Many folks have wondered about the wisdom of selling their own home, especially if they are unfamiliar with the real estate transaction process.
While we cannot suggest whether or not this is the right strategy for you (as we are not licensed real estate agents or brokers), we provide some of the tools and information that you may find helpful if you decide to go that route.
Why Do It Yourself?
The first and probably the only significant reason is to save money. Hiring a professional real estate agent does not come cheap but it does bring certain advantages. For one thing, it gives your property placement on the Multiple Listing Service ™ where buyers frequently search. However, this service comes at an expense you may not feel comfortable spending.
How to Do It Yourself?
To be brief, the key to selling your own home is simply to find someone willing to pay what you want. This involves 3 basic steps:
- Setting a fair price
- Marketing your property
- Completing the transaction
SETTING A FAIR PRICE
Most folks have a pretty good idea what their home is worth. If you need help coming up with an estimated value there are places you can go to do some research:
- Get an independent appraisal
- Look for comparative prices online
- Ask some realtors for an estimate
MARKETING YOUR PROPERTY
This is what “selling it yourself is really what is involved.
- List your property for free here on RealtyWerx
- Tell all your friends and co-workers
- Put up a lawn sign
- Mention it on social media with a link to your listing
- Stage your property to look appealing even if it means renting a temporary storage facility
- Have some brochures designed and printed using a professional photographer
CLOSING THE DEAL
Once you find a buyer who is ready, willing and able to complete the transaction on terms you have agreed, make an appointment to meet them at a lawyers office to complete a Sales Agreement. This may include conditional terms that need to be satisfied before closing the deal such as getting an inspection and arranging financing. However, these things are done all the time and as long as you’ve been forthright about the condition and other details it rarely presents an insurmountable problem.
At the end of the day, it usually boils down to one thing: Price. Even gaps in the deal such as repairs and possession date can usually be addressed by negotiating an adjustment to the price.
Need help?
Selling your home yourself is not actually complicated. While we cannot provide paid services we can share some ideas and experiences we have endured.
Otherwise there is a plethora of information on the Interwebs that can help out if you take the extra time to learn. After all, you’ve worked for years to get to where you’re at so hanging on to as much of your investment as possible just makes a lot of sense.
How to sell your house without a real estate agent
How to sell a house without a Realtor
10 Steps to selling your home yourself
Feel free to email questions(at)realtywerx.com related to selling your own home or property.