For Sale By Owner
Overpricing a home can cost you money.
The longer a home sits on the market the less perceived value it has.
Remember that the list price of a home is marketing.
– We want to have as many interested buyers considering your home as possible. This means conjuring as much demand as we can.
– The most obvious way to do this is by pricing a home strategically. Overpricing the home hinders this effort.
– More interested buyers means more potential offers.
– Multiple offer situations are what drive sales prices upward. Higher demand = higher prices.
– Pricing a home too high can drive your sales price down over time and does not create that same demand we want to see.
– It’s not uncommon to see an overpriced home sit on the market longer and sell for less than its counterparts.
4 Reasons Homes Don't Sell
These 4 pillars have to be taken into account when listing a home.
No matter the reason, when a home is priced higher than the market indicates, it disadvantages the seller. Pricing too high limits consideration from buyers, lessens the likelihood of appraising, and hinders the home’s ability to sell at actual market value (as seen in price theory). Remember that homebuyers are comparison shopping. If they see similar homes consistently at a lower price, they will likely gravitate towards them.
Tied closely to pricing, when a home’s condition doesn’t live up to the listing price. Either the condition needs to rise to the quality of the home’s listing price, or the listing price needs to reflect the home’s condition.
Tied closely to marketing. If the home can’t easily be shown to potential buyers promptly, it tends to have a harder time selling. Buyers agents in the area need to have easy and consistent access to the property.
The many forms of marketing are all useful, but if you don’t market with an objective, a home may never see the buyer’s attention it deserves. You should be able to present the home as professionally as others on the market (quality photos, available for showings, realistic pricing). Make it obvious that the home is for sale and market it directly to your entire network, everyone in the neighborhood, every online platform, and directly to active buyers.
PLAN YOUR MARKETING
This is the part of my marketing outline that you can do.
Mimicking this plan as best you can will give you the best odds of selling.
Marketing should not be a one time event. You should distribute marketing continually for the life of your listing.
Zillow prioritizes agent listings over FSBO. An RMLS listing will combat this.
Get a live listing in your local MLS. This is top priority for exposure.
Zillow, Realtor.com, Trulia, Etc.
An MLS Listing will do this for you.
Upload to your MLS or IDX Listings.
Ads for you listing on major websites. Markets directly to consumers with appropriate search history.
Tell everyone you know that your house is for sale. Highlight features and spread awareness of your listing.
Get creative and spread awareness of your listing. Use hashtags and location tags.
PRINT & SIGNAGE
The quality of your photos say a lot more to a consumer than most think. Show that you're serious and make your property look it's best.
Distribute flyers anywhere people gather near by. Coffee shops, parks, etc.
Send out "Just Listed" mail to the entire neighborhood as well as open house invites. Tons of sales come from friends of neighbors.
POST & SIGN
Make it obvious to everyone that the home is for sale.
Contract Mgmt & Escrow Coming Soon
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