(This information was written by Frank Borges LL0SA from Frank1yRealty.com, and not copied and pasted from a top 10 list somewhere like other websites and agents do. These are my opinions, do with them as you please and I am open to feedback and corrections.)

10) You want to maximize what you can make right? Great! Then don't overprice.

The more you ask for upfront, might result in you getting LESS! Read on.

It stands to reason that the type of person that is looking to do a FSBO and save up to 3% by not using a listing agent, is the type of person that also wants to make more money on the sale of their home. Problem is that 8 times out of 10, the FSBOs rationalize in their mind a price that is too high. Or they say "It can't hurt" to try this price. Well it CAN HURT! Your first two weeks is where you will get 80% of your activity. If you miss that opportunity to get a buyer since your price is too high, your home will become stale and you will start to drop your price, which is a signal to most buyers to offer an even LOWER price.

In this "hot" selling market, many Realtors will NOT bargain in the first 2 weeks, but once your house is stale, the lowball offers might be all you get. For example if you drop from $500k to $480k, I as a buyer agent would think to probably offer $460k. If you had priced it at $485k to begin with, I might have offered that price from day one. Also keep in mind that in a "hot market" IF you do "accidentally" underprice the house, you will likely get multiple offers that will bring the price BACK UP to the full market/ correct price. This is called an "escalation addendum" which creates a bidding war (which we can help with also, just ask us). Bottom line: Overpricing gets you less.

9) Answer your phone!

Seems like an obvious tip, but way too often the FSBO can't be reached and the Buyer Agent Realtor is stuck with a question and a buyer eager to have immediate answers or access to your home. Many agents won't leave messages and the possible buyer will be gone. Make sure you get a cell phone, use it, have it on and working at all times. Also as a bonus suggestion, put on voice messages some reference to your house for sale like "if I'm not answering, feel free to use the lockbox to show my home" or better yet "Yes the home is still available".

For you high tech people out there, call Verizon and add Ultra Call Forwarding so that when you aren't home your home number will forward to a cell, so that the Realtor doesn't need to call multiple numbers to get to you. And/Or for $5 get a unique "IdentiRing" phone number that will give you a double ring on your regular line. That way you know that call is for the house.

8) Use a Realtor Lockbox. (which we offer)

An Electronic Realtor Lockbox will increase the accessibility of your house and ability for an agent to show your house, which increases your chances of getting more offers. This lockbox stores your key and can only be opened by Realtors with a special electronic key. That Realtor is tracked when they open your box. While we usually put in the MLS to call you first and then go in the house if you don't answer, keep in mind that sometimes a Realtor might be driving by with a client and see the box/sign and try to come in. They usually knock loudly first. Use a door chain if you are inside and don't want them to be able to walk in (it only works from 9am-7pm). And if you have no #8 (lockbox) and are bad with #9 (getting your phone), you could lose tens of thousands of dollars in the process. Also many realtors won't even call a house with no lockbox. If the hassle factor is too high, they instead will focus on the other 10 houses they can show easily and immediately. We offer Realtor lockbox rentals.

7) Don't discuss offers verbally.

In the state of Virginia real estate transactions MUST be done in writing. Don't let a Realtor or buyer try to take advantage of you by "feeling you out" on the price with verbal negotiations like "so if I wrote an offer for xyz, would you take it?". Your goal should be for them to put something in writing and put it in your hand (or fax), regardless of the price. Until you see all the terms and conditions and contingencies along with the price on paper, you can't properly evaluate the offer. Remember if they submit a contract, and you make ONE change, the entire contract is void. So think twice before you nullify the contract and put a counter on the terms of price. I have seen a client counter for another $2,000 and never heard from the buyer again. 4 weeks later he lowered his price by $10,000.

6) Buy a cheap fax machine. (if you don't have easy access to a fax at all hours.)

To facilitate contract negotiations, buy a cheap $60 fax machine at Amazon.com, Office Max or Staples. Use this for outgoing faxes. We suggest getting a FREE efaxor www.MaxEmail.com trail fax# for incoming faxes. Efax will give you a free number (yes, it will be long distance for the sender) and all faxes will be routed to your email. Then you can print them out, sign or counter the contract and use your $60 fax machine to send it out. (the $60 fax machines aren't great for receiving faxes and efax allows you to keep your main line free). Go to www.efax.com

5) Signs. Use a Realtor sign. (we offer this as an upgrade)

Yes you can buy a FSBO sign and put it in your front yard, however a few things occur:
1) It doesn't look professional
2) It might scare a buyer agent that isn't sure if you are going to offer them the 3%. IF they have a client in their car, they won't risk it by showing the house to find out later, you are one of those FSBOs that give only 1 or 2% or NOTHING.
3) It screams "low ball me" since the fsbo is not using an agent, they must be willing to come down another 3%... at least.

If you do use a FSBO sign or flyers, make reference to the phrase "will co/op" or "Agents welcome" which is code for "Buyer agents we will give you your 3%".

4) Respect the Buyer Agent.

It is easy for a FSBO to have no respect for the Buyer Agent. For that matter they probably decided to use Flat Fee MLS services (not using a Listing Agent) because they didn't have respect for their abilities to net more. While I might agree with that in part (Listing Agents that charge 3%), don't mess with the Buyer Agent's commissions. I have heard time and time again that "well all they did is bring this client to my home and sign some papers and they want me to give them $20,000? What a rip off!".

What the FSBO doesn't take into consideration is that that $20,000 doesn't go into the agent's pockets directly. Oftentimes the agent had to pay a 30% referral fee to get that client (leaving $14,000) THEN the broker (company they are under) takes as much as 50% for their cut (Leaving $7,000), Uncle Sam will take another 25-35% (Leaving $5,000) and lets not forget about the several thousands of dollars in overhead that is required to be a licensed Realtor... advertising expenses. You also don't know if that client has been in the Realtor's car for the past 6 months looking at homes for sale across the Region. And lastly, some agents will only have 3 or 4 clients a year! The average Realtor intake in a year is only $18,000 (NAR Survey)!! So please be happy, not bitter that they brought you a buyer.

3) Take more photos!

Too often a house will be listed (even by 3% Listing agents) with only 1 default photo. Buyers that are searching online want to see more than the front of your house. Also did you know that they can't see what you write in the remarks section on teh MLS (about how lovely your home is), only Realtors can see that. If your smart and pay $25 per each additional photo, then they can see your house inside and out, vs another plain jane 1 photo house. Which might they be more inclined to go visit in person? I have had clients say the ONLY reason a buyer came to their house was because the buyer saw a virtual tour of photos online and shared that with his family out of town that said "go for it".

2) Don't be too cheap.

Cheap is good but don't throw away thousands trying to save a couple hundred bucks. Read the upgrade options, each and every option will make a difference in increasing traffic and facilitating a sale. And shop around. If you got every option from us it would be cheaper then every competitor's base price! You did good... now go do better!

1) At MOST consider hiring us to be your discounted, yet full service, Listing Agent. (Frank1yRealty.com)

Yes this is a shameless plug.

So you haven't met a sharp Realtor that you liked or they charge too much (3%)? You should consider meeting with me, Frank LL0SA, to see what I can offer you. We will be your listing agent for a fraction of what other agents charge and use techniques that nobody uses. For example a custom domain name website like www.ParksideUnit1317.com with photos taken by a professional photographer published in 30 magazines worldwide, comparables maps and directions.

Also when talking to the "big company" agents that try to stick to their 3% Listing fees, they will most likely say "but those discounted agents are offering less services for their lower fee". This is hogwash, show me the list of their offerings and I'll tell you what is fluff and what we can offer now that they will be offering in 2 years.

Again: Please reread the #10 at the top "Don't Overprice" tip, that is the most important.

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