For Sale by Owner: Marketing for Top Dollar

Pick up any real estate news article and there will be references to the fact that many markets are now experiencing inventory shortages.  When that happens, sellers begin to consider tackling the real estate market on their own.  However, the prospect of managing a “for sale by owner” or FSBO may be more challenging that it appears.  For those sellers who decide to attempt to FSBO, there are some things they should do to market their homes and find the best buyer.
Finding a buyer for your FSBO home might not be impossible.  Nevertheless, the key is finding the RIGHT buyer that will help you net the most amount of money in the desired time frame.  To accomplish this, you will want to develop and implement a comprehensive marketing plan so that you reach the most ready, willing, and able buyers in your market.  You don’t want to lose thousands of dollars because the right buyer never noticed your house.

Prior to launching your marketing efforts, be sure to read the Federal Fair Housing Laws and Guidelines regarding advertising so that you do not violate any federal laws in your ads.  Being a FSBO does not provide protection against federal liability.  The laws apply to anyone advertising a home for sale.  After you become familiar with the guidelines, you might consider advertising in the local newspaper, homes magazines, real estate journals, cable TV, Craigslist, and a variety of on-line residential marketing websites.  Create a website for your home and consider crafting a series of blog posts about the unique features of your home.  If you have excellent computer skills, try developing a virtual tour as well for your website.  (Or you can consider hiring a high school student!)  Before taking your photos for the tour, do some research on local stagers who could help you identify the best approach to showing off your space.

Once you have done your initial marketing launch, consider mailing brochures and flyers about your home to your immediate subdivision and adjoining subdivisions near you that might be priced lower than yours.  You might be able to entice a move-up buyer.  Then, identify the top 25-30 Realtors in the market and plan mailers and possibly an agent open house to showcase your home to the Realtors.  National statistics show that more than 80% of FSBOs are sold by Realtors.  After all, they represent the professional group who work with the most buyers.  While a seller might consider tackling the sale without professional help, a buyer hardly ever tries to purchase a home without representation.

A social media campaign would also be helpful so that you can leverage family, friends, and close acquaintances to pass along the information about your home to people they know.  In addition, email marketing via programs such as Constant Contact or MailChimp could be used effectively to continue communications with local Realtors and other professionals to keep your property in top-of-mind status.

These are just a few marketing strategies that might be helpful.  There are hosts of other alternatives as well as precautions you can take for safety.  In addition, talk with a lender who can prequalify any potential buyers you might meet.  Understanding the “ideal” buyer and being prepared to discuss loan options will help you weed through buyers and lookers.
For more information on FSBO strategies, don’t hesitate to call.