How to Sell Your Own Home Without an Agent? (+Steps, Pros, Cons): Selling your home without an agent can save you roughly 7% of the price of your home. On a $200,000 home, that is equal to $14,000. That’s a nice chunk of change many people are unwilling to give up. This article covers how you can sell your home without an agent and what the pros and cons of doing so are.
We’ll start with the steps associated with selling your own home without a real estate agent or broker or realtor.
Steps to follow Sell Your Own Home Without an Agent
Step 1. Get Your Home Ready
Buyers need to be able to imagine themselves living inside your home. This means removing your personality from the home. Store personal belongings such as family photographs elsewhere. Also, keep ready your 2D floor plans as well as 3D floor plans.
Step 2. Research and Set the Price
Look for nearby home sales that are similar to your home. Then set a listing price that reflects your monetary objectives and the time horizon you want to sell within. Remember, lower prices sell faster than higher prices.
Step 3. Create your Listing
Take photos of your home, collect data about the home such as lot size and square footage. Write a description that entices readers but also provides factual information.
Step 4. List Your Home and Advertise
List your home on the MLS and put a for sales sign in the yard. MLS is a great way to gain professional exposure for your home.
Check out this article: How Floor Plans are helpful in Marketing and Advertising
Step 5. Hold an Open House
This requires more marketing materials. Hold it on the weekend during the late morning or early afternoon. You will get the best reception during these times. Dress professionally and give your home a great first impression on potential buyers.
Step 6. Field Offers and Negotiate
Learn negotiation tactics and be sure to not waste the time of offers. Only field serious offers that interest you.
Step 7. Retain a Title Company and Complete Paperwork
To close the sale you’ll need professional help. Use an escrow agent that is a part of a title company. They will be the main point of contact for closing costs and the paperwork associated with it.
Pros when You Sell Your Own Home Without an Agent
Selling your home without an agent means you don’t have to pay commission. Using our example from above, you could save $14,000 on a $200,000 home. Unfortunately, you’ll still have to pay the buyer’s commission if they use an agent but this is usually 2%-3% of the selling price.
You’re also in total control of the process. Selling your home is entirely up to you and you can represent it however you’d like. You can hold out and wait for the best price. Real estate agents often pressure buyers to accept a lower price because it means they’ll get their commission and the ability to move onto the next home.
Also included is that nobody knows your home better than you. When selling your home to potential buyers you can speak honestly about the home and represent it in an appropriate light. Do you really want a real estate agent that knows nothing about your home to come in, sell it, and take a percentage of the profits?
Cons when You Sell Your Own Home Without an Agent
There are many cons associated with selling your own home but a lot of them are dependent on your personal skillset.
First, you need to be an experienced negotiator or at least feel comfortable seriously negotiating. Thousands of dollars are at stake and you need to be able to handle yourself.
Second, there is a lot of time associated with the process. You have to handle taking the pictures, marketing the home, holding open houses, and negotiating offers.
Even after all that you still have to directly work with an escrow agent to close the deal. Lastly, you may face a stigma when communicating with a buyer’s agent. They may try to push you around since you aren’t a professional.
Selling your own home can be rewarding but is also very time-consuming. Real Estate Agent hiring is always suggested when you do not want to involve so much or you do not want to do the above-suggested steps.
How To For Sale By Owner – 10 Steps To FSBO Success – By Doug and Jill Taylor
How I Sold My Own House: For Sale By Owner Tips & Technique – By Kai Andrew
For Sale by Owner 5 Costly Mistakes to Avoid! – By Andrew Finney Team