Owning the FSBO marketplace of PostYourProperty.com and NeoRealEstate.com has been like running a swap meet and a radio station at the same time.
Newport Beach, California (PRWEB) December 9, 2008
It is estimated that approximately 15% of all property for sale in the US is FSBO (for sale by owner).
Michael Stark, Broker and Founder of PostYourProperty.com and NeoRealEstate.com believes that "Online real estate in 2008 was very much like travel in 1998. Commissions are under attack. Sellers desire to connect directly with buyers. Investors crave to know about deals before they hit the MLS (multiple listing service). Salespeople scrape posting sites to find people to solicit. Confidence in marketing real estate online is growing. Since 1999, our sites have enabled people to market their property for free."
Michael's concept is simple. Posting property is free, no front end or back end fees. Inventory has swelled to over 10,000 properties - about 90% US based, nearly 90% residential. The listings also get syndicated off to a variety of other partner sites for free.
If traditional real estate is changing, then surviving and thriving during a recession is about rethinking business as usual. Given the huge popularity of internet marketplaces, savvy players in brokerage, lending, title, and escrow might discover a whole new pipeline for traffic, branding, and leads if they only capitalized on tapping into the FSBO vertical.
Michael commented that "Owning the FSBO marketplace of PostYourProperty.com and NeoRealEstate.com has been like running a swap meet and a radio station at the same time."
To support this free for all, advertising and consulting drives revenue. Delivering an audited demographic has been about engaging users with links, banners, rss text ads, content pages, podcasts, blogging, and other tools. Michael also owns a real estate centric banner network. Over 500 other real estate sites are a part of his niche network.
FSBO sites that empower people online will continue to help transform an industry still firmly rooted in the offline world. With the property market battered by falling prices, slow sales, and a credit crunch, the perfect storm may be ahead.
Michael's 6 sites include: PostYourProperty.com the flagship; NeoRealEstate.com, the database; LookForProperty.com, the free link exchange, free traffic ranking service, and directory of professionals; SouthernCaliforniaBroker.com, the blog; and Southern California property management services and brokerage assistance offered by Michael Stark at HitProperty.com and MichaelStark.com.