Developing Your Marketing Plan

You have a house to sell and it is time to let the world know it.  First, determine your budget and recognize that advertising costs money.  Next, target your market.  Answer the question,  "Where do people find homes for sale in my price range?"  Don’t waste time, effort and money advertising in a local shopping paper when you are trying to sell a $400,000 home... it's not where your buyer is looking.

SIGNS
First and foremost, have a professional, easy-to-read yard sign.  The sign should clearly say that the home is For Sale and should have a contact phone number in large bold print.  With privacy and security concerns, many sellers are moving to voice-mail response, or even temporary cell phones instead of placing their home telephone number on display. HomesByOwner.com provides OwnerList.com with a separate 800-toll-free number for buyers to call. The voice-mail message includes a description of your home before the buyer prospect is asked to leave their contact number.

The sign should also say that the home is shown "by appointment only."  There are many reasons for this.  You should always be prepared for a showing and setting appointments is the only way to be properly prepared.  Some buyers find a home simply by riding around in the neighborhood where they would like to live.  You can always make an appointment for a showing 10 minutes into the future, and by doing that, you are accommodating your buyer even more. Many homes are sold as a result of signage alone and its value should not be underestimated.

PHOTO FLYERS / INFORMATION SHEETS
These are a must.  They should be in a tube or box attached to your yard sign for prospective buyers driving in the area, as well as being available inside the home.  Providing these can substantially eliminate unnecessary phone calls.  Information sheets are inexpensive but vital.  They should provide photographs and a complete description of the home. The only time the box should be empty is when you are holding the house open. Have them come in to see the property, then allow them to take the brochure along with them as a "souvenir."

INTERNET
Advertising your home on the Internet in today’s world is a necessity.  OwnerList.com and its affiliation with HomesByOwner.com provides an excellent site to advertise your property.  It is easy to navigate and displays the home exceptionally well through the 20 - Photo Virtual Tour.  HomesByOwner.com provides top-tier search engine placement, as well as automatic daily uploads of all listings to Google Base Classifieds, Oodle.com Real Estate and many other leading real estate websites.  HomesByOwner.com provides easy-to-follow instructions and tips for each stage of the selling, and buying process.  

FOR SALE BY OWNER PUBLICATIONS
Many cities around the country have For Sale By Owner magazines and publications where individuals can advertise their property.  This is very targeted marketing.  The publications are broadly distributed in high-traffic locations such as local grocery, department and discount stores, as well as banks and restaurants.  Ads in the publication usually include pictures and allow ample space for the property description.  The cost for advertising in these publications is usually substantially less than advertising in the local newspaper for the same period of time.  Many of these companies offer other services such as professional signs, fact sheets, Internet listings, blank sales contracts,  appraisals, and even closing services.  Using the services of such a business will substantially minimize the amount of time you would spend seeking these services on your own. WARNING: In many states, if a property is listed by a broker, it cannot be advertised as a FSBO. If you have a brokerage relationship in place, it should be your broker who handles the advertising. In the St. Louis metro area, OwnerList.com will allow brokers to advertise listed properties as long as the buyer has an opportunity to save as well as the seller, through a reduced commission basis when the buyer and seller deal directly with each other. Missouri law does require the listing broker to authorize this advertising in writing.

NEWSPAPER
Local publications provide another source for advertising.  Be careful that you get your moneys worth.  If the newspaper offers photographs in the ad, be sure to include them.  Do not advertise on a holiday weekend; rates are cheaper but there is a reason.  Provide the basic information and include the price.  Many sellers think they will generate more interest if you don’t put a price in your ad... all you generate is more phone calls from people who probably aren't interested once they learn the price.  Target your market by including all pertinent information about your home.  You do not want people calling who either can not afford your home or want something your home does not have.

OPEN HOUSES
This type of marketing can be very successful for a builder with a new subdivision but with existing, owner-occupied homes, it is questionable.  If a prospect has driven by the home, viewed an Internet ad, or seen the home in a FSBO publication, chances are they would prefer a private tour.  They already know the price and the amenities of the home.  Now, they want to ask questions and get detailed responses.  Also, private showings allow the seller to ask questions of your prospective buyer that you probably would not ask during an Open House.  Last but not least, you can lose control in an Open House if too many people show up and start heading in different directions.  Obtaining feedback is an important goal of an Open House.

Offsetting that, however, is the notion that if you just don't hold an open house, but you hold an OPEN HOUSE!! you can greatly increase your chance to find the buyer with no agent attached, and no commission to pay.

It is interesting that throughout the country, Open Houses are viewed differently.  In some major Midwest cities, for example, Open Houses are expected if you are going to sell but in similar size cities in the South, having an Open House is the exception rather than the rule.  Therefore, you may need to adjust your marketing strategy to local custom.  If having an Open House is expected in your market, then by all means do it.


More information can be found at:

http://homebuying.about.com/od/sellingahouse/tp/markethome.htm