I have noticed an increase in one facet of the market - or maybe I just started paying more attention to it: "For Sale by Owners (FSBOs)". One thing that made me take notice was the increase in the number of FSBOs I saw when I was out with my buyer clients and holding Open Houses on a regular basis.
Well, I think one of the reasons for such an increase from talking with several homeowners is that often times there is not much equity in their home amongst a multitude of other reasons. After the lender is paid off the balance for the mortgaged amount on the home - there is very little left over. Rather than stroke a check at closing (which some homeowners are faced with doing anyways) they opt to make a effort towards selling their homes themselves. Each case is unique and one of my starting points is “why did you buy the home you are currently trying to sell?” Believe it or not that has at times been the reason the next buyer wanted to purchase the home too.
I have listed FSBOs on my website before. I decided to bring it back because of the increase in the number of FSBO listings I see. Additionally I am trying to get my personal inventory up and as a real estate agent my listings are my inventory.
I recall years back a homeowner placing a FSBO sign in her front yard - no other advertising. I thought to myself how much interest does she really expect to receive from just sticking up a sign in her front yard. A month went by and the sign went down. She is still in the home. After her no sale situation she was contacted by a lender and opted to refinance versus sale.
It happens very often that buyers come to real estate agent websites when they are looking to purchase a home. Well that led to my brainiac idea to post FSBOs on my website for free. I searched the web and looked at examples from other agents across the country. It seemed to work well for them and there were top agents with years of experience and a multitude of sales offering to post FSBO listing as a service. I read some pretty good success stories in blogs in this regards and I like doing what works.
Right now it seems the inventory is low. I love a challenge. The part of the business I enjoy the most is marketing. I like promoting business ideas and concepts. This is something I have done before and it seems to be a pretty much untapped market in my immediate area - that's why I looked at the business model for agents in other areas.
I think it is a win/win situation. Homeowners who are going through the arduous task of selling their homes themselves could use the extra advertising exposure. The win side of it for me is that my customers and clients are more informed as to what is really happening across the entire market with more homes to choose from and have comparables their properties too as well.
This practice will fuel my 2018. I subscribed to a list where I receive a list of FSBOs almost daily of new FSBOs and expired listings in the Hampton Roads area. Now I have the opportunity to present my buyer clients not only with the listings available via the multiple listing service but also the opportunity to capture listings available that are being marketed "For Sale By Owner" and do not appear in the MLS. The buyers who I've presented an extra list of homes to look at seem to be very impressed as well.
Now when I am prospecting buyers and they know what city or neighborhood they are interested in I can also make them aware of the FSBOs in that area as well. If you are selling your home yourself, and want some free advertising on my website
- let me know. You can send me an email
to Lynne@LynneRuffin.com and I will be more than happy to post your home for the world wide web. I think it will compliment the sign in your yard very well. Please include “FSBO” in the subject line.