You can save as much as 6 per cent by removing the agent. This is $18,000 for a house worth $300,000. According to the 2018 Profile of Home Sellers and Buyers of the National Association of Realtors, “for sale by owner” homes tend to sell faster, sometimes within two weeks.
Be aware that selling your home without an agent is not easy. It will take you a lot more time to do the same work that a realtor would normally handle. This includes everything from marketing your home to negotiating its final price.
It is important to understand that all financial and legal paperwork will need to be taken care of. This can prove daunting. It’s a smart idea to hire a lawyer for this. You can also use a variety of websites such as ForSaleByOwner.com or FSBO.com to guide you through the process.
Get a Realistic Price
Don’t think your home is worth less if you are selling it yourself. Colby Sambrotto is the CRO at Redefy, which is a technology-enabled residential property brokerage. He was also past president of USRealty.com. He advises sellers not to let emotions get in the way of setting a price based only on hard data.
Online pricing calculators such as Zillow’s Zestimate provide an estimate of the value of your home based on objective factors like square footage, number of bedrooms, bathrooms, and location.
You can also search for comparable properties in your area to find out what they sold for. Sites like Trulia and TaxRecords.com can provide this information. This information can be found by contacting the state’s assessor or county clerk.
The Federal Housing Finance Agency website is another option to help you decide on an asking price. You can use it to draw on home sale data from mortgages that have been backed by Fannie Mae and Freddie Mac.
An appraiser can be hired to provide an estimate. Michael Malkasian, president and CEO of FSBO.com, a company that promotes real estate, suggests this as a last resort. You’ll need to pay approximately $400 for an appraisal. The buyer’s bank will also do an appraisal.
Sambrotto from Redefy says, “In the olden days, you would put a sign in your backyard and hope for best.” There are many options today. Malkasian says that many homebuyers begin their search online. For $100 per year, you can sell your home online without the help of an agent. Redfin will automatically display the listing.
Malkasian claims that his company will list your home on Trulia or Zillow at no additional cost. ForSaleByOwner.com, Patch and StreetEasy are other sites that can list your home.
If you want to reach more people when selling your house, sign up for the Multiple Listing Service. This is a service that real estate brokers use. You can sign up for it at a cost of $400 per year through websites like EntryOnly.com and FSBO.com. Owners.com and ForSaleByOwner.com.
Also Read: How to Deal With Customers in Real Estate
Give a detailed description of your home
Include photos of the interior and exterior when you list your house. Malkasian suggests that you hire a professional photographer to enhance the photos.
You should list all details, including price, location, age, number of rooms, bedrooms, bathrooms, and their general condition. Malkasian recommends highlighting any improvements such as a new roof and water heater.
If the first open house does not result in any offers, don’t be discouraged. Reevaluate your asking price, make updates to your marketing materials, and ensure that your home is well-known.
You Might Consider Paying a Broker for Limited Services
Many people decide to sell their house without an agent. However, agents can offer limited services that will help with certain aspects of the sale.