A home is listed as an FSBO (For Sale By Owner) when the owner elects to sell their property without paying a realtor to coordinate the sale for them. It's possible to pull off a sale without the assistance of a realtor, but it comes with extra responsibilities usually covered by an agent.
You have to market the home yourself. That could entail spreading word of mouth amongst friends, family, and co-workers, taking out classified ads in papers and on realty websites, or paying a realtor to get the home placed in the online Multiple Listing System (MLS). You'll want to take good, high-resolution photos of the home at its cleanest. Open houses can be arranged, which you also have to promote on your own.
You also deal upfront with interested buyers and their agents to schedule viewings. When an offer is made, you negotiate on your own with the buyer and/or their agent, reviewing their bid and submitting counters as you see fit.
A good listing agent will typically advise you on the type of repairs or appearance upgrades that might make your home more attractive to a buyer. With an FSBO, it's wise to replace the agent's feedback with similar critiques from another party, such as a co-worker or a friend. Try to arrange a mock viewing with a friend who has well trained "real estate eyes", i.e. they recently bought a home, or they are in the market for one. Getting feedback from others may help you prep your home better.
Successfully selling an your home as an FSBO has a clear benefit ? there's no commission to pay out to an agent, so that extra 5% stays in your pocket.
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