What have you found to be the most effective FSBO strategy?

Question

I own a condo that I'm currently evicting the deadbeat tenants from. the place is a loser and I dont want to keep it. Problem is I dont have a whole lot of equity in it (about 20k, comps at 180), and if I list with a realtor, I'll likely walk away with next to nothing. If I try to sell this place myself, what would be the best way? Signs, an MLS listing, classifieds, fsbo sites, all of the above? What works for you? How long do you give it before you turn to a realtor?

Scott Miller · Answer

If you are going to market independently, you need to cover the following bases at a minimum (listed in order of importance):

a.  Yard and Regional Signage:  All statistics indicate that a majority of new homebuyers find properties by way of the for sale sign.  Compliment yard signage with additional street signage directing homebuyers to your property from the various high traffic points in your community.  
b.  Printed Media:  The second largest source of information that homebuyers act on are the ads they see printed in newpapers, real estate publications, etc.  Budget enough to allow for consistent advertising for every Fri-Sun block until the property is sold.  
c.  Internet:  The net is fastly becoming a leading source homebuyers turn to in information gathering stages of buying a home.  There are a number of approaches you could take, but my favorite is a dedicated mini-site approach.

Beyond the basics listed above, here are some other things you can consider to save money/getting more bang from your own marketing bucks:

a.  If you don't want to pay a 5-6% listing fee, consider paying 3% for any realtor that brings a buyer that purchases your property.  
b.  Consider packaging some sort of seller incentive.  Things like paying closing costs, funding a interest rate buydown, etc. greatly enhance your offer in comparison to similar properties on the market.

Hope this helps and good luck!

Regards,

Scott Miller

Steve Babiak · Answer

Actually, it was H.D. J. who brought this topic back to active from its dormancy.

Raymond B. · Answer

RobTheHouseGuy1
You replied to a posting almost 4 years old.

Minna Reid posted this: 03/19/2007 at 05:02AM

Raymond

Rob Gillespie · Answer

I have sold hundreds of homes, and I only sold once with a Realtor last year. This was because I had a unique property, and figured she would have a bucket of buyers. I ended up selling to a person that wanted to buy before I even listed! So I gave away a few thousand bucks. Oh well, water over the dam. 
With that said, with agents, the biggest thing that sells for them is the MLS. You can get on there for a couple hundred bucks flat fee with a small brokerage, but you will still need to pay a co broker if they bring you a buyer.
To sell on your own without MLS, is what I would do. (Sorry to any agents out there) It is as much about the USP( Unique Selling Proposition)  as it is the marketing. Condos are tough to begin with. I would offer it on owner financing. I know this sucks, but it is what needs to be done in a market like this to move it fast. I wont go into a ton of details, because no one wants to read a novel here, but if you would like to contact me directly, I will walk you through it. That is how I move all of my properties, and many times, they are able to get a bank loan within a few months, and they don't even realize it.
The problem with selling it FSBO without offering incentive is that you will get all of the agents calling to list it and the investors calling to steal it!

H.D. J. · Answer

good info

Guy Johnson · Answer

If you're going to use signage, you will want to check with your condo association to see what they will allow, if anything.  Craigslist is free and depending where you are, generates fair response.  However, most of those responses are people fishing for a deal, which there is nothing wrong with that.  If you feel you must pay a commission, go with a limited service listing company that will put you on MLS, but with a promise that you will pay the selling agent a co-broke fee.  You will also have to market the property yourself.  Simply put, if you are asking fair market value, you will more than likely need MLS.  Good luck.

N/A N/A · Answer

By rough I mean ghetto rough I guess, I don't really know the area that well.  I agree with the nuts part.  I hope within a year I can leave my currant job in southern ct and move back to Farmington Valley area working for myself in rei.  I don't get east all too much bc i work south, live west, and stop at Hartford generally, unless of course I jump on an interstate.  Anyway, good luck with your property.  I am sure someone on here will have good advice.

Minna Reid · Answer

Rough? You mean like ghetto rough, or rough as in it's tough to sell there?
The answer is no to both. South Windsor is kind of a yuppie, upper middle class and up kind of  town, great schools, high taxes, etc. Lots of younger well to do couples and families. But its still only 10 minutes to Hartford so property there generally goes quickly. 
You must be thinking 180 is low I guess? LOL...it's still east of the river. Got that west of the river, closer to NYC, housing pricing in your mind?
Pricing isn't nearly as nuts to the east as it is out there. Not even close. I don't know how you guys do it. Plus the traffic. I just left a job visiting lots of clients out that way - man I hated getting caught out there anytime past 4. Impossible.

Matt Mozelak · Answer

Hi Minna,

Matt from CT here.  I was just wondering where abouts you live?

Matt Mozelak · Answer

Ah ok...I live in New Hartford (Litchfield County) but work down in Wilton.  Is South Windsor in general a little rough?