Selling your house without a real estate agent is appealing to many people because when you cut off the middleman you can make more money through savings in agent fees. While selling your house can be daunting to some people, it can be done successfully according to Greg Healy, Vice President of Operations at ForSaleByOwner.com.
The typical real estate agent commission on houses is usually around 6%, so on a $300,000 home potential savings could be around $18,000. With this much savings, is it really possible to sell your house by yourself?
Here’s how you can do it.
The first step is to clean up your house. When you are selling, visitors will come to check out the inside and outside of your house. Make sure that everything is arranged and clutter-free. Your appliances, countertops and other surfaces should be gleaming. Open up your windows and let the sunlight in. Remember that nobody wants to view a dark messy house.
Your next step is to set a price. This can be accomplished by doing some online research on property values in your area. Look for houses in the neighborhood that is the same size as yours. You can also review the history of sold homes in your neighborhood to help you set a good price on your house. Websites to review include Trulia.com, Zillow.com and Realtor.com.
You might be tempted to be poetic about your house but nobody really has time to read all of that. Instead of lengthy descriptions, stick to short and concise ones and support them with great photos of your house. What people usually look for are photos and a floor plan.
Always use photos that are specific to your property. If it’s a remote property for example, people will want photographs of the surrounding land and the views. If it’s a modern house they will want pictures of amenities and details. This will make it more interesting than photographs of the bathroom or garden. You can also employ the services of a professional photographer to take really good photos of your house to make it more attractive.
Great websites to list your house on are ForSaleByOwner.com, owners.com and homebuyer.com. These websites will usually post your house for free while others require a flat fee to prioritize your post. You can also check out the web on where to post your house for free.
Social media is also becoming popular in the real estate market. You can post your property on your Facebook and Twitter pages. You can also make a YouTube video and do a virtual tour of your house.
When you list your house you should include a contact number or email for potential buyers to get in touch with you. Make sure that you check the emails and answer your phone calls diligently. When you hire a real estate agent they are on hand to show the house to viewers. But since you are essentially a FSBO (For Sale By Owner) you will need to be there to show them around. You can arrange viewings by scheduling appointments or during weekends when you are free.
It’s always important to keep calm. Do not be intimidated with price negotiations. Decide beforehand the lowest price you are willing to go and do not go below that figure no matter how eager, anxious or nervous you are. Keep communications friendly so that the buyer will feel comfortable approaching you with a higher offer. There might be instances where re-negotiations are in order. When a buyer sends their inspectors for example and find that there is something wrong with the property, they might feel that the original offer is no longer fair. When this happens it is better to re-negotiate. You can for example, split the cost of a repair. However, it is also important you investigate their demands because it could be a trick to beat the price down.
When you accept an offer do it verbally the first time. You can then follow-up through email or phone call. But always keep a clear head until you exchange contracts which could take several weeks.
You can also get started on the legal work. You may need to hire a real estate lawyer for this side of the job. When looking for a good lawyer, do your research first. Make sure that the person you hire is licensed and is an expert in the field with good reputation. You can also ask family and friends for a referral.
Selling without a real estate agent can be complicated and scary. If you want to avoid doing the legwork of selling a house by yourself then one of the options could be to sell to an investor. They can buy your property as-is which means you do not have to do any repairs. They can also make you a cash offer and buy on your timeline. Since the property is bought directly from you, you save on fees and commissions which means more money in your pocket.
If you are considering selling to an investor then call Gold Path Real Estate at 612-758-0071 or submit your contact information and a member of our team will contact you within 48 hours to discuss your real estate needs.