Did you know that in fact you do not really need a real estate agent to sell your home…?
Well, this is according to a study done by the National Bureau of Economic Research (NBER). The moment a home gets into the property market without an agent, it is referred to as ‘’for sale by owner’’, also known as FSBO. These kinds of listings are common today, thanks to an easy access to MLS – Multiple Listing Service designed for non-agents.
Do not, however, underestimate the risks that come with going it alone without an agent. A report released by the consumer-facing listing platform Zillow in 2017 shows that out of the 36 percent of property sellers who chose to sell without an agent, only 11 percent completed the sale. This is a clear indication that about two-thirds of the homeowners who choose to sell without the intervention of a real estate agent fail. If you believe you have all it takes to close an FSBO deal, then, good for you. Here’s what you need to do to come out successful and close the deal with a good profit.
Get your House in Order
Before listing your home, prepare it for sale. Begin with a decluttering campaign, with the main aim being to help any potential buyer envision themselves owning it.
You want to get rid of all your personality items, such as photo albums. Take advantage of craigslist, eBay and Amazon to offload some of them. The next step would be to clean your entire home thoroughly. If you are hesitant about hiring a professional home cleaning agency, think again.
Any good buyer will tell the difference between an amateur and professionally cleaned space. Also, embrace projects that will help you to sell your home without an estate agent, such as repainting the interior in neutral colors, replacing outdated fixtures, adding impersonal accents, such as rugs and rearranging furniture to accentuate smaller spaces. Take note of the exterior too. If it needs some serious redo, such as new paint job, upgrading your landscaping, conducting residential roofing repairs or getting a roofing replacement, address the issues. Look for options when it comes to selecting a commercial roofing contractor to work with, as watching the bottom line is as important as selling the property. The end result goes towards your budget for your next home after all.
Set a Realistic Price
Do not make the mistake of overselling or underselling your property. Avoid emotional pricing; rather, set your price based on hard data. Take advantage of Zillow’s Zestimate to get an estimate of your home’s worth. The estimate should be based on the number of bedrooms you have, the location and square footage, among other basic factors. Do some research and find out how much other homes around your area sold fo
Describe your Home in Detail
Be sure to include the photos of your home, including the exterior and the interior when listing. It is important that you have the photos taken professionally to make them look appealing. In your detailing, list down the number of rooms you have, the location, age of your home, bathrooms, and any other thing you deem basic.
Advertise your Home
Advertise your home the same way an agent would. This will mean posting it online and distributing brochures around your neighborhood. It is no longer just about sticking a sign in your yard and hoping to find a potential buyer. Note that the largest percentage of home buyers today start their search online. List your house in the FSBO.com website.
Negotiate with the Buyer
The moment you set your house up for FSBO, you become your own agent. It means going it alone in negotiating offers. Always remember; you do not have to respond to unreasonably low offers. You have every right to reject unrealistic offers, given that if the buyer is serious about purchasing, they will come back with a better one. Note also, a buyer may give a low offer asking for particular repairs to be done. As the seller, you have the obligation to decide what to do before closing the deal. If you are not sure about the contract, it is advisable to consult an attorney and have them review it.
Once you choose to sell your home without the help of an agent, it will mean being thorough on your pricing, marketing, as well as, negotiations. You need to be ready to be available on weekdays and weekends for potential buyers. With these ideas, you should be in a position to manage the logistics of selling your property