For Sale By Owner is a very popular term used these days in the real estate market segment. Homeowners who have listed their home understand the benefits and have recommended it to their acquaintances. If you’re hearing For Sale By Owner for the first time, let me define it: Listing as For Sale By Owner requires some initial research and knowledge, but the ease it brings to selling your own property is worth it.

When you make the decision to sell your home on your own, the first step is market research, which is important to start with. You, as the property owner, need to know what the current market price of your property is that you can list while listing on MLS. Not that you need to do deep market research on the real estate market, but you do need to know the real estate market in your area at least to decide on the price of your property to sell.

The second step to listing as For Sale by Owner will be to list the property on the Multiple Listing Service. Questions may arise as to why MLS, as it is popularly known, is the most popular platform for selling or buying property these days. Almost all properties bought and sold are done through MLS, which not only makes the process easier, but also saves a lot of money worth saving in this economic downturn. MLS provides a secure platform that can be accessed by licensed brokers who, in return, charge a 3% (approximately) listing commission, which is almost half of what a regular real estate broker would charge when closing the deal.