Open House Myth - Watch out!
This dog barks! Believe it or not, an Open House in Utah
County is not effective. Agents use them as a marketing tool
to attract future buyers, not to sell the house! Open Houses
work great in Las Vegas or Denver on Sundays, but not in
Utah County. On a typical Saturday I will get 150+ calls. In
contrast, I usually get no calls on any given Sunday.
Nationally, Sunday is the big Open House day. The bottom
line is:
It doesn’t work in Utah County.
Realtor Previews - Realtors
will claim to have a prospective buyer and want to see your
home in case it is exactly what their buyer wants. Real
estate motivational speakers often suggest Realtors use this
preview technique to attempt listing For Sale by Owner’s
homes. It gets Realtors in the door and often gives them the
opportunity to give a presentation. I find this technique
just plain sneaky. Don’t do previews. If you are cooperating
with Realtors, ask them to bring the buyer.
Lenders Free Stuff -It
is unlawful to act in the capacity of a broker or sales
agent without a Utah Real Estate License (Utah Law #UCA
61-2-1). This does not apply to For Sale by Owners selling
their own properties. It does apply, however, to anyone who
is advertising real estate for sale for someone else
expecting to receive valuable consideration.
Many lenders in Utah County offer free advertising in
exchange for your
buyers. For
example, they offer you a real estate sign in your front
yard with their phone number on it. If they do get a call, I
hope they only promote their loans and services. If they try
to sell your home, however, they are breaking the law. Many
lenders know this and will only promote their services when
buyers call. Remember, as a “For Sale by Owner,” the only
phone number that should be in your front yard is yours. You
are the best person to promote your home.
King of the Dogs! -- Creative
Financing - Believe it or not, many people in Utah
County sit around at 3:00 AM watching infomercials about how
to buy a home with no money down. These late night owls
start believing they can earn a Ferrari and a Million Dollar
Mansion with a few real estate schemes. They wake up the
next morning and realize they just spent $5,000 on a few
cassettes and a softbound book. They are desperate to recoup
their losses and will do anything to convince you to give
them your house. Run! Run for your life!
I have seen many good families get involved with creative
financing. Often the financing is so creative that their
money disappears. I am the biggest skeptic on this scheme. I
never sell my properties with financing terms. Stick with
the old saying: “If the bank won’t give them money, neither
will I.”
