Daily Archives: September 12, 2011

Real Estate For Sale by Owner

Any real property is not always sold by the real property developers or companies. Such properties are sometimes directly sold by the residential, commercial or self storage owners and they do these either themselves or through the agents they appoint. But whatever they do they must make sure that they get the maximum for the property. And there are ways to do it. It has been often seen that any such sale by the owner ends in realtors grabbing the property and the owner losing out on the price or profit. The sellers often find it difficult to find buyers for their property. So whenever there is a real estate for sale by owner , there is a chance that the owner, being an ordinary person without the experience in marketing of real property ends up the loser.

So any real estate for sale by owner is often found lucrative as a deal because of the ignorance of the owner. To see that they do not lose the owner must  take some precautions. The primary of which is fixing the price of the real property. This is a real problem and people often undervalue or overvalue. This takes much research and study to determine the correct price that an owner should demand and still find buyers. It has been seen that the first couple of weeks are crucial for any property because it remains new on the list and the interest of the buyers are the highest during this period. So the price of any real estate for sale by owner must be accurate and not deter the prospective buyers from showing interest in the property. Any corrections in price at a later stage may not yield any result at all.

Real estate for sale by owner is not very different from selling a home through an agency. Here too is a matter of salesmanship. A good approach will yield good results and a mismanaged unit will cost dearly. So like any other product the house should also be made appealing. Whenever a prospective buyer shows interest in the house, he does not expect it to be in mint condition but also does not want a dilapidated house. A shabby looking house will automatically lead to devaluation. So there is a matter called staging a house. It means that the house will be made presentable to the buyer so that the first impression makes a big impact. Also, a thorough checking must be done and money must be spent where necessary repairs are to be made. The exterior should be painted as well and presented well.

Now comes the most important part of real estate for sale by owner and that is marketing the property. A good amount should be spent on advertising the house and this should be done in the proper medium. Internet is one of the best options and this caters to a larger base than advertising in local newspapers and spreading the news through acquaintances. It should be remembered that the purpose of such advertising is to attract maximum number of buyers even if they do not buy the property. But a good exposition of the property to the appropriate buyer can compensate for the advertisement you spent on. The final job is to close the deal after the necessary evaluation of the matters agreed upon by the owner and the buyer.

This is a simplistic view of the process which might require a few other skills. Some have it while others appoint an expert for the job.