Tips to" For Sale By Owner Entrepreneurs"

By
Real Estate Agent with Florida Luxury Realty SL2337465

Congratulations on Entering the Exciting Field of Real Estate Sales.  If you are selling your home "BY Owner" for the first time or you have done it a few times, you will find this information useful.  I am not going to get into he Legality of "For Sale By Owner".  I would advise you to be honest with your Buyers so you don't end up in a long drawn out lawsuit over the way you handeled the transaction.  Most people who Sell Their Home "For Sale by Owner" end up in some form of expensive legal issue and I dont want that to happen to you.

Let's get this for Sale by Owner Marketed.  First off you will need a sign.  The sign information should contain your Phone Number and Website where buyers can view photos of the home.  If you dont have a website you can get one for about $300 start up and $19.95 a month.  The website should include a photo slide show tour.

Next you will need to have approximately 150 post cards printed with a photo of your house on the front and a little information like # of Bedrooms # of bathrooms and your address and you will need to mail those out to every home in your neighborhood within a mile of your home.  This lets the people who do not drive past your home know your Awesome House is for Sale. You will do this Every Month so order about 1,000 cards. I know a great website and for $400 you can get them printed.

Internet Advertising is Important.  Without the access to the Realtor MLS you will need to advertise your home on as many websites as possible and update them all daily.  You may need to hire an assistant to accomplish this task.  Blog sites are great ways to get the word out about your home.  Blog advertisements with photos.  email EVERYONE you know with a property flier about your home and ask them to forward it to everyone they know.  Some websites cost $9.99 a month so you should be prepared to lay out about $200 for this.

The biggest Challenge you will Face as a Real Estate Salesperson in a "For Sale By Owner" is Buyer Confidence.  Most people looking to buy a home want to have their rights protected and their escrow deposit protected. On that, you will need to find a title company or attorney to hold the escrow or binder deposit for you.  Buyers assume that a home "For Sale By Owner" is overpriced or there is something wrong with it that you are not telling them or they feel that you can not afford to Hire a Professional Realtor and they will prey on that and make low offers.  Since buyers are the ones with the money they are the ones in control of the sale.  Your job will be to sell them on the fact that your home is not defective or overpriced (again without an MLS you will have trouble with this one) and that you are knowledgeable in the Real Estate Law enough to protect them. Without a license in Real Estate Law that will be almost impossible But I have Faith in You.

To Recap- Sign, Post cards, Postage, at least 20 websites updated daily, door hangers, open houses, flier mailings, emailings and phone calls to all your neighbors telling them about your home constantly. Untill your home Sells you will be marketing and promoting it 24/7 to get the job done.  WELCOME TO THE REAL ESTATE BUSINESS and Best Of Luck.

If you are struggling to sell your Home By Owner in Pasco County Florida my Phone Consultations are FREE.

If all of this seems like a lot of work to you You are Right.  We are Professionals and We handle these issues every day for our sellers to insure they get the best price for their home in the shortest amount of time possible.  

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Tags:
marketing
for sale by owner
mike gallo
homes for sale in new port richey florida
for sale by owner in new port richey florida

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Rainmaker
116,513
Jane Jensen
Century 21 New Millennium - Arlington, VA

Before I became a realtor I did a couple of FSBO deals myself. Nothing wrong with it as long as you know it's a full time job....really. Have a day job? Think twice about trying to sell your house yourself.....way too much work. 

Aug 06, 2011 03:24 AM #1
Rainmaker
150,246
Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

Jane...Exactly. have a Great Weekend.

Aug 06, 2011 03:28 AM #2
Rainer
535,624
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Mike, this is a great post that reminds everyone the high cost (time, money, etc....) of selling your own home. You are right, there are legal concerns, too.

Aug 06, 2011 03:31 AM #3
Rainmaker
150,246
Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

The CEO and Founder of ForSaleByOwner.com using a Relator to sell his Chelsea Condo inspired me.  :)  Thank You for the comment David

Aug 06, 2011 03:39 AM #4
Rainmaker
338,474
Donnie McKinney
Purchase Realty Group - Paducah, KY
Donnie McKinney CCIM, Purchase Realty Group

I have a friend who is selling his own home. I suggested he overcome all the obstacles you mentioned by getting an appraisal in advance to price it right, having a home inspectin & termite inspectin done in advance to assure people there's nothing wrong with it, sit up a website specifically for the home with pics and all the paperwork attached, including two banks ready to approve a loan in 24 hours for a qualified buyer with payments outlined.

He's been at it 2 months, and is already frustrated and thinking about calling a Realtor, anyway.

Aug 06, 2011 04:11 AM #5
Rainmaker
150,246
Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

The time wasted "trying" costs money in mortgage payments and failed marketing attempts.  Consulting a Realtor is Actually more cost effective.

Aug 06, 2011 04:17 AM #6
Rainer
139,717
Jeanne M. Gavish
Jeanne Gavish, Keller Williams Realty Elite Partners - Spring Hill, FL
Keller Williams Realty Elite Partners - CIPS,GRI,S

Great information, Mike.  Do a follow up reminding owners that every time they leave their home it is temporarily off the market.  If they live in a deed restricted subdivision with a Homeowner's Association in Florida, and they do not give the HOA disclosure to a buyer BEFORE executing a contract, it is voidable by the buyer.  You could do a whole post on mandatory disclosures they know nothing about and as you know, ignorance of the law is no excuse.

Aug 06, 2011 05:34 AM #7
Rainmaker
150,246
Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

Jeanne, Excellent Point.  Vacation means No Showings to a For Sale By Owner Business Person.  The legal ramafacations of selling your home yourself are staggaring and Most for Sale By Owners get screwed in the end by people who prey on their lack of knowledge.

Aug 06, 2011 06:11 AM #8
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Rainmaker
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Michael J. Gallo

Florida Luxury Realty - Gulf Home Sales Team
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