512-743-5434
Kris Colquette
REALTOR®
Smart Source Realty
Kris Colquette's Guide To: FOR SALE BY OWNER
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2. Set the Price
Spend The Time To Get It Right!
The asking prices of other homes for sale WILL NOT REFLECT WHAT YOU SHOULD ASK FOR! If you don’t believe me just ask a REALTOR to provide you information regarding the HUGE number of listings that NEVER sell and end up withdrawn or expired.
Your homes worth is very simple. It’s worth what someone is willing to pay for it. Analyzing what buyers have paid for homes like yours and then adjusting for factors like seller paid closing costs, fireplaces, sq footage, landscaping, beds, baths, garage, wear and tear on everything (carpet, roof, etc), pool, and everything else that could factor in will typically result in a great list price for your home. Don’t underestimate the difficulty of this task. Actually it isn’t easy for a lot of REALTOR’s either and can take some years to master. So, as an FSBO you should not underestimate it’s difficulty and most importantly if you look at true statistics you’ll find that FSBO’s have a huge track record of improperly estimating home prices. FSBO’s do not have the access to the vast information that REALTORS have and this makes it nearly impossible for FSBO’s to mathematically estimate their price. Missing your correct price by going even 2-4% high can keep you from selling. Some may think this small amount is nothing because an interested buyer will just make an offer. Those who use this thinking are destined to learn the hard way, don’t be one of them. Since Texas is a non disclosure state coming up with the right price is made even more difficult.
FSBO’s Should Find The Following Steps Informative and Helpful For Pricing:
Call a couple of REALTORS®. First ask that they set up an alert that emails you each day that a home you consider competition comes on the market, goes under contract, and has a price change, etc because it allows you to constantly keep an eye on the competition easily and efficiently. Then ask for a CMA.
You can call me for both of these (free)! 512-743-5434 or call another REALTOR to request this assistance. Be honest and tell them you’re a FSBO but if or when you do end up needing a REALTOR they will get the ability to interview for the job. Mostly they will gladly agree to perform a CMA (76% of FSBO’s eventually list with an agent). A CMA shows the prices of recently sold homes that are comparable to yours and the prices of comparable homes on the market. A market savvy REALTOR® can give you a rough idea of what your home would be worth, given its size and condition and local market conditions.
Purchase a professional appraisal. Unlike a CMA, a professional appraisal is rarely free and not inexpensive. However, the several hundred dollars you'll pay for an appraisal, depending on size of your home and the complexity of the work, could be money well spent if you're making a major financial decision that hinges on the value of your home. Appraisers rely on an in-person inspection of your home, recent sales of comparable homes and other data to arrive at an opinion of value. The appraiser's report is a full-blown description of your home and the criteria used to formulate the valuation.
Go to neighborhood open houses. Open houses are a good opportunity to view comparable homes for sale in your neighborhood and chat with real estate professionals about the local real estate market. Two caveats: It's not easy to be objective about your own home and you shouldn't assume that the listing price on a for-sale necessarily reflects the home's true market value. If you keep those points in mind, information gathered at open houses can be worth considering along with data from other sources.
Are you already on the market? Obtaining feedback from visitors is mandatory for selling your home. Many objections that lead buyers to walk away from your home can be informative advice regarding changes you can make and this absolutely includes price. Without feedback you’ll never overcome any of those lost buyers objections meaning once they leave their not coming back but if you contact them with a solution to their objection you run the opportunity of obtaining that buyer!
Online Home
Evaluators?
I’m going to be bold here and say DO NOT PRICE YOUR HOME FROM INTERNET
ASSISTANCE! In some states with the right software you can get a pretty
accurate price with this system but in Texas which is a non disclosure
state you’ll find their almost always misleading.
3. MARKET IT!
How to market your home?
If you look at a typical transaction you can see that there are five general areas where REALTORS® can assist in the home-selling process which you must take over for.
You’ve Finished Preparation, Pricing, and Now It’s Time To Market Your Home but where to start?
Endless Marketing Opportunities Await You!
I. Solicit REALTOR’S around you.
Use Phone, Email, Fax, Personal Visits, Etc for your communication.
First: Create 2 marketing pieces:
(1) A printed and electronic flier with pictures, descriptions, and all the hard data such as #’s of bedrooms, bathrooms, living areas, dining areas, garage spaces, sq footage, etc. Cover everything you can think of.
(2) Also create a synopsis (brief descriptive paragraph of property) with only one picture and a link to your informative website or instructions of how to obtain more info.
Use #1 to fax, hand deliver, mail, etc to as many local realtors as you can. Often times you can show up to an office and hand many copies to the receptionist and they can put a flier in each REALTOR’S mail box.
Use #2 as a synopsis of pertinent info for circumstances such as internet postings (craigslist), newspapers, and endless other areas where dialogue is limited.
For example you can use #2 as an email! You can typically get REALTOR’S emails from their corporate site. They typically give the email for each agent in their office so you can email the shorter description of your property to them and make sure to include only one good property picture, short description, and a link to a website with more info or directions of how to obtain more info. Nobody wants a long email to read. In a few sentences they’ll know if they have a buyer or not. Keep it short with email and results will be better. Why not also personalize it by using their names? Corporate websites give agents info and after all personalized solicitations always work better!
Play by the rules. When advertising through email you should always use “ADV” in the subject line before any other subject text so that receivers know it is an advertisement. You run the risk of a fine without doing this. For ex: “ADV: Great one story in Terry Town- Amazing Price”.
