Most people, who successfully sell their own home, do so in metropolitan market areas where populations are large and property sales are brisk. It is much more difficult to sell FSBO in rural areas and in buyer’s markets.
Buyer’s markets mean those where there are more home sellers in the marketplace than home buyers. This allows home buyers a wide range of property to choose from, thus the home selling environment is more competitive and buyers are more selective. The best time to sell by owner is when economic times are good and a seller’s market exists.
A seller’s market means that there are more home buyers than homes that are for sale. In this business environment, buyers have less property to choose from, sellers can be more selective and typically can get a higher and better price for their property. Other economic issues like home mortgage interest rates, consumer confidence, employment, etc. all play an important part in selling real estate anywhere. The economy is something you can’t control and you may want or have to sell your home despite these factors.
So what are the typical characteristics of people who survive and succeed when selling by owner? Here are a few characteristics which separate the winners from the losers at the game of self-selling. Those who are successful typically:
1. Have the money to support the marketing efforts required to keep the property exposed to the home buying public while the home is for sale, over a period of time of at least 90 days. This includes professional signage, advertising, cost of fixing up the home, legal counsel, etc. They also have the money to absorb marketing mistakes.
2. Have a basic business background and knowledge about marketing, personal selling and enough technical knowledge about real estate principals and practices to prevent themselves from doing things, which are blatantly illegal or stupid.
3. Are disciplined and set marketing goals and objectives with specific time frames for the execution and accomplishment of those goals and objectives. These individuals are highly organized, pay close attention to detail and get the job done without excuses.
4. Maintain a business perspective and make decisions based on logical analysis and avoid emotion or guesswork.
5. Are good negotiators and are able to deal effectively with the wide range of personalities encountered when meeting with home buyers. They are outgoing, friendly and honest in all their business dealings.
6. Are well equipped to sell their home and have plenty of time available to devote to the project of selling their home. The home selling venture has been well thought-out and they are prepared to face the responsibilities of self-selling.
To your success!
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