For Sale by Owner: Open House Tips

If choosing to sell your home without a realtor, an open house is a great way to attract potential buyers and receive multiple offers. Many homeowners use a realtor because it allows them to take a hands-off approach. The realtor locates prospects, markets the home, and host the open houses. Of course, realtors command a hefty commission, wherein home sellers can quickly see their net profit decrease.

Since some properties appreciate at a slower rate, a for sale by owner or FSBO is ideal for homeowners who need or want all their equity. Homeowners can list the property without a realtor, promote their property, and handle the entire real estate transaction. Once an owner lures potential buyers, the odds of getting a bid are good.

Open houses are perfect for several reasons. Multiple buyers can visit the home simultaneously and ask specific questions about the property. If the open house is widely advertised, the success rate is high. Home sellers can attract attention by placing signs throughout the neighborhood. Give detail information such as the time, date, and location of the open house. If possible, include arrows that point in the direction of the property. Begin advertising about two or three days before the big event, and occasionally peruse the community to make sure all signs remain in place.

Here are a few tips to ensure a successful open house.

1. Hire a cleaning service or professional home organizer before the open house. Many for sale by owner sellers do not recognize the importance of a clean and tidy home. In spite of the property's spacious layout, if potential buyers can't see the floor or countertops, they'll move on to the next home.

2. Mow the lawn before the open house. Home sellers should not spend too much time working on the outside. Nonetheless, little things can attract bids. For example, if a section of the yard is grassless or starting to brown, plant fresh grass seeds. Remove toys, garbage, and junk from the yards. Neatly stack outdoor tools in a corner, or store them in a shed.

3. If you have a family pet, ask a neighbor to baby-sit for the afternoon. When a potential buyer enters your home, it isn't appropriate to have the family dog or cat greet them - especially if your animal tends to become a little too excited. Also, eliminate pet odors from the home. Have the carpets professionally shampooed and thoroughly vacuum.

4. Print flyers about the property. Potential buyers will likely tour several properties in the same day. Make your home memorable with informational flyers. Include a color photograph of the home, property details (square footage, number of bedrooms and baths), list price, and contact number. Keep the flyers on a table near the entrance, and give one to each person.

5. Successful salespeople are likable and polite. If you want a quick sale, put aside your shyness and reluctance, and be personable. Offer each visitor a friendly smile and firm handshake. Serve drinks, distribute a flyer, and encourage the buyer to look around the home. Don't follow the buyers from room-to-room.