Home Selling Tips & Tools
Sellers Tools Summary - Our Home Selling Services
We have below a general discussion about Marketing Your Real Estate, an examination of how the realtors market real estate, a discussion of a relatively new Hybrid MLS - FSBO Marketing plan, and a discussion about just where and how FSBOAdvertising can be of assistance to you in your marketing efforts. We also have Articles by Real Estate Professionals discussing an assortment of home selling issues. Selling your own home is a serious effort that requires developing your own marketing plan, getting prepared to sell your home, then executing your plan. These Information Resources can go a long way toward getting you started off in the right direction, at least they can highlight some of the critical home selling issues you will need to consider and resolve for yourself. There is also an Interesting Collection of "How To" Books on subjects ranging from Which Home Improvements "Pay Off Best" to the various Legal Issues involved in selling real estate at The Online Store.
Visit our Directory of Real Estate Service Providers to find the "FSBO Friendly" providers of the various services you may need in the process of marketing your home and then closing your transaction with the buyer.
Home Selling - For Sale By Owner Marketing Strategies
The first decision a home seller must make is whether, as a consumer, the seller considers the services of a realtor worth the 6% price. Once each seller individually makes that decision, if you do not want to pay the 6% commission you must consider the alternative marketing possibilities and develop Your Own Home Selling Marketing Plan so you can succeed at selling your own home like MILLIONS of other home sellers have done already. Some home owners who try to sell their own real estate fail, and although the FSBO failure rate is a LOT LESS than you hear Realtors talk about it is still significant (when discussing the failure rates of FSBO sellers, the Realtors also usually fail to mention that about 1 out of 4 or 5 MLS listings ALSO fail to generate a buyer and are either terminated or expire). There is a unique explanation for the specifics of each failure, but there are also a few common reasons for these FSBO failures. Examining the most common reasons for FSBO failures, the Realtors methods of home selling, and a new Hybrid FSBO - MLS marketing approach is a useful starting place for home owners to begin evaluating what type of marketing plan they want to formulate to sell their real estate.
Many owners go into the effort thinking "I'll put up a sign and run a few newspaper ads and maybe even hold an open house and if I don't sell it myself "right away" I'll call the realtor up and pay the 6%". Only a few home sellers find that just right buyer and make a good deal "right away", with or without a realtor. Maybe in a hot market and an unusually desirable neighborhood sellers find a buyer quickly, but the average property "LISTED" in the Realtors MLS is "on the market" for about 120 Days. Realtors have a tendency to quote statistics for the average days on the market for property which has "SOLD" lately rather than the average days on the market for "ALL PROPERTY LISTED", and there is normally a considerably significant difference in those two numbers since a good number of the Realtors MLS Listings have the listing agreements expire after 120 to 180 days without being sold at all. The average owner attempting to sell property FSBO which gives up and hires a realtor, usually does so after only about 30 to 60 days. These "average numbers" will of course vary and possibly they will vary widely in some instances from the actual normal marketing times for different neighborhoods since some areas move faster and others slower, but the averages generally establish the point I am making that many FSBO sellers simply give up prematurely. I wonder how many people reading this paragraph have already done some advertising of their home and have had more realtors soliciting them as a result of their home for sale ads than interested potential buyers? Realtors know that many FSBO sellers lack a serious commitment to their own marketing efforts.
Start your marketing efforts with FSBO yard signs. 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.
Home Selling - FLAT FEE MLS Listing Alternatives
Anyone using this method should seriously consider requiring each "Buyers Agent" Realtor to accompany each of their potential buyers who come to view the property and keep a WRITTEN LOG of the names of each Realtor and their prospective buyer and the date they viewed the property along with the Realtors initials on that log. This could be very useful in the event of any dispute with or between Realtors about which, if any, brought the ultimate buyer to see your property and is entitled to earn the 3% commission. You should also keep a log of everyone's name and date that came to see your property from your FSBO efforts as well. It is not uncommon for prospective buyers to contact several Realtors in the process of searching for property as well as looking into property advertised FSBO. If the Realtor does not accompany the prospective buyer or if you do not keep records, you may not know for sure who, if anyone, is entitled to be paid the Buyers Agent commission. If you sell your property yourself from your own advertising efforts or your Yard Signs, you do not have to pay the 3% Buyers Agent commission. In effect you are paying a "Flat Listing Fee" instead of the normal Listing Realtors 3% commission, offering Buyers Agents whatever Commission you desire, and you have the option of selling your property FSBO without paying that Buyers Agent commission.
Dealing with these "Buyer Agent" Realtors is more like dealing with a potential buyer who might respond to your FSBO marketing efforts. Any owner interested in this approach should fully research and understand these differences in the Realtors duties and responsibilities and consider getting an attorney to review your sales contracts with any of these Buyer Agents before you sign them (having an attorney lined up to review your sales contract, or better yet to prepare one for you in advance, is a good idea anyway for all non-real estate professionals). A form called "Information About Brokerage Services" is published by the Texas Real Estate Commission (TREC) and is available to download or view at ftp://ftp.trec.state.tx.us/contracts/OP-K.pdf and this form has some information about these "Buyers Agent" Realtors. These rules about Agency and their consequences will vary considerably from state to state, the Texas TREC form is one general example of the nature of these rules. Be sure to determine how these issues affect your rights and obligations in your specific state.
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