Selling Your Home: Be Your Own Agent and Save Money It has long been the norm for home sellers to hire a real estate agent to sell their homes. Many issues, such as legalities, price negotiations, open houses and closings, are thought of as the realtor’s job. However, a realtor typically charges 6-7 percent of the home’s final selling price. That means that if your home sells for 200,000 dollars, approximately 14,000 dollars goes to the realtor. Below, you will learn how you can be your own realtor, and save a bundle!
Deciding on a Price
Most people think their home is worth more than it is, simply because it is their home. The truth is, there are many homes on the market, and buyers want the best deal. In order to decide on a competitive selling price, you will need to do what the realtors do: comparisons. Do some research in your area, and compare prices of other homes for sale. The homes you compare should have roughly the same characteristics as yours- square footage, type of neighborhood or property, age and other factors. Come up with an average price, and set your price a little lower in order to attract more buyers.
A Polished Appearance
A well-cared-for home sells faster than a neglected one. Before you put your home up for sale, make sure your home has great curb appeal. Beautify your landscaping, repair fences, touch up paint, and do anything that will make the exterior of your home shine. The same goes for the indoors. Clean your home from top to bottom. Simple fixes make a difference, such as touching up chipped paint, replacing out-dated light fixtures and cleaning stained carpets. Your home should look better than any home of equal value.
By acting as your own realtor, you lose the advantage of the multiple listing service, or MLS, and other advertising advantages an agency provides. To make up for this, you must advertise in any way possible. Advertise in for sale by owner publications, as many are free. Take out an ad for your open house in the local newspaper and purchase professional-looking “for sale” signs.
Open House Day
Choose a couple of days to have your open house. A weekend afternoon, as well as a weekday evening are good choices. Use plenty of advertisement opportunities and signs to make your open house noticeable. The morning of your open house, wash all your windows, touch-up on housework and get rid of any cooking smells. A good idea is to bake a batch of cookies for a homey scent. Have a supply of applications handy from an office supply. That way, any interested parties can fill one out. Be sure you get earnest money from anyone who wishes to buy your home, and offer a receipt.
Once you find a buyer for your home, you can hire a real estate attorney for as little as 2,000 dollars to write up your agreement. He will advise you about earnest monies, escrow, closing and any other important legal matters.
If you have the right motivation and savvy, you can sell your home for very little compared to what a realtor charges. There is nothing to be afraid of, as long as your attorney makes sure you do everything legally. Then, you can put your savings toward your new home!