How To Sell Your Home Without A Realtor – When deciding to sell a home, many sellers believe that it can be easy and profitable to sell the home themselves instead of using the services of a real estate agent. It doesn’t seem that difficult, but then most professionals make their job look easy.
With realtors, it’s because they have the knowledge, experience, and tools to handle all the details without breaking a sweat (at least, not while you’re looking). How difficult can it be for ordinary homeowners to sell their homes? Which method is better? Let’s see the process.
How To Sell Your Home Without A Realtor
First, let’s talk about selling yourself, because that’s often the desired outcome. If you are selling a home for the first time, it will be more difficult than someone with real estate experience. You will have to do a lot more homework and ask a lot more questions. In fact, it will take you much longer to understand the process and move forward.
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If you have a lot of time and enjoy researching, comparing home values, understanding the process, paperwork and legalities, and marketing your property, this could be possible.
Meanwhile, you’ll need to do all the house-preparation work, such as making repairs, painting, cleaning and sorting, packing, showing the house, mowing the lawn and landscaping, and doing exterior repairs. Depending on the condition of the house, some of these items may require a lot of time, patience and knowledge. Only you will know if you are ready for it.
To find out how much work is required to prepare your home for sale, do an honest assessment of what needs to be done before listing. Check out these items to see if you can handle them yourself. You may need help in certain areas depending on your skills, equipment and time available.
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It takes real work to get a home ready for sale. Once you know how long it will take and who will do the work, you will need to decide on a project schedule. Identify that time of year to market your home and coordinate the work so that projects can be completed on time. The next step is to determine the asking price. Research recently sold comparable homes in your area and compare prices, square footage, lots, location, age and features.
For more comprehensive information, you can hire a home inspector to assess the condition of the home. If there are problems, you can take care of them before anyone sees the house. An appraiser can give you an approximate value that will help you value the property. Once you are fairly certain that you have a fair price, you can design a marketing plan.
How will you promote your sales? Ads, brochures, flyers, Facebook, word of mouth, websites? You can list your property online, including the MLS (Multiple Listing Service). This gets a little complicated because most sellers are trying to save commission by selling the property themselves.
Realtors who see a commission-free owner listing may choose not to show you (which means less potential for you) or may ask for a commission if they bring in a buyer. That’s their job after all. If you want, you can offer a commission or a flat fee.
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When it comes to marketing, decide when and how you will show your home. What hours will be available for showings and who will guide potential buyers through the home and answer their questions. It’s nice to have a binder with pictures of the house in different seasons and images of the landscape, especially if it’s selling in the winter. Choose pictures that make the house warm and inviting. You can also include receipts for the purchase of new equipment or repairs.
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Create a resource sheet that buyers can take home. The listing should provide basic statistics such as the age of the structure, square footage, room sizes, equipment details, special features and price. You can also provide information about the neighborhood, schools, and taxes. When you talk to potential buyers, you can paint an attractive picture of living on your street and in your home.
What do you do when you get an offer? This also involves planning ahead. Are you planning to research the necessary documents or hire a lawyer to handle it?
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When selling, you want to make sure you have a valid contract and all the necessary paperwork to close. If you’re getting this far on your own, having a real estate attorney handle the legalities for you may be money well spent. Or, you can hire a real estate agent to handle the paperwork for a flat fee.
There is one situation where selling your home is quite exciting. Then you have a buyer and you don’t have to “sell” the home, market the property, or open your home for showings.
If there’s a buyer who comes in with a verbal offer that you think is fair, it’s like winning the real estate lottery. You can skip all the difficult and time-consuming steps and move on to the final negotiation and transaction. Agree to hire a real estate attorney for the room price and you’ll be home cheap (or homeless!).
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Selling your home with a real estate agent is not that difficult – for you. Realtors know it. Understanding the process and the market is their job, and they really enjoy it. They represent you and will do fair comparisons to help you find the right price and get the most bang for your buck. The main caveat is that you want to make sure you hire an experienced full-time realtor. Do some interviews, ask for testimonials and read reviews.
A local realtor will know the neighborhood well, understand the demand and research recent sales prices for similar homes. This will increase confidence in the price you set: not too low, not too high.
You can discuss the details of the house and what changes need to be made to make it even more attractive. Agents know what buyers like and what will turn them off. Their advice will help you prepare your home for a faster and less stressful time on the market.
The realtor will arrange for professional photography and possibly video, brochure design and advertising of your property on the MLS for extensive online and visual promotion. Depending on the conditions in your neighborhood, you’ll have a sign out front or in a window, and you’ll have signs on major streets promoting open houses.
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They can also use a radio broadcast transmitter, flyer box, or cell phone text messages to attract the attention of pedestrians.
In larger offices, real estate agents work as a team, and team members will scout and promote the town. On the other hand, a realtor or agent already has a client looking for the type of home you have for sale, which can shorten the time to sell.
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Your realtor will handle all showings, no matter how difficult, and can tell serious buyers from busy and rare businesses. When you’re selling on your own, this task can be annoying, as it’s hard to know if buyers are really interested and able to buy.
How To Sell A House Without A Realtor
Do the math and calculate how much you can save (or not) if you choose to sell yourself. In general, real estate agents earn 4-7% commissions, which are often split between the seller’s agent and the buyer’s agent. They are experienced, understand market values and how to show your property to the best advantage. As a seller, you can take advantage of their knowledge by negotiating the right price and the smart way.
Negotiations can be stressful. There are some people
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