NEW JERSEY
For Sale By Owner
Tips and Tactics
An online informational resource
provided by NJ-FSBO to help
bring knowledge-value to the
New Jersey home owner.
FSBO ADVISORY
THE SMALL PRINT
HOME OWNER Please Read This Disclaimer
The decision to sell your home is critical to your financial future.
When dealing with an asset of this size, there are pros and cons. In
some cases, the financial savings never made their way to the
bottom line. When figuring the amount of fees paid to outside
consultants, inspectors, appraisers, title lawyers, escrow and loan
officers, marketing and advertising, the savings they originally
sought were never realized.
Please Read This Disclaimer
The information contained in this e-book or in NJ-FSBO.com is for general information or entertainment
purposes only and does not constitute professional financial advice. Please contact an independent financial
professional for advice regarding your specific situation. In accordance with FTC guidelines, we state that we
have a financial relationship with some of the individuals and companies mentioned in this website and
within this ebook. This may include receiving access to free products and services for product and service
reviews and giveaways. Any references to third-party products, rates, or websites are subject to change
without notice. We do our best to maintain current information, but due to the rapidly changing
environment, some information may have changed since it was published. Please do the appropriate
research before participating in any third party offers. NJ-FSBO does not guarantee any product or service or
information contained or published. Any individual should seek professional counsel or services before
considering any content or information.
AUTHOR’S PAGE:
Anthony DiMaio
Anthony DiMaio is a successful
communication strategy and media
consultant. His approach to
communication strategy reflects his
diverse career path and skillset, which
include a playscout for Warner
Communications, nine years working on
the floor of the NYSE, and two decades as
a media specialist and brand architect for
public companies seeking to gain
recognition and exposure and raise capital
within the capital markets. He also works
as the communications coordinator for an
NYC non-profit, helping them to raise
millions in contributions and grow in
membership.
As a principal Communications Strategist
for his company, Anthem
Communications®, he simplifies the
process of message management within
budgets that increase the marketing ROI.
Follow NJ-FSBO on Twitter @NJFSBO!
TABLE OF CONTENTS:
Table of Contents
Be Informed
Benefits of a Selling Agent
FSBO Risks
Why Go FSBO
Chapter 1: Selling Your House
A FSBO Road Map
The Plan
The Price
Marketing
The Close
Chapter 2: Real Estate Sites on the Internet
Getting to Sold
Final Thoughts
Chapter 3: Your FSBO Team
FSBO Team Card
FSBO Professionals
Get Started
4
5
6
7
8
9
10
11-12
13-16
17-19
20
21-24
25
26
27
28
29-30
31
"For Sale By Owner" Tips & Tactics
Be Informed, Be Advised:
FSBOs Carry Additional Risks
◊ One of the purposes of this ebook
is to enlighten the home seller of the
responsibilities that accompany a
FSBO. The two biggest factors when
selling a home are first, price, and
secondly, timing. Without the ability
to close a sale with all alacrity, the
FSBO risks getting the price he or
she needs.
FSBO’s are time-consuming, and
unless you have the ability to show
and tell about your property, it is
likely that you risk the ability to
close.
// Page 5
FSBOs often sell
at a discount of
4-14% to the
current market.
Source: National Association of Realtors®
NJ-FSBO Tips & Tactics
Benefits
of a Selling
Agent
…Because There is No Perfect House
A NAR national study showed FSBOs sell for up to 4-14% less than a
transaction represented by a broker.
Many FSBOs end up paying 3% to a broker who brings them a buyer.
Often, most FSBOs take longer to sell.
There is a risk that a FSBO will unknowingly violate laws and open
themselves up to a lawsuit from the buyer in the future.
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Most FSBO home sales have higher cancellation rates on average
The decision to sell your home is critical to your financial future. When
dealing with an asset of this size, there are pros and cons
Most homes sell for a higher price when represented by a selling agent
A selling agent will protect you against underpricing – markets can
change rapidly, and you don't want to be the last to know.
Access and availability. You may not be home when a buyer can come.
Screening the "Lookers"
Lack of time to do proper follow-up
Exposure to prospect base
Advertising knowledge
Ability to pre-sell property based upon buyer's criteria
Inexperience in handling objections
Ability to properly show a property
Negotiation skill
Fiscal screening
Ability to recommend mortgage sources
Ability to deal with closing issues
Overcoming a stale property
NJ-FSBO Tips & Tactics
FSBO Risks
…Risks of a FSBO
◊ Selling a home involves a great deal so carefully consider the risks.
◊ Close to half of FSBO's said they would hire a professional next time.
◊ Another 30% of those FSBOs said they were unhappy with the results.
◊ Many FSBOs underestimate the commitment of time, effort, education,
& organization involved in selling a home.
◊ Many FSBOs end up feeling that the time, paperwork and everyday
responsibilities involved were not worth the amount of money they saved in
commissions.
In some cases, the financial savings never made their way to the
bottom line. When figuring the amount of fees paid to outside
consultants, inspectors, appraisers, title lawyers, escrow and loan
officers, marketing and advertising, the savings they originally sought
were never realized.
Take the FSBO Self-Examination
 Do I have the time, energy, know-how, and ability to devote a fullforce effort?
 Am I prepared to deal with an onslaught of buyers who perceive
FSBOs as targets for low-balling or just aren't serious?
 Am I offering financing options to the buyer?
 Am I prepared to answer questions about financing?
 Do I fully understand the legal procedures, consequences and
necessary steps required in selling a home?
 Do I have any sort of insurance that will protect me from lawsuits
because I handled my home sale myself?
 Do I have the capability of handling the legal contracts, agreements
and any disputes with buyers before or after the offer is presented?
 Have I contacted the necessary professionals... title, inspector (home
and pest), attorney and escrow company?
As with any investment of significance, it is best handled by professionals
who understand “the business” and are licensed and insured. Before
deciding to go FSBO, we recommend that you discuss your options with a
licensed real estate professional.
// Page 7
"For Sale By Owner" Tips & Tactics
“Why Go FSBO”
WHY FSBO?
Selling your home without a broker represents a significant commitment for
you and for those whom you engage to participate on your selling team.
The first thing you will need to decide is whether you want to be a for sale by
owner (FSBO).
When you decide to FSBO, you will potentially save money on the
commission; in exchange you will be responsible for all the elements that go
into a real estate transaction. A FSBO means that though you are selling your
home without the help of a broker, you should cooperate with a buyer's
broker should they bring a qualified buyer to you.
// Page 8
CHAPTER 1
Selling Your Home:
Breaking Down the Process
into Bite-Size Chunks
Selling a home is one of the biggest events that
occurs in a person’s life. It is emotional,
unpredictable and often stressful. But on the other
side of the equation some home sellers can look to
save tens of thousands of dollars on brokers’
commissions. Before you jump, do your research.
// Page 9
A FSBO Road Map:
Get Serious: One, Two & Three
There are many parts or tactics to the FSBO puzzle, but the 3 major
parts of a home sale are the plan, marketing your property and then
the close. Print out this page and fill in the tactics.
Primary
Objective
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Visibility
Value
Information
Urgency
Secondary
Objective
Clear the way for
the transaction
// 10
One: The Plan
Two: Marketing
Three: The Close
- Tactic
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The Plan
NJ-FSBO Tips & Tactics
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When do you plan to sell? _____
Set a deadline with at least 6 weeks of flexibility. _____
Is your legal paperwork in order? _____
Put your ownership documentation in order (mortgage, 2nd mortgage,
liens). _____
Confirm deed, property lines. ______
Compare property descriptions with what is on file with county clerk.
_____
Property assessment value. ______
By when do you want to sell the house? _____
How active has your local real estate market been? _____
Are there any properties for sale on your block? ____
Do you know the listing price and the actual selling price of homes in
your area? ___
List all homes recently sold in your area for one year. ____
Are you providing a comparative market assessment to assist in setting
your price? ____
Have you inventoried all of your appliances and fixtures included in the
sale? _____
The Plan
NJ-FSBO Tips & Tactics
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List advertising sources that you intend to use. ____
Have you completed your various inspections done and the results
available for potential buyers? ____
Do you have your seller's disclosure prepared and available for potential
buyers? ___
Have you created an online posting (website) displaying numerous highquality photos and making all of the inspection reports and seller's
disclosure available? ____
Do you have a supply of fact sheets available which inform potential
buyers where they can find more detailed information? ___
What’s your phone availability? Be available by phone for the whole time
your home is for sale. Be prepared to provide information over the
telephone and to call back with answers you can't provide when you are
first called. Prompt answers can be critical.
How reachable are you by email for the whole time your home is for
sale? ____
The Price
NJ-FSBO Tips & Tactics
The Price Is Right
The expression “You only get one chance to make a first impression” often
appears to be true when pricing a property. Deciding on an asking price is
critical to selling property.
The key is to remember the objective is to effect a transaction, not a
competition. You will have a sense of what is fair, what is do-able and even
what is the right price point – only remember, the market is never stationary.
It is fluid, and you have to price your property with that context in mind.
FSBO Pricing: The Bottom Line
Some people believe that pricing a property too high is better than pricing it
too low. But every price should already have factored into it the figure you
have to have in your hand at the end of the transaction.
Level One: Research your Market Value
Current market value is based on demand, trends, buying cycles, economic
trends and UVP (unique value proposition) of your property. Depending upon
the state of the market, most asking prices are usually higher than the
market value and range between 1% and 10% higher. The reason to price
the property is to allow for negotiation.
// Page 13
The Price
NJ-FSBO Tips & Tactics
Level One: Research your Market Value… continued
There are a number of resources online that you can try, but if you estimate
that your house’s value is greater than $300,000, we recommend using a
professional to provide you with a fair assessment. There are resources such
as Zillow and Trulia, but for a solid benchmark of your home’s value, get it
professionally assessed. NJ-FSBO has several individuals who can provide this
for you at a reasonable price. Your home appraisal will use sale prices, not
asking prices, of homes in your market. This is much more realistic when
deciding on your selling price.
Contained within the report will be a section on "comparables," which are the
homes similar to yours which have recently sold.
Here are some easy-to-use resources:
1. homes.yahoo.com/home-worth
2. www.homesandland.com/HomeValuations.cfm
3. realestate.msn.com
4. eppraisal.com
5. www.zillow.com
6. realestatecenter.bankofamerica.com/tools/marketvalue.aspx
7. www.housevalues.com
// Page 14
The Price
NJ-FSBO Tips & Tactics
Level One: Research your Market Value… continued
Conviction, confidence and comparables (AKA comps) will provide the
foundation for your bottom-line price. There are times when you may have to
drop your selling price, but I wouldn’t do it without some sort of give-back.
The value of the house is based upon a number of factors: what you paid for
the property, what the other houses are selling for, is the market in an upcycle, how motivated is the seller, and of course how much do you owe on
the present property? The fact is that today, yours is not the only house that
the buyers are considering.
Level Two: Your Selling Budget
Marketing costs money. You don’t want to waste time AND money; so make
a list of different venues and ways to publicize your property to potential
buyers.
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Signs
Flyers
Advertising on various sites on the Internet
Listing on NJ-FSBO
The exciting news is that you can get your signs, flyers, site and
brochures through our relationship with Agency Logic.
// Page 15
The Price
NJ-FSBO Tips & Tactics
Level Three: Our Secret Formula – Do a Test Run-Through with
a Staged Buyer
This is a great way to have someone looking at your house from the
perspective of putting their money down to acquire it from you. Remember,
the biggest thinking shift is to NOT think of someone in your house as a
guest. They are a customer. Treat them like a customer, which means get
their names, contact information, and ask them to have a look around.
Don’t follow them around. Let them ‘discover’ their new home. It is important
to detach from the ownership cues that normally most home owners give off.
Think of yourselves as the resident ‘house sitters.’
Make sure that everything you include in your flyer points to unique features,
values and distinctions, such as “Voted New Jersey’s Best Town” or “Voted
New Jersey’s Best Middle School.”
Get your lawn signs printed: make sure they have a URL, phone number and
email.
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Marketing
NJ-FSBO Tips & Tactics
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How ready are you to sell?
How quickly do you want to sell?
Know the listing price and the actual selling price of homes in your area.
Advertise your home in as many places as possible.
Have your various inspections done and the results available for potential
buyers.
Have your seller's disclosure prepared and available for potential buyers.
If a problem is disclosed, neither the buyer nor the buyer's agent can
come back later and renegotiate the offered price by demanding that you
pay for the already disclosed problem.
Create a web site displaying numerous high-quality photos and making all
of the inspection reports and seller's disclosure available.
Keep a constant supply of fact sheets available which inform potential
buyers where they can find more detailed information.
Be available by phone for the whole time your home is for sale. Be
prepared to provide information over the telephone and to call back with
answers you can't provide when you are first called. Prompt answers can
be critical.
Be reachable by email for the whole time your home is for sale. Reply
promptly. Check your spam filters to make sure potential buyers are able
to reach you. Make sure your anti-virus software is up to date.
Make sure that an adult with a key is always available to show your home
to buyers.
Marketing
NJ-FSBO Tips & Tactics
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Is your home priced right?
Have you fixed everything you wanted to fix?
When you host an open house place as many signs leading to your
home as possible. Be sure the sign has enough information available
that a prospective buyer can reach you. Answer your phone while
hosting the open house.
Know as much as possible about the competing homes for sale.
Potential buyers will be well informed and will "play" the strengths of
those homes against the weaknesses of your home while negotiating
the sales price.
Make sure Realtors know your house is for sale so they can bring their
customers. Be prepared to pay them their standard buyer's commission
and don't expect them to do the seller's tasks. They will be making their
best effort to get the best deal for their buyer.
An escrow account should be opened with a title company so that the
sale can be safely completed quickly.
Consider offering a home protection plan, especially when there are
multiple properties on the market in your neighborhood.
Be familiar with the protocol and procedures necessary to close on your
house. Your title officer and loan officer will provide invaluable
information to you.
Marketing
NJ-FSBO Tips & Tactics
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Have you proof-read your flyers?
Is your property listed on Craigsist?
Do you have binders pre-prepared?
Do you have a distribution list?
Are you on Facebook?
Do you have a settlement agent?
Do you have enough buyer’s profile cards?
Do you have a separate phone number?
Do you have a website?
Do you have a selling script?
Do you have a real estate attorney?
Is your house clean?
Does your house smell new?
Do you have enough signs?
Do you have a buyer’s informational package?
Credit checks?
Escrow accounts?
The Close
NJ-FSBO Tips & Tactics
The Close
The close is the culmination of weeks of preparation work and approvals including
loan approvals, title search, inspections, negotiations and legal documents
involving the transaction.
This is where a local title company comes into play. Typically it is customary for
the seller to choose the title services and to pay for the owner's policy. There are
other costs and fees due at the time including: mortgage payoff, pre-penalty fee,
attorney's fees, a broker's commission if you are paying the selling broker who
represents the buyer, and any repair costs such as termite repairs, pro-rated
taxes, transfer taxes, etc. The title company will provide you with an accurate
estimate in the form of a closing statement.
Short Closing Checklist
Confirm and qualify buyers’ financial qualifications
Come to final negotiated terms of agreement
Have your lawyer advise you on specifics required by state and municipality
Home inspector by buyer
Lender’s appraisal completed
Provide buyer, buyer’s agent and lawyer with all legal documents
Notify your lender to initiate mortgage payoff process
Provide disclosures as required by your state and municipality
Provide property records, building permits and receipts for the appraiser
Provide property records for the title insurer
Provide insurance documents
Provide mortgage, loan and lien documents
Provide documents related to estate planning
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CHAPTER 2:
Top Real Estate Sites on the Web
BidSell.com – This is an online auction site for home and commercial
properties around the U.S.
DomuSwap.com – Ever felt like just trying to trade houses with someone?
This site will help you do just that.
FindMyRoof.com – A free listing site for rentals and properties for sale.
FizBer.com – A site for those brave souls who want to go the whole nine
yards and sell their homes on their own. List your home and open it up to a
much larger market.
ForSaleByOwner.com – Sell whatever piece of property you may have a
need to get on the market.
HomeGain.com – Search for homes for sale, locate a Realtor, value your
home, get a mortgage and more.
// Page 21
Top Real Estate Sites on the Web
continued
www.zillow.com
www.craigslist.org
www.greatschools.org – great research website for schools
www.oodle.com
www.propbot.com
www.OnlineRealtySales.com good listing service
ByOwnerMLS.com Great listing site
olx.com not a great selection of listings but free
www.adpost.com
decent number of property listings
www.inetgiant.com Simple local free advertising
www.allstatesfsbo.com Real good site, listings & offers good advice
www.localism.com Not taking new accounts
www.allthelistings.com good listings with free, deluxe & premium fee
features
www.virtualfsbo.com Lots of good features, free listing service plus other
for-fee services
// Page 22
Top Real Estate Sites on the Web
continued
www.adoos.us Limited listing, but it is free and there are a good number of
houses for sale
www.webcosmo.com Not organized by state, too much info
www.activerain.com Purchased by Weichart, great for comparative sense
of market
www.stumbleupon.com
www.classifiedads.com Pretty extensive listing service plus free listing
service.
www.hotpads.com Good for rentals, not much for New Jersey sales
www.lovemyzip.com
www.owners.com List for free... Pretty extensive
www.geebo.com Does not accept all ads
// Page 23
Top Real Estate Sites on the Web
continued
HomePages.com – Search for an area, get an aerial view of what it looks
like, and see if there are any home listings in that area.
PropertyMaps.com – Search for homes for sale from the web or a wide
selection of mobile devices.
RealEstate.com – Gives you the ability to refine your search for homes by
location, price, number of baths, bedrooms and more.
Redfin.com – Looks to help you locate homes for sale. Not always complete
or quick.
Trulia.com – Home search which gives local real estate data.
Zillow.com – Post your home for sale, let buyers see it and ask you
questions about it.
ZipRealty.com – A limited database of homes for sale.
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"For Sale By Owner" Tips & Tactics
Getting to Sold
There is a great deal that pushes
a house into the “Sold” column.
There is supply, demand,
economic factors, seasonal
factors, condition of the property,
financing, readiness to move, and
most importantly, OTHER
FACTORS.
Whatever the market brings to
you, don’t be fooled – not
everyone is a buyer, and timing
has a ridiculous effect upon a
transaction. Expect the best…
prepare for the worst.
IMAGE CAPTION
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"For Sale By Owner" Tips & Tactics
Final FSBO Thoughts
Want to make sure you’re keeping your marketing campaign effective?
Here are some areas to keep in mind:
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Make sure you have considered all of the areas of your house, the
good, the bad and the unseen. Everything you put in writing must
be able to be documented and proven.
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As hard as it might be, don’t appear to be anxious; remember you
have done your market analysis. If you are fair and completed all
the appropriate renovations, your price should knock them over.
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Sometimes, it makes for a smooth sale to include certain furniture
and fixtures that the buyers seem to find ‘charming.’
CHAPTER 3:
Your FSBO Team
No one sells their home without valuable and
timely contribution from individuals who
collaborate with a common end.
"For Sale By Owner" Tips & Tactics
FSBO Team Card
No one sells their home without a strong team in place:
Tel
Email
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Lawyer ________________
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Home Inspector __________
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Mortgage Advisor _________
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Web Designer ____________
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Landscaper ______________
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Marketer
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Home Stager _____________
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Printer __________________
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Videographer _____________
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Title Officer _______________
______________
CALL TODAY
732.903.4726
If you’re interested in
improving your planning and
marketing of your home,
contact us today. We will give
you all the resources you
need to get the process
started.