One of the first steps of a successful ?For Sale by Owner? (FSBO) is to ask yourself a simple question ? ?Can I sell my own home?? The legal answer is, yes, a homeowner has the legal right to market and sell their own property. You do not have to be a licensed realtor to market and sell your own home. That said, the question now boils down to the literal sense -remember the question was "Can I" - not "May I". The simple fact is that many individuals simply are not cut out to sell anything, let alone their home. On the other hand many individuals do possess the required skills, time and personality needed to successfully market and sell their own home. If you fall into the second group then you stand to save thousands of dollars in hard earned, home equity. The average sale price of an existing home in 2006 was $289,000 ? a typical real estate brokerage charges 6% of that amount to list and sell your home. The potential savings related to a successful FSBO on an average home sale is over $17,000 ? that's a lot of money!

Okay, so now that we have positively answered the first question - here's the next hurdle. While many individuals possess the skill set, personality and time required to successfully sell their own home, they do not, under any circumstances, have the marketing channels (MLS) nor do they have access to the 2.6 million strong nationwide network of registered and licensed realtors. That's why you pay them $17,000 dollars. FSBO?s do however have access to many items and services required to facilitate a successful FSBO home sale. Did you know that 18% of all home sales are initiated by a simple lawn sign ? it's true, the National Association of Realtors (NAR) says so. Another NAR statistic states that over 80% of all home buyers begin their search on the internet. Okay, now lets apply some basic math skills - 18% + 80% = 98% - I?m starting to like my FSBO odds. The reality is that internet has drastically reduced the distance between an FSBO and a real estate agent listed property. Prospective home buyers can now browse through thousands of active real estate listing on the internet (and browse they do, to the tune of 4.9 BILLION page views a month). So Step 1 - buy a ?FOR SALE? sign. Step 2 ? list your home on as many FSBO sites as possible ? there are some ?Free' ones ("Free" is always good). There are many 'pay for service? FSBO websites that charge somewhere in the $299/499 range but I wouldn't overdo it. As mentioned, there are "some" free FSBO listing sites - just be careful that 'free means free? - most use "free" as a "hook" then nickel and dime you to death with fees to upload images, or signage, etc. So that's it - buy a sign and list it online and wait? No, that wouldn't begin to justify the $17,000 real estate commission savings. Realistically you should run classified advertisements, make use of free bulletin boards, and any other community marketing platforms. Another great idea is to print up a stack of ?Feature Sheets' and distribute them throughout your neighborhood ? you never know when a friend or relative is looking to move nearby. Bottom-line ? get it out there - just be prepared to show your home on a moments notice.

Another option, and the one that I feel provides the best of both worlds is to enter into a Flat Rate MLS or Co-Broker listing agreement. This is essentially an FSBO/Realtor hybrid. You pay a flat fee (usually $399 - $499) to have your home listed on the MLS. You also agree to pay a pre-negotiated commission fee (usually 3%) to a selling agent if they sell your home. You still maintain the right to sell your own home and realize the full $17,000 savings but if a realtor brings in the buyer you pay the agreed upon selling commission. You still save approximately $8,500 (again, a lot of money). This exposes your listing to the valuable MLS and the 2.6 million strong NAR sales force. I truly believe this is the scenario that scares the NAR the most. A typical 'pure? FSBO still only represents a relatively small percentage of actual sales (14%) and that number hasn't grown significantly, but this concept is virtually the same as a realtor listed home to a prospective buyer, or for most selling agents for that matter. The primary difference is that a realtor, one of their own, has essentially agreed to sell that 3% listing fee for $399 - $499. For the individual agent the loss isn't huge, for the NAR as a whole it can represent BILLIONS of dollars!

So there you have it. You too, can sell your own home ? it's simple!

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