How to sell your home on your own and save on commissions.
Is the Juice worth the Squeeze when trying to sell a home on your own?
How to sell your home on your own and avoid paying commission.
What?! Nick McLean is going to tell me how to sell a home without going through an agent?!
The first thing I would do if I was going to sell my home on my own is I would make sure to fix my home up so that it positions itself on the marketplace to get the most money.
Mistakes in this area could cost you money and time because if you put money in the wrong place, you’re not going to get it back.
Do I paint the walls, or do I change the carpet?
Should I declutter, and do I update the kitchen/bathroom?
I need to consider all these things because it could cost a home seller tens of thousands of dollars.
Number two, I would make sure to price it correctly.
I would do the research on the assessor records and look at all of the past sales. Then analyze all the current pending sales. Next, you need to look at all the active sales. I would avoid basing my pricing on a Zestimate or a computer algorithm that could be off by thousands of dollars.
If you don’t want to leave money on the table you’re going to need to do a deep dive, to a scientific level to find exactly what it’s worth, because if you price it too low, you’re going to give it away. If you price it too high, it’s just going to sit and no one’s going to want it. Pricing is really important.
Number three is learning and understanding all of the paperwork associated with a home sale.
A buyer is going to want to make an offer and you are going to need to know how to read that offer and how to interpret all the contingencies. You are also going to need to know all the disclosures to make to the buyer so that you don’t have any liability after the sale. You don’t want to get into a legal nightmare 6 months after you sold your home.
Number 4 is to make sure to have a website for the home and it is posted on all the major websites, Realtor.com, Zillow, Trulia.
Online real estate is all about media, so you are going to want to spend money on premium professional photography, video, 3D tours.
Many people selling on their own only attract buyers in the local marketplace. But 70% of the people buying homes in our area are coming from out of the area. You must find a way to get your home in front of the out-of-town buyers or you will miss out on a very large portion of the active buyers.
Most people that sell on their own, are actually selling their homes for $50,000+ less than if they would have used an agent. According to the National Association of Realtors, the median For Sale By Owner sold their home for $260,000 while agent-assisted homes sold for $318,000!
It is possible to sell your home without an agent but before you try to sell your home by yourself, make sure you run the numbers and figure out a solid plan. You don’t want to spend endless hours and also leave tens of thousands of dollars on the table just to save a few thousand on commission.
If you have any questions about selling your home give us a call at 509-255-8070 or go to NickMcLeanRealEstate.com