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Home Selling Tips - For Sale By Owner Marketing Strategies

The second most common explanation for failure is a poor plan. Even the most committed FSBO seller will not achieve optimum results from a poor plan. There are a handful of common mistakes. Foremost is starting your home selling efforts before you have formulated a complete For Sale By Owner marketing plan and educated or prepared yourself enough to carry out the plan. Too many home sellers call Ms. Classified before they do anything else. Before you run an ad or put up a sign, you must do the research and educate yourself as necessary for you to understand the issues you need to evaluate and then competently resolve them for yourself. They are not overwhelming, but they must be focused on and dealt with in advance of inviting a buyer to come see your home. For example, what type of repairs or redecorating are best done before presenting your home for sale and what type are best left to be done after you find a buyer. This decision will affect your asking price for the home in addition to requiring contracting and scheduling the work, which all takes time and planning before you start inviting potential buyers to come see your real estate. Are you going to prepare the contract yourself or are you going to have an attorney prepare it for you? Either way, you need to have a copy of one ready for the buyer to sign on the dotted line at a moments notice. A good realtor is never found without a contract form and several ink pens (just in case one runs out of ink after the middle initial). Do you have a title or escrow company already selected to take delivery of the contract and the buyers earnest money check to as soon as you find a buyer to sign one? Too many FSBO sellers are simply not prepared to sell their home and more than a few seriously interested buyers have just gone on down the road while an unprepared FSBO seller was flipping through the yellow pages looking for a lawyer or a title company when they should have been handing a signed contract and check to the escrow agent. What is a competitive price for a home? Are you informed enough or can you do some research to obtain enough information to competently make this decision or do you need the assistance of a professional appraiser? A lot of FSBO sellers will call a realtor to "talk" about listing their property with a view toward getting a "free appraisal" and end up determining a price for a house based on what that realtor told them. This could be a serious mistake. To start with a realtor is not an Appraiser and may not be competent to estimate the value of a home. Also, the realtors opinion, competent or not, may not be fully objective. Hypothetically speaking of course, lets say there are 3 different realtors "talking" to prospective customers about listing their property and the value of a house. Lets say that one realtor will tell the prospective customer a "High" price in hopes of impressing the customer with this realtors marketing skills so as to get the sellers listing or because that realtor had not done enough research. Lets say that the second realtor is competent enough and has done enough research and is somehow immune to the forces motivating realtor's one and three and tells the prospective customer a "Right On" price. Lets say a third realtor tells the prospective customer a "Low" price because this realtor has read the realtors monthly testimonials about how you can never be a "Million" dollar real estate agent unless you learn the "art" of convincing your listing customers to sell low so that you can sell a lot of property real fast. They say a realtor can "waste" enough time trying to get an extra several thousand dollars in price for one property that the realtor could have spent that time to sell two or three other properties "priced low" and thereby earned a lot more commission. I am not suggesting, of course, that any realtor would ever actually considers such factors. What I am suggesting is that if you, the owner, are not informed enough about what home values really are, how do you know the price someone told you is fair or not? If you price your property too high, it could take forever to sell it. If you price the home too low, you loose money. You can get Home Sale Prices for Homes Previously Sold in your area to assist you with determining a fair price for your home Free at many local property tax appraisal district web sites and many appraisers will sell you a competent and objective "paper appraisal" for as little $150. Do your research, educate yourself fully, get whatever professional assistance you need in advance, and then start developing your marketing plan. There is a collection of interesting Books on the subjects of How to "Dress Up" your house to Sell Faster and which types of Home Improvements "Payoff" best at The Online Store.

The basic elements of a sound house selling plan are evident in the methods the realtors use. Consider the realtors plan. Start with yard signs that do not have the owners phone # on it. Why you ask, so that potential buyers can be given complete information as to the details of the property and the financial terms and thus be "qualified" as to that buyers real interest in a specific property before time is spent taking the buyer into the home and providing additional information pertaining to that property. This also saves the owner the frustration of having to talk to a lot of buyers who are NOT interested in their specific property. If the seller is not aggravated, the seller will probably be more patient. This all suites the realtors just fine. The seller patiently waits for their home to be sold and meanwhile back at the real estate office, since the realtor has many other MLS properties to sell any potential buyer, they are not wasting their time talking to these potential buyers that really have no interest in your particular property. If a realtor had to pay you a commission for each potential buyer the realtor sold other property to that called that realtor to start with because of the real estate signs in your front yards, you might decide to price your home Real High and leave it for sale permanently. A real estate sign in your yard with the realtor's phone number on it is a meal ticket for the realtor. Next the realtors put the property In Front Of All The Buyers All The Time. The pool of potential buyers is an ever-changing mass. It exist all the time and yet it's composition is never the same. Each day some potential buyers make purchases and drop out of the pool while other new potential buyers crack open the classifieds or yellow pages or drive down the street looking for signs for the first time. The realtors keep all property in front of all buyers all the time with their Realtors Co-Op known as MLS. The MLS Data base is there for all realtors to work on when someone calls them after seeing the realtors phone # on a yard signs in your front yard or an any ad that realtor had run. The consistency of keeping the property in front of the buyers all the time and the breadth of its presentation to the buyers such that most buyers have every day access to it are the essential elements of this Realtors Co-Op. A FSBO seller does not usually advertise Every Day (consistency) and when they do advertise they usually do not advertise in all or most of the different local media (breadth). Also, the individual FSBO seller does not benefit from the buyer who wants an 1800 square feet home who sees the FSBO seller's For Sale Sign and calls about that sellers 2600 square foot house. The way for a FSBO seller to make a conceptually solid marketing plan is to focus on the same general principals as the Realtors Co-Op plan utilizes. This is where using our Seller Advertising Co-Op comes to play.

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