For Sale by Owner or "FSBO" is a term used in the real estate industry to describe homeowners who choose to sell their homes privately; meaning without contracting a real estate agent to handle the transaction. Most folks who choose this path do so because they recognize the significant savings that can be realized by cutting out the agent and their hefty fees. Avoiding the typical agent's commission of 6% can equate to thousands, even tens of thousands of dollars in potential savings. This substantial financial benefit should be enough to motivate just about anyone to take a serious look at the FSBO option.
Although the FSBO option offers plenty of financial incentive, many homeowners ultimately fail in their attempt to sell their own home. Eventually they become discouraged and end up seeking the help of a real estate agent. Unfortunately, they end up paying the huge commission fees they were trying to avoid in the first place. One of the biggest reasons people fail at selling their home themselves is because they were not able to attract enough potential buyers. If you want to sell your home, you need to attract buyers. The more interested buyers you have, the better your chances are of selling your home. So, if you want to attract a lot of potential buyers, you need to have a solid marketing strategy in place.
Described below are some helpful tips that will help you to create and execute an effective marketing campaign for yourself. The better you are at executing a solid marketing plan, the more potential buyers you will attract. More buyers means a better chance of finding the right buyer who is willing and able to pay the price you're asking. Effective marketing takes creativity, time and effort. The good news is that the marketing methods described here are either completely free or dirt cheap!
For starters, be sure to take advantage of the free web resources available to you that allow you to advertise your home for sale. Utilize all the social media available to you as tools to help promote your home for sale. Let your friends on Facebook and Twitter know that you are selling your house. Ask them to spread the word to their friends. If you have a blog, use it to let people know that you're selling your home. Send an email with photos and details of your property to your entire email list. Think outside the box and ask for referrals from friends and family! You never know who has a friend or a co-worker or a cousin who's in the market for a home just like yours. Remember you need to get the word out to as many people as you can.
Don't underestimate the power of referrals. Use free electronic media to recruit as many referral sources as possible.
Next, look for other free and/or inexpensive online sources that allow you to list your home for sale. Sites such as Craigslist and some locally operated hometown news and newspaper sites offer free or low cost real estate listings. Mention all the important features and selling points in your description. Remember that people like to see a lot of pictures. A gallery of nice pictures that show off your homes strong selling points will help pique the interest of prospective buyers. Take advantage of free online listing services when you can.
Do not forget about the importance of print advertising. Make sure to run small newspaper ads, especially when you are planning an open house. Plenty of prospective home buyers look at the Sunday paper to plan their "open house runs" for the day. There are also plenty of publications such as church bulletins and organization newsletters available in most areas that you should consider advertising with. Bulletin boards at the grocery stores are a great place to tack up your brochures and it won't cost you anything other than the cost of the paper and ink. Incorporate pictures into your print ads and brochures whenever possible. A picture is worth a thousand words! Always remember to include websites and online information in your print ads so people have complete access to your postings and pictures.
One yard sign doesn't cut it. Proper signage placement is important especially if you home is on a side street or off the main road. You should post your signs at strategic locations so that they lead buyers directly to your home. Again, this is especially important when you are hosting an open house. Consider putting balloons on your signs as an added attention getter.
A final tip would be to send out a letter by regular mail to all of your friends and family and let them know that your home is for sale and you would appreciate if they would post a brochure up on their bulletin board at work. Include multiple copies of your brochure in your mailers. Most households have more than one worker who can post your listing, so it's a good idea to send them extra copies. Be sure to include any website addresses or posting details so they can see more about your home online.