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For Sale By Owner Tips

Some realtors refuse to work with sellers that are trying to sell their own home. Personally I think this is a mistake, especially if the realtor is helping a buyer find the perfect home. The realtor should always act in a fiduciary capacity and that means working in the best interest of the client. Ignoring properties because they are not listed with a realtor does not meet this test, the buyer deserves better.

I understand the motivation of people that offer their home for sale without using a realtor. Real estate commissions are not cheap and I do not blame anyone for trying to save the commission. I talk to many sellers and this is the number one reason for going it alone. The second most common reason I hear is they do not have a relationship with a realtor they trust. Both are valid reasons.

The major problem with trying to save the commission is human nature. When buyers consider a home being sold directly by the sellers, they know that no real estate commission is being paid. Their offer will be lower because they want to take advantage of the missing commission. Both parties can not save the same commission!

The seller is acting as their own agent. This is often true even if the home is listed with an ala carte real estate firm. If the seller selects to simply have the home listed in the local MLS they will find no support once a buyer expresses interest in their home. If the seller acknowledges they are acting as their own agent it helps them understand why many realtors will not show their property. The realtor will end up doing all of the work for half the commission. Trust me on this, it is often more work holding a deal together through inspections, appraisals, financing and closing than it is actually selling the home.

My experience has taught me that no one wants to list their home; they want to “sell” their home. Act like a realtor if you are considering marketing your own home. There are several things you can do to tilt the scale in your favor.

Safety First. Saving a few dollars pales in comparison to the safety of you and your family. Realtors are taught many techniques to protect themselves, employ as many as possible. I attended an open house hosted by a “for sale by owner” and discovered a very pregnant young lady all alone with total strangers wandering all over her home. That is insane. In fact, allowing strangers in your home while you are alone is insane, pregnant or not.

Do not set an appointment if someone calls to see your home, ask for their number and let them know you must confirm the time with the spouse. Then if you really have a spouse have the spouse call them back to confirm. This sends two messages, “We have your number, and we will both be home.”

Along the same lines, make sure all valuables are secure before allowing anyone in your home. There are many safety tips published by the National Association of Realtors, perform an internet search for “realtor safety” and read all of them, you will be prepared.

Now for some marketing ideas, do a little research, determine which realtors sell the most number of homes in your area and then make them an offer they can’t refuse. The easiest way to encourage a realtor is with money. If a normal commission in your area is 6%, offer 4% or 5% to co-operating agents. I find that sellers do not mind 5% if I can sell their home right now.

There are two items you should devote some thought and money to as a seller. First, you need a professional yard sign, not the red and white one you find at the hardware store. Have one prepared at a sign store, a school bus yellow background with black letters will have the best contrast. You can read them a mile away. It should say, “Home For Sale” and contain the phone number you want them to call. It is not necessary to state that it is being offered for sale by the owner. What is important is that it makes a good first impression.

The next thing you need is a full color flyer that contains a nice size photo of the outside of your home. I have seen flyers with a dozen pictures so small you could not distinguish one room from another. What buyers want to know from the flyer is the price. The main items the flyer should include besides a picture of the home and price are, the address, your phone number and a statement, Shown By Appointment Only. I have used the tubes and boxes for flyer distribution and I prefer the really cheap, one piece, plastic formed boxes with a flip top. They hold up much better than the more expensive hard plastic boxes that are assembled from several pieces and keep out moisture much better than the tubes.

I personally do not have much success from newspaper ads, in my area they are costly and generate low returns. I produce slide shows on cd’s that get a lot of attention. I distribute them just like flyers. Most of my success comes from working with other realtors. If you are selling your own home do what the successful realtors do, network with other successful realtors.

Article Source: http://www.articlemap.com

Debbie Rood is a Multi-Million Dollar Producing Realtor in Louisville Kentucky. She is a residential specialist and represents many sellers. She publishes many articles about real estate on her web site: www.debbierood.com/

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