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Want to sell your home and save the realtor’s commission for yourself? Here’s how to do it without having to hire one. Read on!
The National Association of Realtors, an organization representing all real estate agents, reports that 90% of all home buyers use the services of a Realtor to sell their home. But what if you didn’t have to pay someone to sell your house? As the real estate market continues to show signs of improvement, homeowners are staying put or moving to a city with a cheaper cost of living.
Selling your house without a realtor can be a daunting task since many think that you are doing it alone without a realtor. But due to the increasing popularity of selling your own house, there are now resources available to help you do so. When you sell your own house, you are in charge of marketing your house to potential buyers and negotiating your own sale price.
The first step to selling your house without a realtor is to price your home correctly. You don’t want to price your home too low or too high, and it is important to consider all the costs when determining your price.
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What Does a Real Estate Agent Do?
Agents in the field of real estate do four things to earn a commission. They list your house in the local Multiple Listing Service (MLS), advertise your house, arrange for showings of the property, and act as an intermediary when negotiations occur. Agents typically do not get paid until they close a deal, so it is natural to complete a sale to earn their commission.
Prepare Your House
You shouldn’t just let total strangers walk through your house without knowing who they are and why they’re there. Some ideas to get your house ready for the market are using professional pictures, clear closets to allow more space for prospective buyers, and marketing the place with positive keywords.
To have the best chance at selling a house, getting everything ready before listing it for sale is recommended. Before listing the home, take some time to clear away pictures and personal memorabilia, which may distract prospective buyers from the home’s features. Deep clean all house rooms, scrubbing sinks and refinishing wooden floors, and tear off pieces of wall-to-wall carpeting.
Price Your Home
It is better to price your home at a competitive price to sell it. To make the process for your realtor and whoever else interested in the property easier, use the internet and other tools to get an idea of what comparably priced homes go for in your neighborhood, then price yours accordingly. Ensure that you are not pricing yourself out of a sale by overpricing your home above what properties of similar types/size/condition go for.
Get a Flat Fee Listing from the Multiple Listing Service
Try to find an agent that charges a flat fee of $200 or less to list your home on the Multiple Listing Service.
Market Your Property
To best market your property, besides just listing it on the MLS, you could advertise using signs, brochures, and through online marketing. Advertising your home’s sales will cost money, but they will be a fraction of what an agent would charge.
When using advertisements, provide basic information such as the size of the house (number of bedrooms, bathrooms), where the house is located (location), the price, and if it has any specialties like a garden or open space.
Pick the Right Time
According to American Home Buyer, the best time to sell a house is typically spring and summer. Yet, when it’s one of those times buyers are more picky about their options given the accessibility of so many other homes on the market.
Hold an Open House
You don’t need an agent to advertise the sale of your home. You can do it yourself. Advertise your open house like any real estate agent would by posting it online and placing signs in your neighborhood.
Negotiate with the Buyer Yourself
Since you found a buyer, now what? A buyer will submit a contract to the seller. The seller can accept the offer or revise the contract with their preferences and resubmit it to the buyer. Until both parties agree and sign a contract, the process continues. Most states have a standard agreement for real estate purchases.
Comply with All Laws in Your Area
Some laws apply to the sale of homes no matter where you live, such as the Fair Housing Act. The Fair Housing Act stipulates that sellers cannot discriminate against buyers for reasons including race, religion, and sex. These laws are way more specific than online contracts, and it would be a good idea to have an attorney look over this type of document based on your unique situation.