No real estate guide book demands that you must sell a house with a real estate agent. Many people are starting to embrace the idea of selling a house without any listing services. Cutting out the middle man means more money for you; agents earn a commission of 3% to 6%. Owning a house is a big investment; you can move or sell if you need some money urgently.
Over the years it has been a tradition to hire a realtor to sell your house for you, but lately, people are coming to the realisation, that they can sell a house on their own and it works too. Here is a guide in case you are thinking about selling a house by yourself.
Social Media Is Important
Start by posting your house on different property pages online; you will be able to reach both active and passive potential buyers. Most people will search for property online if they are interested in buying. Social media platforms are visual, ensure to use good quality photos and videos if possible. Include a small descriptive text that captures the buyer’s attention. Remember each platform is different, use hashtags on Instagram and Twitter and avoid a long text, be short and precise. Facebook, however, is more open; you can play with words a little bit. A video house tour will make you stand out, record a small video and post it rather than just using pictures alone.
Get The Pricing Right
Don’t overprice or under-price your house. First, understand the housing market and know how much people are spending buying similar houses. Doing research will help you price your house competitively. You might think your house is worth more than it is, the last thing you should do is set the price and scare potential buyers. You can go online and find houses in your area and how they are priced. Consult specialists as well. If you need the money urgently, you can set the price slightly lower than the market price to sell quickly. Make sure you are realistic when pricing the house. Getting the price right allows you to bag your full profit.
Get Your House Ready For Showing
Before you do an open house, make all the necessary adjustments, repaint walls if needed, and fix broken things. Your house should be at its best when you decide to show it off. Depersonalise the place and remove all personal things like pictures, paintings, clothes, and other personal stuff. You can leave some furniture, so it doesn’t look like an empty hall.
The potential buyers must be able to envision their lives in that house. Know the strengths in your house and focus on them. When showing the house, dwell on the selling points, if it’s the master bedroom, patio, or backyard; don’t let the buyers go without seeing them. Provide some refreshments on the house tour day.
Marketing Your House
Aside from using social media, get “for sale” signs and place them in front of the house. You can also hand out brochures. You can hire a marketing professional at your own cost. People might drive through neighbourhoods they wish to live in, the signs will be beneficial to let people around the neighbourhood, know that your house is for sale, you never can tell if it’s your next-door neighbour who will buy the house. Hire a professional photographer, have a quality photo of each room. Give detailed information about the house, the more information you give, the better. You can also ask family and friends to help spread the word and create a buzz with the local market first before you reach out to the broader house market.
Negotiate With Buyers Yourself
When you decide to sell your home on your own, you commit to being an agent. Be ready to go to the field at any time, negotiate with potential buyers yourself. Agents normally come to the owner with a potential buyer; they filter all the unserious buyers. But if you are on your own, learn how to tell the serious potential buyers and negotiate the price with them. Be flexible with the price, but do not compromise too much to the extent that you might go at a loss. Be patient; don’t lose hope the first few times you get turned down. Eventually, the right buyer will come.
First negotiations will be verbal, but if you agree on the price, the buyer will have to present a written offer. The contract should include all the sale details; make sure you get a copy of the potential buyer’s mortgage approval.
Close the Deal
Closing is normally a legal affair that you should be prepared for; you may consider getting a lawyer involved. Even though most of the process is handled by a closing agent, you may be required to provide various documents along the way, so being present will minimise delays. Maintain contact with the buyer from when you agreed on the price until closing.
The mortgage approval is very important, make sure you understand the conditions that come with it, if a buyer cannot meet even one of the conditions, the loan can be denied, and you might end up in a bad position. The paperwork can be stressful, but it is of the essence in the selling process. You can consider cash offers if you want to close the deal faster, some individual investors or companies will offer cash up front.
You can easily sell house without agent and at a profit if you use a good platform like WeBuyAnyHome. If you manage to sell a house on your own, it might end up being the biggest transaction you have made so far; you will save tens or hundreds of thousands on hiring a realtor. Managing your expectations is crucial; you will get disappointed and not sell the house if you expect way too much. Invest time doing all the things an agent does, consult where you need to, especially on the legal and financial paperwork. Put your house for sale at the right time; the housing market should be thriving, preferably during springtime to facilitate house visits.