The most common way people sell their homes is through real estate agents. We can all agree that selling a home through a reputable realtor is faster and hassle-free because the realtor takes care of all the little details of the whole process. However, this service does come at a price and if you want to avoid having to pay commissions to agents, why not sell your home yourself?
Before taking this route, keep in mind that selling your own home can be a long complicated process that is far from easy. But if successful, you will save as much as 5-7% of the sales price in commissions. So let’s look at the process of selling your home in detail.
Steps 1: Familiarize yourself with the applicable laws in your state
There are many laws that apply when you’re selling a home and if you don’t follow them to the letter, you might wind up in big trouble. Learn all the laws related to the sale of your property, especially in regards to the contracts and agreements that need to be made.
Step 2: Prepare the home for sale
You will have to ensure that your home is in the best possible condition for open house events and showings. Deep clean the house, make any necessary repairs, and make improvements if you can afford it. A new paint job will do wonders in your quest to attract buyers.
Step 3: Set a realistic price
Most people believe their homes are worth more than they truly are. Before putting your home up for sale, you need to find out the current fair market value of your property. This ensures you don’t set a price that is so high that you struggle to get buyers’ interest or too low that you make a loss. Base your pricing on hard data. You can use online price calculators from sites such as Zillow and Redfin to get an estimate of the value of your property based on factors like location, square footage, and the number of bedrooms and bathrooms. Keep in mind you can hire a professional real estate appraiser to advise you on the best price.
Step 4: Advertise
In the modern days, there are so many ways you can advertise your home especially on the internet and social media platforms. Before using those methods, post a conspicuous ‘For Sale’ sign on the front yard to attract potential buyers passing by. List your home on websites like FSBO.com that grant you instant access to a pool of potential buyers. To reach even more people, sign up for the Multiple Listing Service, which is the most comprehensive list of properties that are for sale in the US.
Step 5: Provide a detailed description of the home
As you advertise your home and list it on online platforms, include a detailed and accurate description of the home and include high-quality photos of the entire property. Hire a professional real estate photographer to capture the most appealing photos.
Step 6: Show your house
Once you find an interested buyer, make plans to show them the house yourself or hire a la carte agent to show the house for a small fee without asking for a commission.
Step 7: Negotiate
During negotiations, the potential buyer will submit his offer to the seller in the form of a contract. The seller may accept or revise the contract and submit it to you. This process continues until you both agree on a price.
Step 8: Close the deal
Finalize the deal by getting all the necessary paperwork done and contracts signed, using a real estate attorney and a title company. At the closing, you should receive your money and in return, give the new owner the keys to the house.
Not finding buyers fast enough
Realtors have access to a wide network of other agents and potential customers that helps them find buyers faster. Without an agent, it can take a while to find an interested buyer. Network to all realtors you know.
Complexities of the legal process
Selling property has a lot of complex legal processes that you may not understand on your own. Consult a real estate attorney and a title company.
It is an involved process
Without an agent, you will be responsible for all the tasks that must be done such as preparing the house for sale, advertising, appraisal, negotiation, showing the property, and others. This will take up a lot of your time.
Make more money
As mentioned earlier, agents will charge you about 6% of the sale price as commission. If, for instance, you sell your home for $500,000, you will be paying $30,000 to the buyer’s and seller’s realtors.
You are the boss
You don’t have to listen to an agent’s opinion on anything related to the sale. You are the boss and you make all the decisions.
Invested in selling
Unlike realtors who may have many other properties to worry about, you can devote all your time and energy to selling your home.
Written by DorrianGrey, iWriter