Have you heard of a FSBO listing? Many people find out about FSBO listings in Madison and like the appeal of saving on commissions and managing the sale of the home themselves. Have you considered the real costs of a FSBO listing in Madison? While it’s absolutely the right option for many people in Madison and throughout Dane County, it can also cost much more in time AND money than most people account for. Consider the outlined items below before electing for FSBO, and if you’d like feel free to give us a call so we can help you evaluate whether a direct sale to a reputable Madison house buyer could benefit you.
The Risks of Doing Things Youself
Selling via FSBO can have its risks. Remember to do things legally and if you’re not familiar with or are a regular part of real estate transactions, make sure you get an attorney that specializes in real estate to help you out. Avoid costly mistakes and make sure you do it right so you don’t end up with big unforeseen legal bills down the road.
Holding Costs
In addition to the costs of your time mentioned above, you’ll have even more costs that are dependant on how long the process ends up taking. Utility costs, homeowners insurance, tax liability, a mortgage, landscaping, and other regular maintenance will all add up faster than you may think. If the property takes several months to sell, you could be looking at thousands of dollars in costs related to the property you are trying to sell.
Your Time
Your time has incredible value. When selling your home on your own, you’ll be spending a good amount of time advertising the property, answering questions about the property and neighborhood, showing the house when people want to see it, and managing the escrow process once a buyer has been found.
Preparation
Before putting your house out there for potential buyers to see, you’ll want to make sure it is being presented in the best light. In order to get your home in the best shape possible, you’ll likely have to roll up your sleeves and get dirty or bring in the help of a few professionals.
Clean Up
The house should be cleaned from top to bottom. Floors, cabinets, mirrors, walls, and everything in between. You may enlist the help of a professional when it comes to the carpets or maybe power washing your patio.
Repairs to the Home
Before listing the property, you’ll want to make any necessary repairs. Seeing even one or two things broken can leave a bad impression with your potential buyers. They might wonder what else is wrong with the house. You may face more repair costs once the inspection has been done in order to satisfy the buyer and their lender.
Storage Options
If you are going to stage your home with new or borrowed items, you’ll need a place for your stuff. Do clear out some of the clutter, you might consider renting storage until to house all of your unnecessary items while your house is on the market.
Staging
Staging can definitely help to sell a house. Here are some tips on when you might want to stage a house and when it might be best to leave it alone. Many people will choose to stage the home in order to appeal to the most buyers possible. You can choose to add a few pieces yourself or hire a pro to come in and set things up. Some people will focus on only a few areas instead of trying to stage the whole house.
Marketing & Advertising
There are all kinds of things that go into successfully marketing your Madison home for sale. You’ll need to take a look at the many marketing avenues available to you, then choose which methods will be the most cost effective for you. You don’t want to find that you spend so much on marketing, that you completely negate your savings of avoiding commission.
Printed Materials
You’ll use printed materials during open houses, for people who come to see the home and to be left out front so people passing by can quickly access the property’s information. You can also choose to leave some flyers with local businesses or to put up on school or community billboards. This kind of advertising still works!
Signage
To get the attention of people driving by and to let potential buyers know they have found the right house, you’ll need to add some signage out front. You’ll want to choose something eye-catching, yet not obnoxious.
Open House Supplies
Throwing an open house is like throwing a party for your house. You’ll want to have some snacks and some beverages available for your guests. You’ll also have to deal with the clean-up after, although your average open house is a bit tamer than those parties you remember from college.
Photography
We’ve all seen those listing where the photos were taken with a cell phone, maybe out of a car window. These aren’t going to cut it if you want your home to stand out. The use of a professional photographer can help you sell your house faster!
Online Advertisements & Premium Listings
There are a number of sites out there you will want to list your home on. Many of the sites require a fee to place your ad. Some are free, however, your listing will drop to the bottom of the list as others are added. To keep your property at the top of the list, you’ll need to shell out for those premium listings.
Your Options
Aside from selling on your own, you could choose to hire an agent to help. However, just like an FSBO listing, there are no guarantees with an agent either. Your other option is to avoid all the costs altogether, and sell your property to [compnay]! We always pay fair prices, while handling all of the details! Learn more about how we can help!