Here's a great article from Steve Harney, real estate guru extraordinaire, about where buyers START the home buying process. Sellers, take note: Less than 2% of buyers start their search in the newspapers or other print media.
Where are buyers starting their search? Mainly on the Internet (47%) or by contacting a real estate professional, either a real estate agent or a lender (27%).
Print advertising is EXPENSIVE, not to mention short-lived. My broker has reminded me many times that a newspaper ad is effective from about 7:00 a.m. to 6:00 p.m. on the day of publication. At about $100 an ad (minimum) in our local paper, that's a lot of money that could be otherwise allocated somewhere more effective.
So, what does this mean for a seller trying to sell their home in this very challenging market? Forget real estate guides, newspaper ads, and those uber-expensive specialty magazines. Make sure your agent has a strong Internet marketing plan. Get it in writing. And please, make sure they take great pictures and post the maximum number permitted by the local Multiple Listing Service ("MLS"). I'm constantly amazed at how many listings have only one or two exterior photos, and often terrible ones at that. Good luck!
One of the most effective means to attract buyers is to advertise on the internet as today most buyers first look online before they consult a broker or agent. Today there are many classified sites that allow you to advertise for free. Simply type “for sale by owner” into your Google or Yahoo! search bar and you will find many options right on the first page. To get better presentation and wider exposure some sites might ask for premium upgrades and these may be a good idea depending on the urgency of your specific situation. If there is no rush you can avoid these and only advertise on the free sites without spending any money.
I have here an FSBO article where you can learn things on selling your home, from a putnam real estate broker.
Posted by: Mahopac Real Estate Broker | November 28, 2010 at 02:16 AM