When it comes to selling your home, you have two options: You can enlist the help of a real estate agent and their services, or you can skip that and sell the home yourself. One of the main reasons you may choose to sell your home privately without a real estate agent, is to save on the costs. However when they do choose to sell their own home they sell it on average for 13% less than they would have sold it for with a real estate agent. Selling with an agent can not only make their lives easier, but they generally get more for their home, which covers commissions and puts more money in their pocket.
If you are thinking about selling your home yourself, here are some helpful tips to help you in the process.
Price Your Home to Sell
Before you list your home on Multiple Listing Service (MLS) or anywhere else, it is important that you price your home properly and competitively. You can use the internet to help research your neighborhood, as well as similar properties and see how much those homes have sold for. Did you know that those that do see the for sale by owner on their own generally are looking for a deal and expect to get a home for less and that is why they approach only for sale by owners? A good Realtor that does look at for sale by owners for their clients will expect a commission for bringing a buyer to the seller (2% to 3%) and so the seller will still have to pay a commission while doing all the work and not having a knowledgeable Realtor representing them.
Market Your Property
After putting your home up on MLS, you should also advertise your property through various means, this means putting up ads on social media, creating pamphlets and brochures, as well as putting up “for sale” signs. Did you know that you may also lose about 80% of the market as most people are working with agents and looking on MLS and not seeing for sale by owner ads.
Know the Selling Points
When you are writing the information on your ads, flyers, brochures and any other ads, it is important to include basic information about your home. This should include: the price, number of bedrooms, number of bathrooms, lot size, location, and of course the specific details that make the house special to potential buyers. Try to determine what’s special about your home and highlight those features in your marketing.
Hold an Open House
You can hold an open house to help advertise your home and help with the sale of your home. It is also important to advertise the open house through various ads, flyers, and signs. When you hold the open house, it is important to have some light refreshments available and brochures for guests to take home with them with more details about the home.
Comply with All Laws
It is critical that you comply with all the laws in your area when it comes to selling a home. You can find contracts and agreements online that can help get you started in the selling process but remember that these forms cannot be replicated for your use, as they aren’t specific to your situation. It is best to work with a real estate attorney to review all your documents and contracts before you sell your home.
Selling a home is not for everyone! So while about 20% of for sale by owners do sell their home on their own, they may have been better off with a Realtor. The other 80% will eventually list with a Realtor or not sell their home as they are unable to sell their home on their own. Also these "no commission" agencies also don't tell people that they will likely still have to pay a buyer agent a commission and a fee to list with the "no commission" agency and don't really save much money in the end.
Many people will not have the time or the patience to deal with this type of process. When it comes down to it, a real estate agent will be doing most of the legwork and paperwork for you and is a benefit of using a real estate agent. So, if you are thinking about selling your home and don’t have that much time or patience let me assist you with the selling process and I’ll make sure to take out all the hassle of selling your home with my knowledge and skills!