These are tips for the sellers who want to try selling on their own (For Sale By Owner). Click here for Tip #1 (Find A Good Realtor), and #2 (Offer to Compensate Buyer's Agent).
Tip #3: Have a Budget and a Deadline by Which You Will List Your Home
If you are successful in selling on your own, you might* save some money on the the commission however, selling your home will still cost you something. You do want people to be aware that your home is for sale, right?
There is also time involved in preparing, marketing and showing your home to potential buyers. How much time do you have, what is your time worth, and when do you need to move? These are important questions you need to ask yourself.
Once you have the answers, establish a marketing budget and a strategy/timeline to sell your home.
Sign in the yard: If you live on a busy street, that is all you may need. If not, you'll also want to place directional signs on strategic corners to direct traffic towards your home. Always keep an eye on your sign and directionals. Are they still there? Do they need to be repositioned? Is the phone number visible and large enough that people can read it from their car? Is your phone number fading on your sign?
A Flier box only works if you are willing to spend the time necessary to keep fliers in the box at all times. There's nothing more frustrating for buyers (and Realtors) than pulling up to a house with an empty flier box. If you still live in the house you are selling, it's easy enough to keep on eye on it, but if you do not live in the house, you will need to visit the property on a regular basis and check on your flier box. If you decide to put a flier box, start putting together a flier with pictures of your home, print copies and be willing to reprint if you change your price.
Web sites where you can market your home, such as owners.com or forsalebyowner.com may also charge a fee to feature your home. Internet exposure is most important nowadays and the more web sites you can find to post your home, the better. And yes, this takes time. You will have to take multiple pictures of your home, find the web sites, write your description, enter information and upload photos, place it all on the web sites and maintain it. Evaluate time and money necessary and have a plan.
Advertising: even if it is just in the classifieds, the cost of advertising can add up quickly. It also takes time to write the ads, place it in the paper and keep up with it. Research the costs in your local market, figure out a budget and start writing your ads.
It is important for you to establish ahead of time how much money you can spend on marketing and then stick to your budget. If you think you'll be saving $10,000 in commission, don't make that your budget because if you have to list in the future, your marketing will end up costing you twice as much and you will have wasted much of your time. If your home doesn't sell within your budget in the time frame you have planned, turn to your Realtor (see tip #1) and let them spend money and do the legwork for you.
* Statistics from the National Association of Realtors shows that Sellers who list their home with a Realtor net more money on average than For Sale By Owners, even if they pay a commission.
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