Selling a house is more work than most people think. There is a lot of work to do, even before putting the house on sale. Most people turn to real estate agents to handle all the heavy lifting. However, no rule demands that you must use an agent to sell your house. You can decide to take on the load by yourself. Selling a house without an agent could be beneficial because you do not have to pay a commission. This means that you keep all the selling proceeds. However, it also means that you have a lot of work. Below are some things you should know when selling your house without commission.
You may still need to pay a commission
As mentioned earlier, one of the reasons why some people choose to sell houses by themselves is so that they do not have to pay commission. However, even though you will not have to pay for your agent, you may still have to pay a commission to the buyer’s agent. Naturally, when both buyer and seller are working with agents, the agents spit the commission. Therefore, if you choose not to use an agent, but the buyer has one, you may have to pay the buyer’s agent. Most of the time, the commission is built-in to the closing costs. If you do not want to do this, the only option you have is to convince the buyer to forego using a realtor or as the buyer to pay the commission instead. This will depend on the agreement you make beforehand.
You still do not get to keep all the money
The realtor’s commission is not the only expense you incur when selling a house. Therefore, even if you choose to sell without an agent, you will still have to pay for other expenses. Some of these expenses include title work, insurance, and transfer fees. You must also pay a solicitor for the process. You may still need to cover some closing costs like title insurance, escrow fees, transfer fees, and home inspection fees. Note that these are expenses that you cannot forego. Also, you may need some money for house renovations.
Renovations will help you sell faster
Selling a house can take from a few months to several years. It all depends on the house, its qualities and features, and how you handle the process. Renovating your house before putting it up for sale can significantly help the process. It will make it look more attractive and hence make it sell faster. Some renovations you can do in your house include: replacing old fixtures, landscaping, replacing old floors for new ones, and repainting. Note that these renovations could cost you a lot of money. Therefore, the wiser thing would be to consider affordable yet effective renovations. Note that renovating your house can also help increase its value. Therefore, you will get back the money you used for the renovations after selling.
It is a good idea not to invest too much in renovating the house. The recent times are so tricky that the returns are difficult to come by. While renovating the house, the focus should be on painting and decluttering the house. It is of utmost importance to maintain the house in a proper way. Investing too much doesn’t ensure more customers.
Marketing is the key
The biggest key to selling your house without an agent is aggressive marketing. The first thing you must do is research the potential market. Doing this will help you come up with market strategies suitable for the particular market. Millennials make up a significant part of the real estate market. Therefore, you need to create a marketing strategy that specifically caters to this demographic. The best marketing avenues are social media platforms. Therefore, you should market your house on social media and any other internet platform possible. It is also essential that you create ideal marketing content. A better idea would be to highlight all the house features and the smart-home technologies used, and use professional photos in the marketing content. A variety of advanced and beneficial marketing tools are available in the market. You can use them for advertising purposes.
Depend On Authentic Websites
With the advancement of technology, new ideas are introduced in all the fields. As a result, many tools that enable the homeowners to sell their homes have prospered. Several websites across the country offer the facility of “ Sale By Owner.” In those websites, the owners may directly post their ads for selling their homes without the help of an agent. These tools and websites help the homeowners advertise their homes for sale, without depending on any third-party agent. The homeowners should include the photos of the interiors and exteriors of the household. However, such tools are not as popular in India, as in the other countries. At the same time, they never provide wrong information about the customers.
Set a realistic price
Note that the price of your house will also influence how fast you sell it. It is always better to place a realistic price depending on how much you go for the house, the current real estate situation, and the house’s state. Doing this will help you get clients faster. It would also help if you indicated that the price is not fixed. Overpricing and underpricing the homes are a few common mistakes the homeowners make, unless they are guided by an agent. At the same time, they should be patient. Honest advertisements will initially yield results. People may use the internet to get a fair idea of the sales prices.
Be Familiar With The Selling Point Of The Property
While writing the advertisements for the brochures and websites, include the basic information about the house, such as the number of bedrooms it has, the location and the specific details like its age, building materials and whether it has a garden.
Comply With All The Laws
Abiding by a few laws like the Fair Housing Act are necessary for selling a house. It is mandatory for any homeowner to comply with all the laws in their locality. According to the Fair Housing Act, no homeowner may discriminate against the buyers on the basis of religion, gender and sex.
Hire An Attorney
It is a good idea for home owners to get in touch with a real estate attorney while selling a house. The attorneys are familiar with the clauses. As a result, they are able to guide the homeowners through the process of selling their homes in the absence of middlemen. Moreover, it is more economical to hire an attorney than to hire an agent. Several homeowners have admitted that it is important to appoint a real estate attorney before people start hunting for prospective customers for their houses. The real estate agents may prove to be a good source of information. Moreover, they may help the homeowners to deal with the negotiations.
Screening The Buyers
Homeowners often complain that they are swamped by a number of calls from prospective buyers, after their property is listed. It is a good idea to screen the prospective buyers on the basis of their credibility. The homeowners may check the home loan eligibility of the prospective buyers, before going into serious negotiations with them. Otherwise, there is a high chance of buyers coming in and disappearing as if they never existed.
If you are looking to get your house off the market fast, companies like WeBuyAnyHome will come in handy. This company will help you with fast house sale for a reasonable price.