Thinking about selling your home? Selling a house on your own without a Realtor is an option you may want to explore if you want to avoid a traditional home sale transaction. While it’s true that a Realtor may get more money for your home if listing via MLS (Multiple Listing Service), the downside is the fact that the seller is faced with significantly higher commissions and other fees associated with listing the property.
Below we’ve outlined some things you should know if you plan on selling your house without an agent:
Be aware of Marketing Expenses
There are various advertising expenses that are involved in a traditional home sale. This involves costs associated with home staging, online listings, signage, Facebook advertising, and more. If you plan on selling your property on your own, your goal will be to get the most amount of exposure to drive phone calls and inquiries. Without the right marketing in place, your home may sit on the market longer than it would with a traditional Realtor.
If your property has legal problems such as a defective title, liens against the property, or code violations, you may need to have an attorney evaluate these issues prior to listing your home for sale. Additionally, if you are facing a foreclosure and an upcoming tax auction, you’ll want to discuss what your options are as quickly as possible so you can stop foreclosure and protect your credit history and stress. It’s critical that any legal issues are taken care of with your trusted attorney prior to listing the property on your own.
Be ready to answer questions
Buyers often times will have questions they’ll want to ask about the condition of your home. You will need to be ready with answers and have the knowledge to prepare the most commonly asked questions such as the age of the roof, condition of the heating system, liens against the property, taxes, and more. Do your research to make sure you gather as much information as possible about your property to have the majority of the answers on hand.
You will need to host an open house on your own so you will want to prepare some signage and handouts you will be giving out to people while being available on the weekends or weekdays to accommodate showings. The goal is to have your property looking your very best without clutter so that it attracts your target buyer demographic.
If your home needs repairs, this may turn off potential buyers who are shopping for a house. You will want to consider fixing any major “red flag” repairs prior to listing your home to maximize your ROI on a sale. If not, buyers may ask for a seller’s credit at closing so they can handle the repairs on their own. Major repairs such as roof damage, heating problems may negatively influence your position when it comes to closing the deal fast.
Finally, be aware of your timeline. If you are looking to sell your property as fast as possible, you may want to consider getting in touch with a professional company that buys houses fast to see if it’s an option that may be worth exploring. There may be times where it may make sense to sell the property in as is condition vs. taking on the various expenses associated with fixing up a home prior to listing it on the market.