• You need to understand the market, especially in your neighborhood. You should also be comfortable with the laws, forms, contracts, and obligations of selling your own home.
• Have a source or know reliable home inspectors, contractors, termite inspectors, real estate lawyers, and title companies.
• Have enough time to research your asking price, market your home, show your home, negotiate deals, and answer a ton of questions by phone and email about your home, the price, and your deal-breakers.
• Be comfortable advertising your home. Understand the most effective means to advertise, know how to produce flyers, ads, and brochures to attract buyers…or have a friend or family member who could do it for you.
• Is your home in a suburb or urban area with lots of foot and road traffic to see your sign and generate interest? Homes in rural or quiet neighborhoods may not generate enough traffic, all of whom are potential buyers.
• You need the right temperament to endure criticism, questions, and repetitive showings of your own home. Patience and the ability to negotiate under pressure are key.
• Be flexible on the price. Are you comfortable with potential buyers lowballing their offers to include a discount for a lack of Realtor? Consider offering a commission to a Realtor acting as a buyer’s agent And be aware some Realtors won’t show your home at all, as they don’t show or consider FSBO properties.
• Be comfortable with handling the financing issues, contingencies, and closing responsibilities.
If these characteristics describe you, then “For Sale By Owner” may be just right for you. But if the requirements look overwhelming, a good Realtor can handle most of this for you, while allowing you to focus on what is most important to you.