Selling a home without an agent comes with a load of extra work for the seller, but the payoff is usually worth the sacrifice. That is because the seller or house owner gets to save on commissions thus minimizing the cost. If, for example, your home is worth $500,000, you could easily end up saving up to 5% or more in commissions.
If you are looking to sell your home and would wish to do it on your own, here are some simple, but very important steps to help you along:
Selling a Home without an Agent – 4 Simple but Important Tips to Help You Along
This is one of the most important steps to selling your house by your own – make sure it actually stands out from the crowd. If you can afford to do some major renovations, go ahead and do it, but be prepared to do an excellent job. You can even hire an interior designer to do a complete makeover.
If, on the other hand, you don’t have much to spend on renovations, don’t change anything, just replace damaged items, apply a fresh coat of paint on any hideous wood paneling, and simply tidy up.
Now that your house is looking great, the next step should be to come up with a realistic price. You certainly don’t want your home to sit too long on the market simply because you overpriced it. The best way to go about it is to hire a real estate appraiser or evaluator. Alternatively, you may choose to do some personal research – ask around, use the internet, read real estate magazines, and so on.
The only way buyers are going to know you are selling your home is through advertising. Make use of local advertising channels like local newspapers and magazine. Have a yard sign and some flyers prepared and ask friends and relatives to password around.
You can even place more signs around the busiest locations in your area. If you choose to do so, make sure your address, telephone number, and open house hours are on the signs.
Online exposure is also very important. Real estate agents use online sites like Multiple Listing Service. You can be able to make use of such sites too for a price. Do some extensive research online to identify more sites that can give you more exposure in your area.
Selling a home without an agent comes with a lot of work for the seller as already mentioned. Most of the work is related to paperwork and contracts that you may not be aware of.
For example, depending on the state you live in, you may be required to fill a disclosure form giving out information on previous floods, fires, lead paint, and so on. Different states have different laws about disclosures, so it is important to consult an attorney for more information.
An attorney will stand by you, guide you, advice you, and offer you all the help you may need to understand the legal requirements of selling a house on your own.
In conclusion, selling a house by your own is indeed very much possible as long as you are willing to sacrifice a great chunk your time.