There are some advantages to using a "for sale by owner" (FSBO) sales process. You'll save the costly brokerage fee, or real estate agent's commission. If you decide to work on your own as an FSBO, here are tips for success:

• Make sure you get objective feedback on preparing your home for sale. Home sellers who are working with real estate agents have the benefit of their advice.



• Read all you can about advertising and marketing your home. Find new ideas to make your home stand out.



• Be prepared to spend quite a bit of your own time on marketing, answering phone calls, and scheduling showings.



• Use a lawyer who specializes in real estate law and familiarize yourself with offers-of-purchase documents and basic contracting procedures.



• Be able to judge the financial status of prospects' income, assets, and credit rating.



• Develop good negotiating skills.



• Make sure you are familiar with state and federal laws governing equal housing, disclosure of material defects, lead paint, and other environmental issues.

It may take longer to sell your home on your own, but if you find a buyer at the right price, you will be happy you waited.

Advantages of Selling Through a Real Estate Agent
Real estate agents provide expertise, experience, and perspective that save you time, money, and aggravation. You can expect the following from your real estate agent:

• A real estate agent knows home values and can provide you with a competitive market analysis (CMA) to help you establish a fair asking price that will sell your home quickly.



• An agent will put things in focus for you, from your house's location to economic conditions, supply and demand in your area, seasonal influences, local schools, average home prices in the neighborhood, and extras in your home that may affect price.



• A real estate agent offers objective advice on needed repairs and improvements, and tips on how to make your home feel inviting and appealing to buyers.



• Real estate agents and their brokers provide a full array of marketing and advertising resources, including professional signage, brochures, and print and electronic promotion.



• Brokers promote your home to other agents and list your home on the multiple listing service (MLS) for wide exposure.



• Qualifying prospects minimizes wasted time on people who aren't serious buyers and buyers who don't qualify for a mortgage.



• The broker's staff schedules showings and open houses. You get reports on the number of showings and provide feedback from potential buyers. This is a big time saver for you.



• When you receive an offer-to-purchase contract, your agent will help you understand the offer and develop a strategy for negotiating the highest price from your buyer.



• Ask your agent to provide leads and references for insurance, inspections, legal counsel, and financing.



• Your agent will help with the transfer of title in preparation for closing.



• Your agent's broker is required to maintain records of your sale for a period of years. (amount of time varies by state, but seven years is recommended for contracts).