Bootstrapping a real estate empire
Photo courtesy of iStockphoto, Sean Locke
So, why would I suggest such a thing when the real estate market is still in such a slump?
Well, as it happens, I have a house to sell in Tamaqua, PA, and that got me thinking about ways to promote properties with maximum results and minimum cost, a bootstrapping approach to selling just about any real estate, if you will.
Here are some thoughts:
• Don't hire a realtor, at least not first thing. When I bought my current house there was no realtor involved. I came to an agreement with the owner from whom I was renting at the time and worked through their attorney. I'm not saying you should never get a realtor depending on what you need done when it comes time to sell, but don't automatically assume you need one. A realtor will never be as motivated to sell your house as you are.
• Use inexpensive new media to get the word out. Of course, a blog just like this one can keep folks apprised of the property or properties you are trying to sell and what improvements you have made to them. If using proper keywords, they will also give you a much better overall impact than other advertising since you will reach everyone with the web instead of trying to decide what market you are trying to target. New social network platforms like Ning and others can be another option to help you promote your own real estate and that of friends and clients.
• Don't assume you need eBay. No, I'm not saying eBay won't work for you. The massive auction website's effectiveness and the traffic it can deliver to your sale announcement are undeniable. But just like a realtor, eBay may cost you money when the deal is done that otherwise could have gone into your pocket. A blog or social network set up to promote your house may virally reach the right candidates over time for a much lower cost and, of course, free ad options like Craig's List can still help send interested buyers right to you.
• Sell the neighborhood. Using the power of new media, remember that the audience you reach may be much larger than you could have hoped for buying advertising in a much smaller traditional market. Use this media resource to its full advantage. Tell potential buyers who might be interested in relocating to your community about the benefits. In my own case, I might mention proximity to both Philadelphia and New York City, the nearby Lehigh Valley and regional attractions like Knoebles, Dorney Park, greater Reading area and more…
• Help others. Once you've established a workable network to sell real estate, don't keep it to yourself. Invite friends and family and maybe eventually clients to promote their real estate sales as well either for a fee, share of the profit off sales or free just for the potential of monetizing the traffic on your website, and keep your network primed for your next big sale.