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If you’ve been reading my blog for any period of time, you probably know that I am not a big fan of the FSBO (For Sale by Owner) approach in any situation, especially for investment properties.  I tried doing this with my personal home 5 years ago and it was just too much work, plain and simple. 

Despite my thoughts on it, there are still plenty of people out there who believe the savings outweigh the extra headaches of the FSBO approach.  This is understandable since the average realtor will earn about 6% of the sale amount.  So if you really want to go down the rabbit hole on this one, go for it, but make sure you do the following:

  1. Spruce up the property’s curb appeal
  2. Conduct price research so you don’t over- or under-price the income property
  3. Get a property inspection done and fix as many of the issues as possible.
  4. See if you can get a “flat listing” with the local real estate office, which will allow the property to be listed on the local MLS listings for a small fee of a few hundred dollars.
  5. List the property on the top FSBO websites, and make sure the listing has good pictures of the property.
  6. Offer incentives to sweeten the deal, like a seller’s concession or cash back at closing to help pay the settlement costs.
  7. Be prepared to show the property many times before an acceptable offer comes your way, so maintain flexibility in your schedule. 

So there you have it.  If you’re a glutton for punishment and want to go the FSBO route, just make sure you price the property correctly, maximize curb appeal, fix minor issues, submit your listing to the top FSBO websites, and mentally prepare yourself for multiple showings.

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