FSBO is a great option for those who can pay attention to their own marketing, deal with queries and showings from the general public in an even and fair manner, and retain a real estate attorney who can review offers and deal with all legal aspects to the sale.
Here are some things to consider when going the FSBO route:
*connect with and hire a real estate agent/broker who can help you with the listing price and also to put your listing in the local MLS. This is key to your success.
*find, research, and retain a real estate attorney to represent your interests during the transaction. This real estate attorney will draw up contracts such as the Purchase & Sale (P&S), review offers if you instruct them, and help with the Seller side closing documents .. they will also be a good interface with the Buyer’s attorney.
*make sure to offer the market commission rate in your area for Buyer’s agents so you can make sure to entice Buyer’s agents to show your listing to their buyers. In FSBO listings I have seen on the MLS, the rates being offered to a Buyer’s agent on the listing range from 2-3% with the average being 2.5%. In the Boston metro markets, I have seen mainly foreclosure properties offering 3% buyer agent commissions.
If you are interested in hiring a broker to create an “Entry Only” FSBO listing for your property, Flatiron Realty can help put your listing on the MLS for a fee. Contact us!