For Sale By Owner
Resource

Price Theory

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.

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– 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.

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4 Reasons Homes Don't Sell

These 4 pillars have to be taken into account when listing a home.

PRICE

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. 

CONDITION

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. 

ACCESIBILITY

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.

MARKETING

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.

ONLINE MARKETING

RMLS
Get a live listing in your local MLS. This is top priority for exposure.

IDX Websites
Zillow, Realtor.com, Trulia, Etc.
An MLS Listing will do this for you.

3D/VIRTUAL TOUR
Upload to your MLS or IDX Listings. 

ADWERX
Ads for you listing on major websites. Markets directly to consumers with appropriate search history.

E-MAIL
Tell everyone you know that your house is for sale. Highlight features and spread awareness of your listing. 

SOCIAL MEDIA
Get creative and spread awareness of your listing. Use hashtags and location tags. 

PRINT & SIGNAGE

PRO PHOTOS
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. 

FLYERS
Distribute flyers anywhere people gather near by. Coffee shops, parks, etc.

MAILERS
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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