When it comes to selling your home, you have multiple options that you can choose from. You could choose to sell through a real estate agent, or you could sell your home on your own. While sometimes it is a good choice to use an agent, you can save yourself even more money when you choose to sell your home on your own. There is also the risk that you will be selling your property for less than what the actual value could potentially be.
You become your own agent, instead of hiring one.
In this article, I want to share with you some the steps you will have to go through when selling your home and a few pros/cons of selling your home on your own.
If you are choosing to sell your home, you are probably trying to avoid the costs of hiring a real estate agent and keep all the money you make from selling your home. Smart idea, but not always a path most people take. This can be a struggle for people who do not actually have the time or skills that it takes to sell your property.
It takes a lot of time to sell a property and can sometimes require an expert’s knowledge of specific marketing skills. These specific skills should be required if you want to sell your house privately, meaning you may need an agent for this type of sale.
What Are the Tasks in Selling Your Home?
When you are selling your home on your own, you are completely in charge of the process. All the steps that a realtor would be doing for you, you are doing on your own. This is your responsibility to handle on your own. You get to call the shots from the decisions on selling the home, setting the price, showing the home, writing up the final paperwork, and finally handing over the property to the new owners.
It is a lot when you think about it.
This is more of a detailed list of what the agent would normally take care of in a private sell of the home.
Evaluating the Property
When you begin to evaluate the property, you want to have a solid background knowledge on how old the home is, what renovation costs have already been placed on the home. The more you know of the home, the better shape you will be in for when it comes to naming the price for the property. If you are struggling to come up with a price, it is always okay to consult with someone who has a better skill of assessing the home. You may have to pay a little bit to get their knowledge, or you are always welcome to go with your gut on the price of the home.
Begin to Market and Advertise
Advertising and marketing are the two strongest keys of being successful in selling your home. You use advertising to attract the eyes of those who are looking to buy a home. You want to make sure you have plenty pictures of the home and a professionally written out description of the home, including the exterior and interior. The more you can advertise your home and make it cozy, the more people you will attract to your open house. It is important to include things like floor plans, square foot per room, bedrooms, and bathrooms in your advertisements. Providing this to the potential customers will help you draw their interest onto the home.
This will increase your chances of selling your home quicker.
What Is Your Strategy?
Strategy is key. You want to make sure your strategy is perfectly put together. You need to decide when the best time to sell the property would be.
- How do you want to advertise?
- In a newspaper?
- Through a social media post?
- Promote with flyers up around town?
- What kind of families do you want to attract?
- Are you wanting to sell to a newlywed couple?
- A family with a few kids?
You have so many ways of advertising your home. Make sure you focus on those points, do not try to cover so many areas that you stretch yourself thin. Focus on three points and go from there. The more specific you can be, the better your advertisements will attract the specific demographic that you are looking for.
Reach Out to Those Who Are Interested
When you have people reach out in interest of viewing the property, make sure you process them. Run a background check and credit check. Make sure you do that before showing them the property. Since you are showing the house on your own, you want to be as safe as you possibly can.
It is helpful that when you show the potential buyers your home that you have a print-out of important information that they should know. It is better to be over prepared when you are showing, than not having enough information or paperwork if they ask about it.
Also remember to bring the house key. You do not want to show up and be locked out of your own home.
It can and will be embarrassing.
Negotiating the Cost
This is an area of the real estate business that as an individual seller you need to be good at. You must be able to negotiate yourself into a good deal, and you have to be firm with your amount that you are asking for. This is where you need to be able to have good people skills, because dealing with people is the whole point of your job as a realtor.
This is a list of all the positives things that can come from selling your home:
- No payment for an agent.
- Full control of the selling process.
- You can negotiate for yourself and raise the price up just enough to where you can make some extra cash off the sale.
While selling your home on your own is great, there is always a negative side to the situation like:
- The process of the sale takes longer than normal.
- You must make sure you are selling the house at an amount that takes in the cost of what you spent marketing yourself and the advertisements.
- You need to know the skills and knowledge of selling a home on your own.
- There is a risk that you end up selling the home for less than its actual value.
After showing the house be ready to receive a few offers from those who are interested. This is where your negotiation and people skills will come into play. As I mentioned earlier, do not be afraid to negotiate the offers. You know how much your home is worth and how much you need to sell it for.
When you finally come to an agreement with your buyer this is where you start the final paperwork process. Make sure that when you are completing the final documents that you have everything ready to sign and get notified. Before you arrange for the final meeting to sign all the documents, you need to get a notary to be present with you. Make sure that you are with a notary since the purchase contract for the property is notified when you sign things over.
Otherwise you run the risk of having the sale become illegal.
At the end of it all, you need to make sure you are ready to take on all the responsibilities that this will require. Sometimes it helps to ask yourself a few of these questions, just to make sure you feel comfortable.
- How much time do you truly have? Answer this question as honest as you can. Since you are choosing to sell your home on your own, this is your project. You must make sure that you are going to put in enough effort and time to sell your house and get the price for your hard work.
- What is your knowledge of the housing market? This is another important question you should ask yourself. If you have a general understanding of the market and how sales work, then you will be okay. If you do not and you are completely new, you may want to consult with a realtor about selling your property.
- How are your people skills? Seriously. When it comes to selling your home, you need to know how to talk with people and sell them on your property. This is a major key skill you need to have and develop. Having people skills will take you far in life because you will always have to work and talk with others.
- How are your marketing skills? Do you have a general understanding of photography, editing the images, advertising, and even copywriting? If you do then this will be an easy process for you to go through. If you do not, I highly suggest taking some free online courses that will teach you some of the basics for these skills.