It’s no secret that today’s real estate market is tough. Concerned sellers are trying to sell their homes themselves. Home property values are down and they desperately want to save the cost of a real estate commission, so they try to market their properties as FSBO (For Sale By Sellers of Owners). It makes sense, right?
Yes Yes.”
If you are used to taking responsibility for yourself, have business sense, have bought and sold houses before, have some time and money to invest in the project, and know and can use the tools and techniques that good real estate agents use, then the answer is a resounding, resounding “Yes!” You have the right mindset and the ability to earn the realtor’s commission. Either the full commission, or just the part that the sales agent would have gotten. Winning is the keyword here.
So how do good real estate agents do it?
Good real estate agents start with the basics and work through a systematic, well-designed and thought-out integrated media marketing plan.
property condition
At the risk of turning new clients off the listing, good real estate agents tell it like it is when it comes to getting a home in shape to make it look good. If you plan to be a successful FSBO seller, you have to do it yourself. Is it necessary to paint one or more rooms? Is it necessary to wash the carpets with shampoo? Are all doorknobs and door locks tight and in good working order? Does it have “outside appeal”? Is it clean, tidy, uncluttered? Are the closets full or tidy? Have any burnt out lights been replaced? If you’re smart, you’ll take care of these types of items before your property goes on the market and keep them in good repair.
Price
Real estate agents who continue to make a living in declining markets are very good at getting their listing clients to set realistic sales prices for their properties. A friend of mine, a real estate agent, often asks his clients, “Do you want to list your property or do you want to sell it?” The price can make a big difference in the result, and my friend knows it. A person can put a property on the market at any price. It will not sell unless the price is realistic.
Buyers exist even in a slow market, but they are VERY price conscious. In areas where the market is weak, it is generally effective to be priced just below the list price of any comparable homes for sale in your neighborhood AND slightly lower than recent “sold and liquidated” comparable properties in the neighborhood. Time and time again, I have seen people make the mistake of going in with a higher price for those things. The property remains on the market. They drop the price over and over, but if they are just behind neighborhood prices and market prices continue to drop, they “follow the market down” without making a sale, even if they are lower than they would have sold weeks ago. or months. Try not to let that happen to you.
internet marketing
Real estate agents post information about the houses they hope to sell on their local real estate multiple listing service (MLS) and on the Internet. The best ones make sure that complete information about price, number of bedrooms, number of bathrooms, number of garage spaces, lot size and location, as well as interior and exterior photos, and what appears online. that makes the property attractive. You need to do the same. There are several really good online MLS for FSBO sellers and buyers. Use one or more of these sites and take advantage of all the conveniences (lots of photos, captions under the photos, a place for descriptive text, a map of your property, visitor counters, a unique web address for your property, etc.) they offer. . Today, approximately 70% of home buyers begin their search online.
This just begin. In “Realtor Secrets 201,” we’ll discuss the next steps.