If You Plan to Sell a House Without a Realtor, Consider These 6 Tips
If you need to sell your house, you might want to skip hiring a realtor and save money. Here are tips for selling a house without a realtor.
Selling a house can be scary. Selling a house without a realtor can be even more intimidating. When it comes time to move and you're ready to sell and have decided to forego using a realtor, there may be a few questions about the process. Where do you begin? How do you know you're getting the best deal?
Are you taking the necessary steps for selling a house without a realtor? The housing market is daunting to enter, but there are ways to ensure that you're on your way to success. When in doubt, here are six tips for selling a house without a realtor.
1. Consider selling your house to a cash buyer
In a pinch, seeking out a cash buyer who's eager to take your home off your hands is an easy solution. This eliminates the hassle of hiring and paying a realtor for their service when rushing to sell. No need for lender financing is particularly necessary, but there's the pitfall of higher transactions and lower net profits at play. Cash buying also erases ongoing open houses and routine showings, and on occasion, can avoid home inspection delays.
If you're satisfied with a cash offer and understand that you may not always land the asking price, selling to a cash buyer is one option when determining the means of selling a house without a realtor.
2. Advertise your home
Going to the root of wanting to sell your house, the means of putting it in the public eye is key. Using social media and other vehicles of sharing your by-owner listing is an essential step to potentially flagging down buyers who want to consider buying your house. Redfin and FSBO.com are two major resources that homeowners can use. Multiple listing services are accessible for homeowners who want to share their listing without needing to go through a second or third party.
This also raises the visibility of your listing, compared to hoping for passers-by to take interest in your home through a "for sale" sign staked into your front yard. Word-of-mouth marketing, online postings, and even more traditional routes such as newspaper ads posted or fliers posted in public places have the opportunity to drive some interest around your home. By advertising through your own means, you're increasing your chances of successfully selling a home without a realtor.
3. Write a detailed description of your home
When selling a house without a realtor, it's wise to share great detail of what your home layout includes. Buyers are keen to look for more information about location, the age of the home, the number of rooms overall, the number of bedrooms, the number of bathrooms, backyard space, and more. Any necessary improvements that potential buyers need to be aware of should be included in house overviews, such as needed repairs or defunct features.
Include photos of the exterior and interior when listing your house for sale. Considering hiring a professional photographer to take high-quality photos of your house. By posting pictures, you're able to present exactly what buyers will get and give them an idea of what they can expect if they decide to explore the deal any further.
4. Get educated on the selling process
Researching how real estate transactions work and the legal process of ensuring that you're selling your home in line with what the laws allow is a great way to get prepared and sell your house without a realtor. Understanding realtor vocabulary when moving forward with potential sales by owner, knowing how to work with appraisal attorneys, and other aspects of the process can be learned about through a quick Google search.
By staying in the know, you'll be able to navigate your future sale with ease. Staying informed about how to sell a house without a realtor can lessen the stress around finalizing any pending sale and prepare you for your next move if you decide to sell again.
5. Prepare a price
Another tip for selling a house is to set a price point and have a reasonable amount in mind. Take your neighborhood into consideration when determining the competitive and appropriate price you want to list your house at. Refer back to similar houses in your area that your home is most comparable with, and use that as a metric to gauge how much you're willing to sell for. Location is also another attraction for potential buyers. Take these into consideration for when it's time to set a price.
Are you close to any major cities or downtown areas? Does your home have access to publication within a short commute time or is there local entertainment that may appeal to interested parties ready to move in? The age and condition of your house also contribute to how much money you're willing to accept in exchange for your home. Selling a home without a realtor who may have even more insight on reasonable asking prices calls for introspection on sentimental vs. monetary value.
Buyers are likely to enter the sale process ready to negotiate your selected price. The bidding war for homes has been ignited and has made the market even more competitive. With competitive buying comes the challenge of securing a price between all agreeing parties, meaning that negotiations are inevitable. You may have one singular price in mind when preparing to reach a deal with buyers but in reality, becoming more flexible about how much the house is sold for will help you secure a sale faster.
6. Talk to someone who has experience selling a home without a realtor
Taking the steps towards selling a house without a realtor is less pressing when you're able to follow the examples of others who have sold by the owner. If you're able to reach out to anyone you may know, or others that you may be connected to who have experienced the "for sale by owner" process, you're taking a step in the right direction. Talk to them about their experience when selling a home without a realtor. Ask them what was successful for them and what didn't exactly work.
From there, you look to them for any guidance or input that they may have. It never hurts to ask for advice, especially when it comes down to tackling a feat like selling a home. Knowing the steps they took, the time frame that they faced, and any potential setbacks that they may have encountered. With hindsight being 20/20, knowing what to expect can help prepare others for moving forward with sales of their own.