For Sale By Owner: A look at selling your own home
Filed under: Real Estate, Simplification
The top three sites for those looking to sell their homes themselves are FSBO.com, Owners.com and ForSaleByOwner.com, all of which provide sellers with different tools and services at different prices. All offer to list your home in the local Multiple Listing Service for a fee but, remember: to attract buyers and their Realtors, you will need to offer a commission to the agent on the other end of the deal.There are definitely other sites out there which you can use to sell your home, and I'll cover a few of those after looking closer at these three. When evaluating these options for ambitious home owners I looked at the price, selling aids such as video tours and yard signs as well as the reputation and customer service of the companies. Be sure to check out WalletPop's look at what you need to know about selling your home from a Realtor's standpoint.
Let's take a look at three of the top sites for selling your own house.
FSBO.com
FSBO won't be taking home the freebie award today but they do offer 6 different packages at several price levels. One of the really cool features you get with any package is that you can upload a video of your house to help potential buyers get a feel for the property without even leaving their chair. While you can start selling on FSBO for $69.95 the Silver package offers a yard sign for only $10 more making for a much better deal. All of the FSBO seller packages include 9 months of listings and numerous other options including brochures and virtual tours. FSBO.com lets the seller provide their name and phone number to interested buyers via the website for easy communication.
I spent a while trying to find dirt on FSBO.com to make sure I offered my friend the best information on the site. I couldn't find many reviews of the service other than the testimonials on the FSBO.com web page and the president's blog which disappointed me. At the same time I took it as a reaffirmation of the site's pledge to customer service. I wasn't able to find any results for FSBO.com tied to sucks, ripoff or scam other than users warning sellers to watch out for out of country scam artists, which plague any website dealing with consumer to consumer transactions. Normally a lack of complaints wouldn't get much credit from me but when you sell houses, you must be doing alright to avoid a slew of complaints.
Owners.com
Owners.com provides one thing that its competitors in the pay market do not which is a free listing option. This free option looks like a great deal compared to the flat fee MLS listings they price it next to on their website but it does have its limitations. Still it provides more access to buyers and a brochure which you can print on your own which should save you at least a half hour in Publisher. I was disappointed to find out that Owners.com hides the prices of its add-ons behind the first page of the selling process waiting until you already feel invested to let you know you can add a yard sign, virtual tours and more for prices ranging from $19.95 to $94.95. Even though the prices at Owners.com are in line with what the other services list the way they present them to sellers turned me off.
Just like FSBO.com I had trouble finding details about negative experiences that either buyers or sellers had with Owners.com which is a good sign. I took a chance to look for a home in my town and found the site to be very buyer friendly even providing me with the seller's name and phone number so I could make contact on my own terms. Like its competitors Owners.com appears to do a good job for both buyers and sellers, even if the pricing for extras is hidden.
ForSaleByOwner.com
Not to be confused with its abbreviated brethren, ForSaleByOwner.com packs a punch especially in the packaging area. No free listing is offered but you can pick up a monthly package starting at $71.95 which includes a voice mail box, flyers to print and a workbook for selling your house. They also offer several higher priced packages, the majority of which include a yard sign and a real estate consultant as well as being listed until your house sells.
When I searched for user experiences I did find two stories which made me shy away from the ForSaleByOwner.com site. These complaints should be noted but taken at face value since one user had been blackballed by her local agents, something any owner could face and the other is a second hand account on a Realtors site. Still the high prices and these complaints would lead me to choose one of the other services whose reputations appear to be less tarnished.
Free services
If you are going to sell your home without a real estate agent there are many other sites which will let you list your home but two standout as worthwhile to me as both a buy and a seller. The first site you can try out for listing your home is Craigslist which provides free online classifieds, just be sure to include all pertinent information and many pictures.
My favorite free site is Zillow.com which provides a great experience for the buyer including mapping and a Zestimate, or estimate of your home's value. Let's face it in this market you will likely want your buyer to see that you are already $20,000 below the appraised price. If like my friend, you have 2 properties you can list the property you'd most like to sell normally and then set up a "Make Me Move" price on your other house to let interested buyers know what your dream price is without actually listing your home.
Summary
There are numerous other methods of selling your own home from posting it at the supermarket to emailing your co-workers but these are some of the best options I could find and recommend to a good friend. If I were going to go the FSBO route on my own right now I would make use of Zillow.com as well as one of the FSBO.com packages because of the options they offer and the customer service vibe I get from their blogging president. I'd also be sure to get my home on the MLS. Even with the added cost the benefit of exposure is worth it. Before you hop into selling our own home you should check out what goes along with selling your own home by heading to your local library for a copy of House Selling for Dummies!
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Reader Comments (Page 1 of 1)
9-18-2008 @ 9:22PM
Tommi Crow said...
Another free for sale by owner website is www.infotube.net, owned by the manufacturer of The InfoTube and InfoBox outdoor brochure dispensers, sold at major retailers across the country.
The InfoTube.net site also has a featured home option that allows 20 photo's, video tour uploads, free legal forms and sales advise for owners and home builders for a one-time flat fee of $19.95.
All home ads at InfoTube.net remain active until the property sells.
Reply
9-19-2008 @ 6:17AM
Johnny Klinger said...
Please remember one thing! About 80% of all home buyers are hooked up with realtors just because they are not quite sure of what to do or who to trust, they feel better with a realtor, it gives them some comfort and a piece of mind of having some one represent them through the whole process. Which can become very complicated and can turn very ugly fairly quickly, without the proper guidance.
Speaking for most realtors I know, we don't appreciate these fly by night brokers that take cheap fees, putting your home on the MLS. When we see those kinds of listing we tend to over look them, all though we have a fiduciary duty to all are clients and if requested we do show them.
So if you think your saving money by paying less of a commission I would think twice, because I could tell you a lot of horror stories of people that which they add listed their homes with a professional.
Johnny Klinger
Century 21 Jeffries Lydon
Chico, Ca.
9-19-2008 @ 3:25AM
Roland Buckles said...
I am a professonal Realtor with a major Company. Coldwell Banker.
When you list a home or sale it will be marketed through out the United States with the 386,000 Coldwell Banker agents. It will be in all the publications with color ads, and linked to more than 80 different web sites. Your home will be available to the 14,000 realtors in the local market.
Using a realtor will bring you top dollar in a shorter amount of time.
www.RolandBuckles.com
Reply
9-19-2008 @ 2:29PM
Melinda said...
I just sold my home without a Realtor, and it was easier than I
thought. A local real estate lawyer did all the paperwork for me for
about $600, and he told me that even when you use an agent the seller
still needs a lawyer for the paperwork.
When I was selling of course agents came calling and told me that I'd
never be successful, but they're wrong. They just want commission
money. It's the biggest waste of money. Paying someone $10,000+ to
sell a home is so outdated and a waste of money.
I like it when Realtors say how they've worth the money. What a joke!
Reply
9-19-2008 @ 2:34PM
ForSaleByOwner.com said...
I just sold my home without a Realtor, and it was easier than I thought. A local real estate lawyer did all the paperwork for me for about $600, and he told me that even when you use an agent the seller still needs a lawyer for the paperwork.
When I was selling of course agents came calling and told me that I'd never be successful, but they're wrong. They just want commission money. It's the biggest waste of money. Paying someone $10,000+ to sell a home is so outdated and a waste of money.
I like it when Realtors say how they've worth the money. What a joke!
Reply
9-20-2008 @ 10:44PM
Roland Buckles said...
I agree, many people buy and sell without a Realtor. I have bought and sold property without a Realtor. But in todays market there are so many areas that will get the seller or buyer in trouble with law suites, and legal problems.
According to the National Association of Realtors, only a small percentage of homes sell by owner.
If selling without a realtor works for you, I am happy for you.
I am a realtor and I try and provide a service to my client. I have many appreciative clients who have used my services over and over.
http://www.RolandBuckles.com
Reply
9-23-2008 @ 9:34AM
Liz, Massachusetts 4 Sale By Owner said...
There are hundreds of websites that offer free or low cost FSBO listings. The majority, however, are lead generators for other businesses such as mortgage companies and real estate agents. As Josh found out, it's hard to really know what sites work and what ones don't, especially when success is self-measured.
Here are some suggestions that may be helpful for buyers (and sellers):
1) Are phone numbers visible? If buyers must contact a toll free number, fill out a form, etc. to contact sellers, they are being used as bait.
2) Is there a recorded message service for buyers to learn more about a property? If so, this is a call-capture lead system. Your phone number is now available for marketing purposes, most likely from a real estate agency or lender
3) Are listings current? Look for posting dates if provided. Are there snowbanks in front of the home in August?
4) Do sellers pay to advertise? If not, chances are there are many outdated, dead listings. Also, sellers who choose free-listing websites are often not serious about selling, are not invested in the process and are most likely overpricing their property
5) If the site is national, what kind of local resources do they provide to buyers or sellers? National sites that are internet based offer very general information only. Regional services are more likely to provide local resources and control inventory better.
6) Check ownership - Who actually owns the site, what are their affiliates or paid sponsors.
7) Check search engine ranking using common terms for real estate in your area, EX. "homes for sale Northampton MA" "western mass property for sale" "massachusetts by owner" "amherst ma fsbo" etc.
Ask your friends, family and co-workers who they have used when buying or selling when locating a FSBO service.
Reply
10-10-2008 @ 6:29PM
FSBO Jane said...
Having used all those options at one time or another, let me vouch for a different service: BuyOwner.com. See my Website for more info, but they made a HUGE difference in my profit margins for selling my own properties!
Reply
11-05-2008 @ 7:45PM
Tom said...
I think this site is much cheaper than owners and for sale by owner .coms.
http://www.mlsisland.com is about half the price! lol
Reply