In a sign of the times, a Northern Kentucky-based website is tapping into the needs of homeowners looking for a new way to attract buyers in a depressed market.
Holly Wall, of Park Hills, launched
bailmeoutofmyhouse.com, a web site where homeowners can list their own houses. The site is a twist on the traditional For Sale by Owner property, because sellers will offer a five- to seven-percent discount on the home, which equals the amount normally paid to a real estate agent.
"Right now homeowners are facing reduced equity, competition and short sales. On top of that they are paying a real estate agent a commission. This is a recipe for failure. We thought if we could eliminate one of those obstacles for traditional sellers, we could create a formula for success. I hope this gives those traditional sellers a voice," Wall said.
The site is Wall's first foray into web entrepreneurism, but she has plenty of personal experience selling properties. She's lived in four states, moving along with her husband's job transfers. The couple has also bought and sold several investment properties, she said. Wall formerly was a teacher who left the profession to work at Fidelity Investments for three years. She's currently a stay-at-home mom.
The couple's most recent move from Cleveland to Northern Kentucky gave Wall the idea for the site.
"When we relocated, I learned that we'd have to pay $17,000 toward commission right off the bat," she said. "That huge number sort of astounded me. I thought it would be better to sell the house at a reduced price."
Through Bailmeoutofmyhouse.com, sellers can create a password protected profile where they can post a simple text advertisement with pictures of their home. In the ad, sellers are asked to post the home's market value, and its sale price. Wall is offering homeowners an incentive to list their homes until Jan. 31; sellers can list their homes for free until they sell. After Jan. 31, the cost is $50.
Homes are listed by county. Current listings are generally in the Cincinnati-area but the site is setup for nationwide sales.
"We just had someone from Chicago sign up, so people are finding out about it," Wall said.
Wall currently is working to promote the site, and plans to soon offer sellers yard signs bearing the bailmeoutofmyhouse.com site.
"The signs will tell buyers not just, 'My home is for sale, but my house is on sale'," she said.
Writer: Feoshia Henderson
Source: Holly Wall, founder bailmeoutofmyhouse.com
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