There may come a time wherein you already need to put up your house for sale, either because you already need to move to a bigger one, or a career opportunity across the country awaits you. The first thing that comes to mind of home owners is to seek the help of a real estate agent because they are the experts who will be able to get you in contact with potential buyers. However, they also tend to collect immense fees from the sale. The good news is that you can actually sell your house without a realtor and a detailed guide below will show you how.
Prepare Your Home
The first thing that you need to do in selling your property is to get it ready. This means that you need to start cleaning and decluttering. In doing so, give away stuff that you no longer use to your family and friends or to charity. If you intend to make some extra cash, hold a garage sale or list your household items online. It may be hard for you but you already need to start removing any family photos or any other personal accents. The goal is for the potential buyers to be able to envision themselves in your home.
When your home is rather empty but clean, any damages that need repair will already be apparent. It will also be easier for you to replace outdated appliances and fixtures. Make sure to make the necessary repairs and upgrade or be upfront in telling potential buyers about any issues. As much as possible, repaint your interiors in neutral colors and rearrange your furniture to fill those large spaces and enhance smaller areas. You can still add cozy but impersonal accents in your home such as rugs or decorative candles. Don’t forget the curb appeal of your home too.
Leverage a Flat Fee Mls
MLS stands for multiple listing service, which is a database used by real estate brokers to connect home buyers to sellers. In selling your property, an MLS can provide you with a local and national exposure that can hasten the entire selling process. The downside is that if you decide to sell your house on your own, your property will not be included in this database.
Fortunately, there is also a flat fee MLS wherein you need to work with a realtor only to have your house listed in the service. In this case, your realtor won’t provide you with any other services. This is one of the best tactics in marketing a house for sale by owner but you have to ensure that you find the best flat fee MLS broker in your locality. Your broker will be shown as the listing agent in MLS but they will put your contact information such that the agents of the buyers can directly get in touch with you.
Keep in mind that once your property is listed in the service, it will be your responsibility to stage and show your house to potential buyers, as well as carry out additional marketing techniques as necessary. Rest assured that it will be easier for buyers to find your property if you are included in the MLS. The great part of this is that you save thousands of dollars on expensive commission fees.
Research the Real Estate Market
You may have lived in your house for a number of years and in doing so, your property may hold a dear value to you. However, your love for your house doesn’t have a significant bearing on its market value. This is why it is important for you to conduct an objective real estate market analysis to be able to set the price of your home. The data that you will use for your analysis should come from your extensive research.
Thereby, take advantage of the internet and review the recent sales of the homes in your area. Look for the prices of the homes in the market with a similar floor area as your home, or those with the same number of beds and baths. You can also use online housing calculators to check the possible value of your property under the current market conditions.
Set a Competitive Price
Once you have a good idea of how much your property costs based on the research you have conducted, the next step is for you to set a competitive price. Consider certain factors that may have an impact on the price you set such as the time you have for the sale process.
For instance, if you need to relocate immediately, then you need to set a price that is more attractive but if you are not pressed for time and you are willing to wait for the right buyer, then you can set a higher price.
Draft Your Listing
In making a draft for your home listing, you need to gather complete information about your home such as the year it was built, its floor area, or the number of bedrooms and bathrooms that you have among others. In addition to this, prepare photos of your home. Invest in the services of a professional photographer to draw more buyers in. There are even photographers who offer a virtual tour service that will aid you in marketing your home.
Conversely, you can also take photos of your home yourself but make sure to incorporate plenty of natural light and take more photos than what you intend to use. Get a shot of every room in your house in addition to the overall exterior photo that you will primarily post. Make use of photo editing software to enhance your images as necessary.
You also need to make an accurate but captivating description of your home. Think about the selling points of your property such as a spacious yard or a contemporary kitchen. It can also be that your home has a basement or an attic that makes a great storage space. You only need a couple of words to describe your property but you need to make every sentence count.
Since you are selling your property on your own, you are left with the sole responsibility of promoting it to prospective buyers. You can start with a good yard sign that will capture the attention of passersby. You can also create sales flyers or brochures that you can distribute to people you meet who express any interest in buying a home. Through these materials, they should be able to acquire information such as your property specifics and its sale price at the very least. You can also include a photo of your house. It is quite easy to come up with printed materials nowadays because of various software that you can use to do so.
8Just make sure to include your contact details in your flyers or brochures so that potential buyers can get in touch with you directly.
There is also the option for you to advertise online. Look for sale by owner (FSBO) sites or real estate sites such as Zillow and Trulia. Otherwise, you can also advertise on local classified websites. If you are more of a video blogger, then use your skills to post an advertisement through YouTube. Use video editing software if needed to polish what you have captured or to make your video more captivating.
Advertising on social media platforms also prove to be effective because your friends and family will be able to share your posts, reaching a wider range of audience. You can also make a website dedicated to advertising your home but this requires an extra effort on your part. Rest assured that there are hosting and site builder packages that you can use instantly even if you are not a web developer.
Hold an Open House
Once your house is already out in the market, you should think of holding an open house next. To have a good idea on what takes place on an open house event, visit one yourself and be observant. It is during an open house where your printed materials can come in handy.
Nevertheless, you can always print out your MLS listing because this already has comprehensive information about your property.
You can schedule an open house on weekends, particularly during good weather conditions. It usually runs for a couple of hours but you can extend it for longer. Dress appropriately and make sure that you are prepared to attend to any of the guests you may have. Answer their questions patiently and create a positive first impression of your home.
Aside from an open house, you can also start holding private showings wherein the buyer’s agent will be the one to show your home to their prospective client. As much as possible, you need to be out of the house when a private showing is conducted. Thereby, it is of utmost importance to verify the identity of the buyer’s agent when they contact you.
Negotiate with Potential Buyers
In selling your house, the first interested buyer is not the only potential buyer that you will meet. Thus, you don’t need to immediately agree to the price that they are proposing. It is much better for you to negotiate with them until you agree on an amenable term.
Assert the price that you want because you know the value of your property. You will be able to stand your ground if you did real estate market research beforehand. However, also be keen on the best time for you to haggle and don’t rush into making any decisions or promises.
In addition to this, remain humble and don’t take things personally.
Also remember that you don’t necessarily have to respond to those posing a low offer. It is more likely that the buyer’s agent will come back to you with a more reasonable offer if they are really serious in buying your property. Initial negotiations are often verbally made but as you agree on the basic points, the buyer’s agent will have to submit a written offer.
Complete the Sale
When you find the perfect buyer for your home, the last and final step for you to do is to complete the sale. However, you need to be sure to comply with all the laws in your jurisdiction. In this case, it is best to seek the help of a real estate lawyer who will be able to help you come up with the necessary contracts and documents that will ensure that you will have no trouble with the law.
Ideally, your contract should comprise all the details of the sale, which includes the price you and the buyer have agreed on, as well as all the other items included in the sale. There may also be specific details included in the contract such as a home inspection as required by the buyer or on your part, requiring to get a copy of the buyer’s mortgage approval. The closing often takes place in your lawyer’s office or a title company’s office. You and your buyer will have to agree on the location.
Be sure to maintain a contact with your buyers between the time that the contract is accepted until such time that the sale is officially completed.
It can be quite challenging to sell your house on your own but the benefits that you can get from it will surely make all your efforts worth it. Thereby, if you have already decided to sell your house, ensure to get your home ready and exert the extra effort to research on the current conditions of the real estate market. In this way, you will be able to set a competitive price for your property. Draft a listing and leverage on a flat fee MLS, but aside from this, make sure to come up with additional marketing strategies to advertise your home. Hold an open house and negotiate with potential buyers. Eventually, you will be able to complete the sale.