Although only around 10% of homes sold are done so without a Realtor(R), it is definitely possible. With lots of hard work and thorough research you might be able to save yourself a pretty penny. Without considering the financial aspect of selling your own home there are other reasons why people do it; you know your home and its history. You can convey that more clearly to your potential buyers. You will also have complete control of the marketing strategies and negotiations of deals. When you sell your own home it eliminates the fear of a broker telling you how to handle your sale.
A downfall to selling your own home is you won’t have the exposure professional real estate agents have, such as using the Multiple Listing Service (MLS) database. Also, buyers sometimes feel more comfortable dealing with an agent rather than the home owner. It can seem more like a business negotiation rather than something so personal.
Selling your own home takes time, effort, and sometimes stress. You will need to do the advertising, home tours, negotiations, and closing. If you’re still interested in selling on your own, we have some suggestions for you!
- Always comply with fair housing laws. Check them out here.
- Focus in on advertising- this is key. Use the internet and local newspapers. Make sure to include useful details such as number of bedrooms, bathrooms, etc.
- Have a nice “For Sale” sign on your front lawn. If you’re not going to work with a professional, learn to be the professional. We suggest listing your phone number and including an informational handout potential buyers can easily grab. Even consider listing the asking price, it will help bring in only serious offers.
- Spread the word- talk to everyone you know. Tell your coworkers, your neighbors, your church members, whoever, that you’re selling your house. Who knows, they might know someone who’s just right! Selling to someone who you have some form of a connection with might ease the process.
- Be open to buyers agents. You can have an attorney draw up a document stating you do not have an agreement with an agent but are willing to pay him a fee is the house is sold to a referred buyer.
- Proper pricing of your home is essential. We cannot stress that enough. If you go too high, your sale could flop and be on the market for way too long. If you go too low or your price continues to fall, buyers might think you’re uncertain about how much your home is worth.
If selling your own home is something you really want to do- give it a try!