If you are a homeowner who is thinking of selling your property by yourself, then you should know that selling a house without an agent isn’t for everyone.
In the past four years, about 28% of buyers and sellers have gone into the real estate market with no help from agents. About half the owners selling their own homes succeeded, but the remaining ended up searching for full-service agents.
So if you want to sell your house on your own, here are four things to think about before you begin.
1. Be Prepared to Work Hard
Nowadays, a lot of homes get stacked up in the market, so you have to work hard to devise marketing plans to attract prospective buyers. You have to prepare for a listing, conduct a marketing study, take real estate photos and get your house ready for viewings. At each step of the way, you will have to dedicate ample time and effort. So if you cannot commit to it, it might not be the best idea to sell your home by yourself.
2. Learn How to Price Right
One of the hardest parts of selling a house on your own is determining the price. Pricing needs to reflect a lot of variables, including property condition and location.
To get the price right, you should look at your competition. Take some time researching the prices of similar homes in your neighborhood and use these prices as a guide to make your own. If you are still uncertain about the asking price, a certified appraisal generally costs a few hundred dollars, but it can help smooth price negotiations.
3. Expect that You’ll Encounter Agents
Once you begin the selling process without an agent, that doesn’t mean that you will never encounter one. A lot of agents will want to pitch you to sign up for their services when they find out that no one is representing you.
As a do-it-yourselfer, you should expect to be contacted by agents – sometime a lot of them – ready with sales pitches on why they can do a better job. You might even encounter some who will pose as buyers just to see your house.
When agents do come knocking, it can be an opportunity for you. Handy for advice, they can even give free market values of the comparable houses recently sold and listed in your neighborhood.
4. Realize that it’s Not Going to be Cheap
Selling a house on your own does help you save up money, but it still will entail some spending. You can spend around $300 to get on Multiple Listing Service, $500 for newspaper ads, $300 for flyers or brochures, and a couple more hundred prepping your home for an open house. You might even spend a little under $1,000 to have your property advertised on several websites and online publications.
All this spending might leave you thinking you should just forgo marketing, but not paying to get the word out could lead to losses in time and money when your house stays on the market longer than you anticipated.
The good news is that there are dozens of for-owner sites with free advice, including ones set up by real estate companies who are eager to develop this growing trend. These online businesses sell a variety of services in different packages – including yard signs, generic contracts, MLS listings and virtual tours – at different prices.
If you want to sell your house fast without having to spend for advertising, check out Blue Hen Homebuyers. We offer real estate solutions for homeowners in Jacksonville, NC. Contact us at 910-802-2222 for a cash offer!