Typical Questions Asked by FOR SALE BY OWNERS
1. I’m not getting many showings; what specific marketing can I do to increase traffic?
You can start with advertising on Zillow, Trulia, and in the Courier Journal.
The best way to increase your exposure to the entire buyer’s pool is to make sure it is on the Multiple Listing Service (MLS). It’s important to note that most buyers are working with agents and the MLS is the #1 tool used by buyer agents when searching for property. Also, when your home is on the MLS it will directly feed to Realtor.com, which is the most popular nationwide relocation website used by buyers.
Another great feature of the MLS is that most Realtors subscribe to the Internet Data Exchange (IDX) which allows your home to feed to dozens of local broker websites. This is very important, because now it doesn’t matter which local real estate website the buyer routinely conducts searches on, your home is found in that search engine.
Many agents will also subscribe to syndicated distribution websites such as ListHub. These sites allow your home to be fed out to dozens more nationwide 3rd party real estate websites such as Zillow, Trulia, Homes.com, etc.
Custom Select Realty markets on ListHub global so that we are tapped into the global market. Job expansion is rapid in the Louisville area, which brings in employees from all around the world.
2. It seems that everyone that sees our house loves it, but why will no one write an offer?
Typically, people in general are just courteous and complimenting when it comes to another person’s belongings. When you allow a stranger to enter your home, the natural thing for them to do is supply constant compliments to the seller. A buyer would not want to insult the homeowner and the easiest way to overcome nervousness is feeding constant compliments.
The only way to get accurate feedback is to have a professional show the property when the seller is not present. Accurate and consistent feedback from potential buyers allow the seller to fully understand if there are any updates or price changes needed to be more attractive in today’s market.
The real estate professional will also be able to screen out “looky loos” and obtain pre-approval letters prior to showings.
3. In a hot seller’s market, why not try to sell it ourselves to save money on commission?
One of the first misconceptions of a FSBO is that it will be easy to get their home under contract quickly. It’s actually not that simple because FSBO’s typically do little to no marketing, other than putting a sign in the yard. Over 96% of buyers in today’s market are on the internet looking for homes and working with buyer agents. Most buyers do not just drive around town looking for yard signs as a search technique. It is important that listings be placed on as many internet websites as possible for increased exposure.
More importantly, FSBO sale contracts can easily end up in court as they are misguided and left in the dark when it comes to real estate and contract law. They also often fail to properly complete property disclosure forms. Inaccurate disclosures are the #1 reason sellers get sued.
4. We were considering doing open houses, but doesn’t that just bring in nosy neighbors and looky loos?
You will certainly get some ‘career shoppers’. These are people that as a hobby like to visit open houses on Sunday. Some are fantasizers, dreaming of the day they can move, some enjoy getting design ideas, and sometimes neighbors just get hypnotized by the pretty balloons, I suppose. But most of your visitors will be serious buyers and we sell homes from open houses all the time. You want to get as much traffic into your home as possible and open houses are just another way of making that happen.
The marketing we have found to work best for open houses is the Sunday Courier Journal newspaper ads, the MLS, Facebook, and Realtor.com
5. Do I need to pay out a commission to buyer agents?
If you are a serious seller and you want to move your property as quickly as possible, you should market to buyers and real estate agents. I recommend in all of your advertising to actually write, “Realtors Welcome, willing to pay commission”. The goal is to do everything you possibly can to reach the entire buyer’s pool. It’s important to remember that most buyers work with Realtors so the goal is to get Realtors on your side rather than avoiding their phone calls.
6. If we decide we want to list with a Realtor what is the average commission cost involved?
There are no set commissions; however the cost of hiring a Realtor is typically based on the amount of services that you receive.
At Custom Select Realty, we have a very unique concept; we offer a Menu of Marketing Services, where the seller is able to select their marketing plan and the chosen package determines the commission rate. Our marketing plans are contractual agreements. For instance, if you chose the Open House package as part of your marketing plan, then you would never need to beg us to do open houses. We always fulfill our contractual obligation and in reality, we will be the ones begging you to allow us to do extra open houses because we want that extra traffic and marketing exposure. Our goal would be to have an open house the very first Sunday that we have your home listed so that we can focus on getting multiple offers and increasing your sales price.
If you are considering selling your home by owner (FSBO) and you have any questions about the process, do not hesitate to message me on Facebook or call.
If you are interested in listing your home with a Realtor this year, contact me as soon as possible to add me to your listing presentation schedule. We would want to do some immediate planning even if your goal is to list a few months down the road.
Custom Select Realty specializes in residential listings and we always provide full Realtor services, innovative marketing, a free market analysis of your home, and a no obligation consultation. Rob Sightler (502) 693-5289