Not all auction companies, real estate companies and marketing strategies are created equal. So when asked by would be Auction by Owners, “How do I market my FSBO auction?,” my initial response is… You must create demand by creating a competitive bidding environment. That is what auctions are all about. There are specific strategies to creating competitive bidding for your FSBO auction.
First is desirability. Is the home presenting well? Is it clean and clutter free?
Not getting any lookers? Is the home getting adequate exposure to potential buyers?
Getting Lookers but no offers? Is the home priced to attract multiple bidders?
Combine any one of these situations with low-level marketing and you will find your house on the market for long periods without any activity.
There are buyers in the market even with financing disappearing. In fact, now is the time to buy smart. Some owners will need to liquidate if they don’t want to hold until the market corrects. Auction is the best way to do that. Liquidate and jump back in to buy is a strategy to consider and may work well to level your portfolio.Auctioneers in Kansas
Are you thinking auction means low ball pricing? It could certainly mean that in some cases, but there is more to consider. Think about what it cost to continue to hold the property. If it took you 6 months to sell it, what would it cost in terms of mortgage, insurance, taxes and maintenance, times 6? Think about what it cost to sell; real estate commissions, upgrades and repairs, and the buyer’s closing cost may be yours to pay. By contrast, auctions are quick sales without contingencies…sold “as is.”
What sets auction companies and real estate companies apart is the strategic targeting of specific demographics and eye catching marketing materials with appealing content.
Most FSBOs are not going to have this readily available to them unless they have an education or background in real estate or marketing, ideally both. This is the number one struggle, besides the market conditions, which Auction by Owners are faced with. Even real estate professionals that do not have a dedicated marketing department will not have all the tools necessary to market aggressively. Besides that they probably have more than just your house to sell. But, you, on the other hand, can focus on your marketing. You just need a plan and someone knowledgeable to tell you what to do each day…pushing you to be aggressive similar to the way a gym trainer would do…leaving you no guess work. You need superior quality templates to customize your marketing materials and someone to tell you what to do, when to do it and how often and where. It will require more than a flyer, a yard sign and MLS. It will require these things and much more to get the level of exposure needed to create demand.