one knows your home or property better than you. You have poured countless dollars and hours of labor, turning it into a place you loved, even if it was only for a period of your life.
But, if you’re ready to move to a new location, or if you’ve already found your next dream home, it may seem like getting a realtor is the only option for selling your home.
But, selling your home yourself could save you up to 6% in commission fees, which means that money would flow back to you instead of being divided up amongst the real estate professionals.
While it may seem easier to rely on the expertise of a realtor, their commissions and unfocused multitasking can sometimes leave you frustrated and confused. Handle your home sale with the love and attention that it has brought you over the years, even on your way out.
If you aren’t bound by a strict time constraint to sell your home, FSBO (for sale by owner) may be the perfect option for your home selling adventure.
Read on to see if for sale by owner in MN is the right choice for you!
Pros & Cons of FSBO
The internet has tons of articles and resources about how bad of an idea FSBO is. At first glance, you may start to second guess yourself pretty quickly.
BUT… it’s essential to realize that most of those articles at the top of your search engine are from real estate agencies. Realtors DO NOT want you to sell your home yourself, because then they won’t get their commission!
So, as you are trying to figure out how to sell your home, it’s essential to keep that fact in mind.
- Set Your Price. Do your research and see what price homes like yours are selling or listed for in your area. Keep in mind that these listing prices include the realtor fees, so you’re able to drop yours a little lower to be more enticing to buyers.
- Be Your Advocate. Spend a little of the money you save by not getting a realtor on advertising for yourself. Take clear, high definition photos, make flyers with information about your home, and schedule an open house event that will make your home irresistible.
- Set Your Schedule and Timeline. You can pick and choose when you show your home. Make sure your home is always presentable to your standards, and only schedule viewings that work with your schedule.
Here are some of the obstacles you may need to overcome:
- No Access to an MLS (Multiple Listing Service). Not using MLS means it will be harder to get eyes on your property. MLS offers buyers the most accurate, up-to-date view of what homes are for sale in their area, so this service is essential.
- You are Managing it All Yourself. You will have to manage contracts, documents, showings, and negotiations yourself. If you get overwhelmed, you can hire professionals for any of the areas you’re not comfortable performing.
- No Realtor for Guidance. Having a realtor means that you have someone to bounce ideas off of or seed advice on different milestones throughout the process. Research any issues that arise and network with other FSBO sellers for help where needed.
Tips & Tricks: For Sale By Owner, MN
While you’re deciding if you should sell your home yourself, check out these tips, so you set yourself up for success:
- Market Your House as a Home. Consider providing a list of the distances of local attractions or necessities like grocery stores and gas stations. Buyers looking in your area may not be familiar with this, so it could set your home apart from others they may see. Mention any highlights or features of the house that may not be obvious at first glance.
- Negotiate with a Clear Mind and Don’t Take Low Offers Personally. A buyer wants to get the best price, just like you do. If you are getting multiple low offers, consider lowering your cost a little to see if you and the buyers can find a happy medium.
- Don’t Stop Advertising even if You Have an Offer. Many buyers don’t make it through the negotiation process, so you don’t want to lose any momentum.
- Consider Having a Log for Those Who Tour Your Home. Encourage them to leave contact information so you can follow up with them throughout the process. You can even notify them all any time you lower the price of your home, as this may re-spark their interest.
- Hire Professionals. If you encounter any steps along the way that you aren’t comfortable with, hire a professional to help you. These skills can include closing proceedings, real estate law, home inspections, photography, and more.
Are You Ready for Your Close Up?
Before you start photographing your home and inviting potential buyers to tour, you need to make sure your home looks presentable. Work through every part of your home with a metaphorical fine-toothed comb.
Here is a checklist of what you should do to be ready:
- Depersonalize Your Home. While those pictures of your kids are adorable, they make your home look like YOURS. When selling your house by owner, you need to let the buyers seem themselves in the space and not think about who has lived there before. Pack everything up or have a space you can put everything away before each viewing.
- De-Clutter & Deep Clean. Nothing is a more significant turn-off to potential buyers than clutter and filth. You don’t need to stage your home with high-end furnishings for it to sell. Focus on keeping clutter to a minimum, wipe down countertops, and make sure there are no offending smells (especially trash and pet smells).
- Consider Re-Painting. While burnt orange may have been a fun color for your living room, it may not be appealing to a potential buyer. Re-painting in white, beige, or grey will make your home seem bigger, brighter, and cleaner.
- If it’s Broken, Fit it! If you have a leaky faucet, ripped screen, broken lock, squeaky door, etc. get those things fixed as soon as possible. If you can’t fix it yourself, consider hiring a handyman to do it, so your home is in top shape.
- Keep Things Bright. When you photograph your home or get it ready for viewing, open all your blinds and turn on all lights. Warm, bright lighting will bring your home to life and make it more welcoming to potential buyers. Plus, your photos will turn out better if they are well lit.
- Don’t Neglect Your Curb Appeal. The inside of your home is a significant selling feature, but buyers will be looking around the outside too. Cross the street from your home and take a look to see what you notice from a distance. A brighter colored front door, trimmed bushes, painted fences, and tidy landscaping can make a meaningful impact on getting buyers in the door.
- Remember the Little Things! Things like baseboards, cabinets, closets, fixtures, and more are easy to overlook. It’s important to remember that a buyer will be looking at your home with fresh eyes, so consider having a family member who doesn’t live with you or a friend walk through your home to see if there is anything you may have missed.
Home for Sale, By Owner!
Read that header again, out loud. If you can say it confidently, then you are probably ready to list your home for sale by owner in MN!
Your hard work and dedication to selling your home can have a high payout if you stick with it, but don’t fret if you need to enlist a realtor after a few months. It’s a good idea to set a cut-off date for yourself, should you need to sell by that time.
It won’t be easy, and there may be some unforeseen obstacles to overcome, but seeing your home go to the right buyers will be incredibly rewarding.
Do the work to make your home look welcoming, present it in the best light, and market whenever and wherever you can. If people don’t know your home is out there, they won’t see the value it could provide!
Buying and selling a home is a significant life decision. Handle every aspect of the process with care, and you will be rewarded for your efforts. Take things into your own hands, because no one will care about your home as much as you have.
If you’re interested in a hybrid approach to FSBO, contact us today. You’ll be able to list your home without all those steep commission fees while still getting the benefits a professional service can provide!