The real estate business is extremely lucrative for realtors. Through commissions – which usually amount to 6% of the sale price of a home – realtors can make well over six figures per year.
If you’re selling your home, giving up to 6% of your home’s value to a realtor can be a tough pill to swallow. But it’s not actually a necessary pill to swallow. In fact, around 11% of homeowners sell their homes without the assistance of a realtor at all.
If you’d liked to learn how to sell your house yourself, here are four things you need to know.
1. You’re Going to Work Hard
Realtors get paid the big bucks for a reason. Putting your home on the market, advertising the listing, and ironing out the paperwork to complete a sale takes a ton of work. If you’ve got a day job, be prepared to spend most of your nights dealing with your home until it’s sold.
You’ll have to spend nights updating your listings, weekends showing the house to prospective buyers, and then manage the paperwork that comes with selling your home. It’s a headache, but if you want to save tens of thousands of dollars, the work is worth it.
2. How to Price Your Home
Pricing your home competitively without shorting yourself is the trickiest part when listing your home. Nationwide, the median price of a home is $188,900, but to price your home effectively, you should do some research about homes in your area.
Judging the sale price of homes in your area, try to place your home’s value slightly above average if you’re looking to get the most value of your home.
3. Understand the MLS and Other Listing Services
Despite the fact that you’re not using a realtor, you’ll likely still end up paying a considerable amount of money in selling your home. This is because using the MLS (Multiple Listing Service) and other listing services can get pretty expensive.
Depending on your location, a flat-fee to get on the MLS can cost up to $300 and newspaper ads, for-sale-signs, and other online ads can cost a few thousand dollars.
Of course, there are other alternatives like Craigslist and other, more specific local listing sites that can save you some money.
4. Learn How to Negotiate on Your Own
Negotiations on the sale of a home typically begin when a prospective buyer drafts an offer and gives it to the seller. Then, as a seller, you can accept the offer or revise and re-submit to the buyer. This process goes back and forth until the seller and the buyer reach an agreement.
Usually, this process happens between two representative realtors, but since you’re on your own, you’ll need to be comfortable drafting up these legally-binding documents.
Now That You Know How to Sell Your House Yourself…
You need to find a good place to list your home. The MLS and your local newspaper are good places to start. However, the downside to these listings is that your home can often get lost in the fray.
But, if you’re selling a home in South Florida, a site like ours may be able to help. We specialize in getting homes on and off the market quickly, selling them for the best price. Contact us if you’d like to learn more about our services. If you’ve been wondering how to sell your house yourself, our site can help.