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.