Hot Trends: Great For Sale By Owner Tips
The For Sale By Owner Has Options!
The Internet has really leveled the playing field in the real estate industry making it easier for the For Sale By Owner to compete. There are now a number of really good ways to marketing your own home that are affordable and effective – which makes some people question whether they really need to pay that hefty commission to a real estate agent at all.
Considering the For Sale by Owner option? Here are some points to consider if you are thinking about selling your home on your own:
Research Your Local Area Market
It is important that the first step you take is to really find out what’s happening in your local real estate market! How have homes been selling? Is the market hot or cold? Is it a buyers’ market or a sellers’?
For most areas there’s often a number of organizations and associations that will publish monthly, quarterly and yearly trend reports on the real estate industry in your specific area. It would be highly advisable to gather and study these information sources so that you have a clear picture as to what has been happening.
Find Comparable Listings That Have Sold
The next step is to find properties in your area that have similar specifications as your property that have actually recently sold. You will want to do an honest comparison of how these listings are similar and different than what you are offering. This analysis should include both internal factors, such as how many sq.ft., how many rooms and bathrooms, age of the home, etc. and should also consider external factors, such as the neighborhood, proximity to schools, churches, shopping, emergency services, etc.
Price Your Home Right
Once you have a good idea how the market is performing and you have done a thorough analysis of properties similar to yours, you should have a good idea where to realistically price your property. Remember to bump it up 10-20% higher than what you’d be willing to take so that you have some room to negotiate!
Prepare Your Home for Showings
It is important that your place looks good for a showing – it can make the difference between people falling in love with the home in the first 5 minutes, or walking away with a bad feeling.
Take the time to clean and properly organize, fix up areas that need repair, paint walls that need it, do some “curb appeal” landscaping. All these tricks will turn your place from a “blah” to a “wow”!
There are other articles in this series that will really help you in this area in much more detail.
Create Quality Marketing Material
As a For Sale By Owner, it is crucial that you have photos and possibly even video that is top notch! People’s first impressions of your place will be made from these photos – likely online, so it is imperative that they are stunning and professional. It would be a wise investment to hire a professional photographer who can come in for a day and capture really high quality photos – hopefully they may even have a drone to capture some aerial photos as well!
Many homeowner even have a professional webpage built to greatly enhance their marketing power. Remember, your goal is to save thousands of dollars on a real estate commission. To not invest, both some time and money in marketing your property is not reasonable and is likely the largest reason why so many For Sale By Owners do not succeed in marketing their own property even though the opportunity it there!
Smart marketing will increase your exposure and may even result in not only a higher offer but perhaps even a quicker sale.
Advertise the Heck Out Of It!
Once you have everything ready, it is now time to get you property out there for the world to see!
There are a number of good online website that you can list your property on. Make sure you have well written descriptions, and upload your best photos. It is also a good idea to put your listing in a number of different websites, rather than just counting on one.
Don’t forget to buy a For Sale sign as well, and put that up on your front lawn… and make sure you put a phone number available on the bottom.
Also consider putting ads in the local newspaper classifieds, and also any local Buy and Sell magazines – many people still sit around over the weekend reading those while sipping coffee!