Selling your home without a realtor can help you save a lot of money. It is estimated that about 10% of all properties sold are without using the services of a realtor.
Generally, there are two realtors involved in a real estate sale. One is the listing agent you hire, and the other is the buying agent. The commission earned is divided between the two agents. If you are looking to sell your home yourself, you can avoid paying an additional commission to a listing agent.
How to go about selling your house online(and offline)
Selling your home yourself may require you to do a little research and make your home sale-ready. If you have decided on doing so, here are the steps you can follow-
Check other property sales and set a price
Check out other properties that have been sold recently in your area to know the prevailing prices in your locality. In addition to this, also look into how fast these properties have sold out and how many properties are listed online currently. If houses are taking way longer to sell, you can lower the price a little to attract buyer’s attention.
Get your home sale-ready
Start by getting every part of the house cleaned. Get minor repairs done if it was long pending- repaint the walls if they look dingy, power-wash the interiors, shampoo the carpets, and so on. Remove all your items from the home to give the prospective buyer a ‘ready-to-move feel.
Get professional photographs taken
For your online listing, a professional photographer will take inviting and bright photographs of your home. This attracts buyers to make inquiries- a study has shown that almost 44% of all home buyers first look online. Professional photographs could entice buyers to click on your listing as against just scrolling past it if the images are not interesting enough.
Signal your intent to sell
Put up signage and spread the word that you are ready to sell. This helps prospective buyers to find you when they come for a tour. Also publish your listing online on various websites like FSBO.com, Trulia, and Zillow.
Ask for help when needed
As you are handling the entire process of your sale from start to finish, you might need the help of a brokerage to show the house, negotiate a deal and prepare paperwork for a flat fee. This, though, would cost a fraction of the amount you would have to pay if you hired a broker.
Start answering inquiries and negotiate
Potential buyers would come with low offers or ask for repairs before the sale. You have to decide what you can and cannot do. You can even think out of the box and offer credits to any buyer to avoid making repairs before closing the sale.
Getting the paperwork done and closing the sale
Without the help of a realtor, the paperwork needed to be done could be intimidating. You got to do your research to know what is expected for the paperwork. If needed, you could hire a real estate lawyer or an agent to get the paperwork done.
Points to keep in mind while selling your home yourself
Do not take emotional decisions
Do not let your emotions get the better of you when choosing the price for your home. Yes, this can be hard as you may have lived there for almost 10, 20, or more years. If you price the home too high, it may sit unsold for quite some time.
Consider outsourcing part of the deal
You can get the best of both worlds if you outsource some part of the sale to a broker or attorney. Instead of finding a buyer and negotiating with them, you could get a realtor who just does the paperwork or manages the listing.
Only do necessary improvements-
Not all improvements can increase property value as you won’t have professionals tell you which repairs or upgrades can increase property value. Instead, ask around or look up online to know what repairs or upgrades add value.
A few last words
Selling your home online is much easier now with the help of listing websites and marketplaces. Outsourcing select parts of the deal also helps you save a lot in commissions, although you need to do thorough research and asking around before closing the sale.