Real estate - sale by owner

By Jakob Jelling
www.cashbazar.com

Real Estate – sale by owner – is a real estate transaction in which owner of the property directly sells it than through any real estate agent or through real estate listing.

Real estate has emerged as one of the most profitable businesses on earth and investing in real estate, one of the promising investments. The real estate scenario in and around major pockets are booming by the day that there is a heavy rush for securing ideal real estate properties. Whether it is a home or a tract of land, if it lies in some prime area, with every passing year the real estate prices are going to take the upward spiral and the associated return potential is so huge. No wonder investing in real estate has been looked upon as a sort of security to the future.

When one wishes to sell his/her real estate property, he/she can either do it through a real estate agent or can opt to sell it by themselves. In the former case, there is an added overhead of a broker commission that amounts to 6% of the total cost. In the latter - sale by owner – the owner of the property is carrying forward all the efforts required to sell the property. From fixing the rates according to industry standards to searching for a prospective buyer and settling the deal, every bit of the business process requires the direct and constant involvement of the owner.

But sale by owner equation is not as simple a job as one may think. If you are hiring the services of a real estate agent, he/she is more involved in the business over a period of time that there will be some clients ready in their kitty. But when the owner takes up the selling of his land, he is virtually starting from the scratch and he may not be having an idea where to start the journey from.

The proliferation of internet had made the job much easier than it was earlier. Now there are professional websites that coordinate the sale by owner type real estate businesses. Out of the box selling strategies coupled with effective advertising by these sites brings in an added visibility. Also, as soon as the owner registers with the service provider, he can immediately log in and upload the photos and any description regarding the home, thereby adding more clarity to the deal. The biggest advantage in selling by owner is that the home sales price is determined by the owner and no body else. The final say about the property lies with the owner himself. Other than providing a space for advertisement, such service providers have no say in the pricing structures even though they might provide suggestions. But such professional sites charge a definite amount for the service offered.

In sale by owner business deal, it will be prudent to do a bit of research on the background of the person who comes forward to buy the deal. There can be fraudulent souls out there who live on cheating others. Also, on a safer side, close the deal on one installment as much as possible. The trust factor is quite important and decisive here in making the deal and hence going by references can be a better option. The bottom line is that, the owner who sells the property has to be keen in every aspects of the deal and it is his/her added responsibility to see that the entire transaction goes without any hitch.

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