Are you planning to sell your home? You might want to try the “for sale by owner” (FSBO) method! By forgoing a realtor, you can save thousands of dollars — no exaggeration!
The average agent takes 6% in commissions, which translates to $15,000 off a $250,000 home. It may be more work for you to sell on your own, but it’s not impossible!
Be Prepared for the Work
Selling your home without a realtor won’t be easy. You’ll need to set aside a lot of time to spend doing the work that might typically be held by them. You’re going to be the one showing your home, marketing open houses, and negotiating the price.
You’ll also have to tackle paperwork and do the necessary legwork to understand what it all means. Know what you’re getting into before you jump in! If you’re looking to sell in a hurry, you might be better off using a service like Purple Mountain Holdings, which will buy your home off quickly.
Set A Price
You’re going to be the one setting a price for your home, and you should do your research to see what the market value for your home really is. Many homeowners think their home might be worth more than it actually is, so go with the data instead of your gut!
You can see what other homes in your neighborhood have sold for on websites like Trulia. You can also use online estimators to see what your house is worth based on its square footage and location.
Start Advertising Your Home
A “For Sale” sign in the front yard won’t do all the work. Many potential buyers search online, so make sure to list your home on sites like Zillow or Redfin. Your town or state may also have a local website that is popular for home listings. You might want to avoid websites like Craigslist or Facebook Marketplace, but you can use those platforms to advertise an open house and try to drum up interest.
Make Sure Your Listing is Eye-Catching
Even if you want to do it all yourself, one aspect you may want to outsource is photography. Having professional photos for your listing will make your home look much more appealing to prospective buyers. Make sure to include interior and exterior shots, and highlight any special features or recent upgrades. For the listing itself, you should include all the basics like square footage, number of bedrooms and bathrooms, and the age of the home.
After you’ve done showings or open houses, you’ll hopefully start receiving offers. Many homebuyers will be using a realtor, so you may be entering negotiations with someone who is more comfortable in the space. Don’t let that intimidate you!
You can do your research and enter the negotiation process ready to make the best possible deal. Remember, you don’t have to take the first offer that comes along, and if an offer seems too low or unserious, you can reject it immediately. Don’t get discouraged if you can’t find the right buyer at first. Stay patient, and if worst comes to worst, you can always drop your asking price.
Close the Sale
Once you’ve received the magic offer, you can start the paperwork. You may want to use a lawyer to help you out unless you feel you’re well-versed in the law. You will need a real estate sales contract that you will enter with the buyer, and if there are any problems with the paperwork, your sale could be jeopardized.
Selling your home without an agent may seem daunting, but it can actually be a rewarding experience. You get to have total control over the process, speak knowledgeably with the prospective buyers about your home, and not have to pay those fees. FSBO might be the right way for you to sell your home.