When investigating the possibility of selling your home yourself, it doesn't take long to understand why using a realtor is a convenient, though expensive, proposition.

 

There are a number of things that a realtor either does for you, or suggests to you based on their experience. Fortunately, the power of the Internet provides a wealth of information for those of us who take pride in being the perpetual "do-it-yourselfer." Here are a few key points to consider:

• Get ready. Every home has items that need attention. Decide how much you can spend on making the home look as good as it can. Also, remove clutter if you're still in the home when showing it to potential buyers.

• Be prepared and protected. Find a good real estate attorney. An attorney will help you prepare all the sale contracts and paperwork properly so it won't come back to haunt you later. 

• Do your research. Check out other homes listed in your area, and find out what features or benefits make them sound appealing. Use those examples to model your own ad. You'll also need to use these listings to help with calculating your sale price.

 

Marketing your home

 

Today's market requires much more than just sticking a sign in your front yard and waiting for the phone to ring. Many for-sale-by-owner (FSBO) homes are on the market longer than those listed on a real estate company's multiple listing services (MLS) that allow agencies to share information with each other. This is primarily because most FSBO homeowners don't market as aggressively due to the cost of advertising or their own marketing inexperience.

 

Some helpful tips

 

• Use your social network. Host an open house and invite neighbors, and friends. Point out the best features and selling points (including price), and ask them to spread the word. Chances are that someone in their collective sphere of influence is looking for a home. 

 

• Create a flyer. Create an 81/2" by 11" flyer that contains all the details and highlights of your house. Leave them in a flyer box you can attach to your mailbox or the for sale sign in your yard. Be sure to put pictures and try to use an eye-catching headline.

 

• Be flexible.  Showing the house to potential buyers on their schedule, not your own, will dramatically improve your chances of making the sale.

 

• Stay Neutral. You must remember you're selling a house, not a home. Potential buyers will have a much different perspective than you do. Staying objective and keeping your emotions is check throughout the process will help everything go smoother.

Common mistakes to avoid

 

Using the tips described here can help you avoid costly mistakes. Avoiding these two common mistakes will help you sell your home sooner, and keep more money in your pocket.

 

• Over/Under pricing. If you've done your homework as recommended, you should be able to avoid this one. Price your house too high, and you may never sell it.

 

• Price it too low, and you could miss out on thousands of dollars in profits.

 

• Over improving. Making your house sale-ready will usually include some investment, but don't take it too far. If you have a leaky roof, you'll need to fix it. However, if your yard looks good, spending thousands on landscaping improvements is a waste of money.

 

The "magic" secret

 

One last tip:  If you want to increase your chances of making the sale, use a proven "trick." Research has shown that smell is one of the strongest psychological triggers for people. Put some lightly-scented candles, air fresheners, or other pleasant aromas around the house. The key is not to overdo it. The most powerful scent? Bake some bread or cookies just before potential buyers show up. The smell of freshly-baked bread or cookies will remind them of "home," and that feeling of comfort and familiarity will often help close the sale.