We listed our home in northern Vermont with a real estate agent in Autumn 2006. The advice given to us was "It's late in the year and things are moving slow. You should probably wait until next Spring to see if the real estate market picks up." Not very encouraging to say the least. So we agreed and withdrew our listing after the agent sponsored an open house and only one couple visited.
What do real estate agencies do? Well, they advertise your home on the web, via MLS, local newspapers and open houses. Other than getting a listing in MLS, you can do all of the other things yourself and probably better. Remember, you're selling FSBO (for sale by owner) and all your advertising efforts can be directed into one, powerful direction. The real estate agent has many listings to deal with, so his or her efforts to market your home could be diluted.
Here are some tips for selling your home quickly as a FSBO:
Place a block ad in your local newspaper. The best day to place an ad is in the Sunday edition. That is where people regularly go to view open houses and listings. If your budget allows it, good second choices would be the Friday and Saturday editions. Don't bother with the rest of the week unless you've got money to burn.
Open house how-to: Check your local Sunday newspaper ads for open houses. Many Realtors schedule their open houses within the same time frame, such as 1 to 3pm. That doesn't allow potential buyers much time to see all the homes they may wish to view. Your strategy is to start earlier, such as 12pm or later in the afternoon such as 2 to 5pm.
Preparing for the open house. Clean, clean, clean! Nothing entices a buyer more than a clean home. This indicates that a home has been cared for and well maintained. Make sure that everything is picked up, well organized and get rid of clutter. A buyer may be looking at a home in the $400K range. Imagine walking into an open house at a Colonial style home priced at $425K only to be greeted by gouged up wood floors, cluttered rooms and dirty kitchen counters. The next open house is a single level ranch priced at $350K. It is bright, spotlessly clean and shows like a new home. Which one would appeal to you more? Although a buyer may be more interested in the upscale Colonial, it's easy to shift gears and fall in love with the less expensive but much nicer single level ranch.
What about baking cookies and making bread? Forget about it. Go with some potpourri or scented candles instead. The homey, fresh baked goods routine is so much of a cliche that most buyers could care less. Also, do you really want people dropping cookie crumbs all over your carpets during an open house?
Get on the web. Other than the local Sunday paper, the next best place to sell for sale by owner is on the web. Do a search for fsbo's in your locality and see what comes up on page one of the search results. Check out the website's advertising rates, etc. Most importantly, is the site easy to use and find listings? If you were buying a home would this be the website you would use on a regular basis?
One of the most powerful and free places to showcase your for sale by owner ad is on Craigslist. Go to Craigslist and narrow it down to a search for real estate in your area. Simple ads are free but you can also add links and photos. Design an attractive web page for your fsbo listing and put a link in your Craigslist ad pointing to it. Get a 360 virtual tour done and link that within your web page.
Be prepared. Have a "sellers property inspection report" available for your potential buyers to view. This will answer many of their questions about your home and indicate that you are well prepared for a smooth, trouble free transaction. Make sure you have copies of a purchase agreement available as well. If you are able to obtain a deposit, it should be payable to your real estate attorney via an escrow account.
Don't talk too much. Give the potential buyers room to think and explore your home. Answer any questions briefly and truthfully. Do not "oversell" your home or change the subject as it can make buyers wary.
Follow up. Keep a record of names and phone numbers from buyers who view your home. Give them a couple days and then call to follow up with them. If they are not interested in your home, ask for any honest feedback they might have.
Communicate. When you get a deposit and purchase agreement, contact your real estate attorney as soon as possible and make sure all is in order. Promptly respond to any questions the buyer may have and make their buying experience as smooth as possible. Always be honest with answers to any questions but do not volunteer any information that you're not sure of. Best to consult with your attorney about such questions. Get everything in writing and signed by all parties.
Lot's more just plain common sense available at vermonter.com Vermonter.com
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