For Sale by Owner Real Estate - Tips for Sellers
Now that your house is ready to show and you've decided on an asking price you need to get the word out that your home is for sale. You need to advertise. The more avenues and opportunities there are for people to find your house, the better. You may decide to use only some of the possible avenues, remember that in so doing you have narrowed the number of people that can find your property.
Determine your advertising budget. A rule of thumb used to determine your budget is to take 10% of what the commission would be and spend that amount on advertising. The commission on a $200,000 home would be at least $10,000. Ten percent of $10,000 is $1000. The 10% number is only a rule of thumb and may be far more than you are willing to spend and that's fine. If you are selling for sale by owner and want the maximum exposure possible, then that number seems reasonable. The advertising budget would cover the major avenues including yard signs, feature sheets, internet advertising and newspaper advertising.
- Word of Mouth. Tell friends, relatives and co-workers that your home is for sale.
- Yard Signs are a cost effective method of advertising. Unless you have a good reason for not having a yard sign, get one. Also consider using directional signs - that point to your property from busy streets.
- Newspaper advertising is a common avenue used to get the word out. Try spreading the ads around to different papers and on different days to reach a wider audience.
- Flyers can be handed out, pinned up at work or the grocery store.
- Internet advertising is a cost effective method of advertising. The key advantage of internet advertising is that you can reach a much wider audience than you can with a yard sign or the newspaper.
If you have a listing on OKHomeseller or are considering listing your home on our site, we strongly recommend that you read the document Effective Use of Your Listing. It offers additional tips on using your listing to advertise, using your listing in your advertising and also how to use your OKHomeseller listing as a tool to save time and make your job easier.