Selling a home without a realtor is a good option if you’re trying to save money on real estate commissions. The average real estate commission is five to six percent of the seller’s purchase price and split between the two agents. So if you sell for $250,000, you might need to spend up to $15,000 to pay your listing and buyer’s agent.
Deciding to sell your home without a listing agent and listing it as “for sale by owner” (also called FSBO) might help you keep an extra 2.5% to 3% to yourself. Before venturing to sell on your own, read the following tips on selling your house without a realtor and the possible risks of going on this route.
Selling My Houses Without A Realtor
Selling your home without a realtor is not entirely different from selling your home with one, except you don’t have a full-service professional guiding you from beginning to end. If you’re wondering how to sell your house without a realtor, here are the necessary steps you’ll need to take:
Conduct Research And Fix A Price
Review similar homes in your area that have sold recently to know what buyers will pay. Research also how the inventory is coming and going—are homes selling like hotcakes or rotting in the market? If houses are moving at a slower pace, you may want to price your home at a lower rate point to speed up the process and grab the buyers’ attention.
If you’re incapable of choosing a price, consider employing the use of free realtor consultations. Agents are always looking for new clients, and you can interview realtors to pick their brains about your property and what they would charge for it. If you’ve dealt with property in the suburbs before, you may have learned how to prepare and price the home for the market during a realtor’s sales pitch.
Get The House Ready For Showtime
Be ready to show off your home at its best. Take out all personalized items from the home so buyers can envision themselves and families in the house. Repaint all dingy-looking walls. Thoroughly clean the house yourself or hire help to do it.
surface-level issues that might stick out. Consider power-washing siding and freshen up the exterior to make it more inviting.
Book A Photographer
Hire a photographer to take vibrant professional photos of your property. Captivating photos can attract buyers—a National Association of Realtors survey suggests. Professional photography could make the difference between somebody clicking your listing or scrolling forward to view a different home.
Put Up A “For Sale” Sign
Invest in eye-catching signage to inform the neighborhood that you’re looking to sell. Plus, signs make it easier for potential buyers to find you when they come for a tour.
Advertise Your Listing
Independent sellers don’t have MLS access to post a home for sale, but there are still ways to get your property listed on the database. Several brokerage firms offer an MLS-only listing package for an hourly or fixed fee.
Enlist The Necessary Help
Selling without a realtor or agent doesn’t equate to you managing the entire process alone from scratch. You may hire a firm to give tours, accept offers, negotiate the deal, or prepare your agreement for a fixed-rate. A limited package could cost a fraction of the amount you would pay for an agent’s full real estate commission.
Answer Queries & Negotiate The Deal
Prospects may come in with a low offer, or they may demand repairs. It depends on you to decide what you will and won’t do to seal the deal. You are allowed to get creative during negotiations. When one seller was asked for pool repairs, he and his spouse decided to offer a credit against the list price to avoid making repairs before the sale.
Take Care Of The Paperwork & Closing
The paperwork component of the sale can be scary without a realtor. The rules for real estate transactions vary in each state. Make sure you know the laws that apply to your transaction. You could even use a transaction agent or a real estate attorney to file paperwork.