During this recession 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 - 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.
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. One homeowner placed a FSBO sign in her 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.
Well that led to my brainiac idea to post FSBOs on my website for free. Interviewing owners who wanted to list their property and having to price higher than market during a time when there is an overabundance of properties on the market anyways is not good. 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 it as a service.
Why would an agent be going after listings during a time when there are more listings than buyers? Well the reason why for me is because 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 new for me and seems to be an 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 compare their properties too as well.
This concept I have been working on since July. I even paid for a subscription to a list where I receive a list of FSBOs almost daily of new FSBOs 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 listings available that are being marketed "For Sale By Owner". The buyers who I've presented an extra list of homes to look at seem to be very impressed as well. When the really good fixer-upper deals come along my investor clients are the first to know. There is nothing like catering to loyal investors. They seem to appreciate the extra effort I put into what I do.
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 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.
Promotion! Promotion! Promotion!
