What if you want to sell your own house to save money?

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Selling a home without an agent isn’t for everyone – it takes more than a for-sale sign in you yard.

Not all For-Sale-By-Owners (“FSBO”s) are successful selling their own house. A huge percentage give up after a few weeks of trying.

There is a good deal of confusion based on method of reporting, but many feel that 30(ish)% of all home sales occur with FSBOs at this point, with 5-10% either turning to a traditional agent or deciding not to sell.

1 Be prepared to work hard

They need to realize they are doing the listing agent’s job. They are making the appointments, doing the follow-up, and the negotiating.

Nowadays, sellers must devise marketing plans if they don’t have the help of Multiple Listing Service. Some put out dozens of for-sale signs. Others go to stores regularly and ask about leaving brochures.

Some savvy sellers construct their own website.

2 Realize it’s not going to be as cheap as you think

One seller, who hasn’t seen a penny from his house yet, but has already spent over $2,000.
He paid $300 to get on MLS, $1,500 for news-paper ads and $250 for corrugated, plastic for-sale signs. They do get stolen, vandalized and confiscated. But this was all up-front spending.

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Be prepared to understand this going in, and not expect that you’re just going to prepare some little fliers and get it sold.”

It may also help to hire a real estate attorney before putting the house on the market. Some attorneys will help explain real estate jargon and prepare the seller for what may be needed.

Price it right

Pricing needs to reflect many variables, including school district, and negatives such as an old roof, sellers and agents say.

Experts suggest going to competitors’ open houses, looking at ads and talking to agents. Several real estate sites, including zillow.com, give free or inexpensive but very general appraisals, or CMAs (Competitive Market Analyses) which take into account facts like recent sales in the neighborhood and the number of different rooms.

Real estate a certified appraisal, which generally costs several hundred dollars, can help smooth price negotiations. Unlike most free and online valuations, a certified appraiser will inspect for damage and “other factors” such as tiny closets or design problems.

Have a commission for buyer’s agents

Do-it-yourselfers should expect agents to contact them , ready with sales pitches on why they can do the job better. There are stories of agents who won’t identify themselves right away or pose as buyers just to see a house.

But when agents call, they can also give you free market values of the home and “comparables,” or prices of comparable houses recently sold and listed in the neighborhood.

Asking agents for advice is a good way to find out ones who you like. You may get tired of trying to sell on your own house.

If you put your house in the MLS, you will find that when it came to getting on the Multiple Listing Service, a buyer’s commission possibility is a part of the package. You will have to sign an agreement on the commission that you’ll pay the buyer’s agent, if there was one. You usually get to determine the percentage.

Many sites suggest 2 percent. Too low commissions won’t be worth agents’ time.

There are many for-owner sites with free advice, including ones set up by older, traditional real estate companies eager to get a piece of this growing trend. These online businesses sell a variety of services in different packages. Some include yard signs, generic contracts, MLS listings and virtual tours, for very different prices. You can look closer at out system HERE.

Always look at what you receive in each price-level package, and also compare different companies to each other. Our packages are viewable for example HERE.

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Photo by Tierra Mallorca on Unsplash

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