Last Updated on July 13, 2022 by azamqasim
If you want to save a huge realtor commission, then considering the sale by owner or FSBO approach for selling your house is the best option. This is the best method to avoid the real estate commission. Usually, the traditional real estate agent charges around 5 to 6 % commission for helping close the property sale deal. Using FSBO will not only make the financial proposition better but also provide you an opportunity to close your house sale your way. In the absence of the real estate agent, you will be the one who will exercise full control of the sailing process.
However, it is also vital for you to know that the selling process is quite challenging. It may sound easy at first, but it will need you to spend a lot of time and effort to sell the house on your own. You need to prepare yourself and start the journey. Take up the role of the realtor and get ready to do everything by yourself.
As per Zillow, only 11% of sellers were able to sell their homes without a real estate agent in the last year. 10% of people started to sell on their own but then took the help of the agent. However, if you take the help of the real estate agent’s website or hire low commission realtors, you can sell on your own easily. As per the same report by Zillow, more than 36% of millennial sellers were found successful in selling their homes without a real estate agent.
Selling your home on your own: Pros and Cons
Selling the house on your own has several benefits as well as drawbacks. Let us know the benefits first:
- You are responsible for listing your home without needing a real estate agent. This will not need you to pay the listing agent commission. You will be able to save a lot of money. The overall home selling deal will be extremely profitable.
- Since you are managing the selling on your own, you have complete control over the things and you don’t have to pay heed to the realtor. You can set your own listing price, decide the process, present listing details, develop house marketing strategies, and more.
- Since you will be the one who will do the home scheduling and open houses, you can keep the timings and dates as per your convenience.
Selling your home on your own may have some drawbacks too such as:
- The sellers who hire a full-time agent or go for the low commission realtors get a better price of the home compared to the one who is selling the home without hiring a real estate agent. Though the realtor charges a commission, even then, it is a more profitable proposition for them. This is because the agent knows the tactics to push up the sale price and get you a better sale price. The realtors are skilled, have selling expertise, use the best marketing strategies, and have great negotiation skills and experience compared to the homeowner.
- Selling a house without an agent is tedious and time-consuming. You need to find the potential buyers yourself. You may end up struggling to manage the home listing and marketing efforts. You will have to create ads on the social media account, print flyers, put yard signs, etc.
- You will have to answer loads of inquiries, schedule showings, conduct open houses, and more, on your own which is stressful and time-consuming.
- In the absence of pricing assistance from the low commission realtors, you may commit the mistake of setting the price of your home too high or too low.
- You will not be able to get your listing on the MLS, which is the biggest real estate property data. So, to know how to list on MLS by owner, you must know that only an authorized realtor can make your listing live on MLS.
- You will still have to pay the buyer’s agent’s commission.
How to begin selling your home?
If you also want to successfully and efficiently sell your home, then here are the top tips for you.
Set a reasonable price
Start by evaluating how much your home is worth. Do not overprice your home as it will keep your home more time on the market. Keeping a just and accurate listing price is the best thing to do. If you price your home correctly, you will see that your home will sell faster. To sell faster and for the correct price, put your property on sale at the peak selling time. You must know that May sells homes faster than other months.
Click professional pictures
The buyers are interested in homes that look great in pictures. So, hire a professional photographer who can take high-resolution pictures of your home. If you have a knack for clicking great pictures, then do it yourself.
You can also get the comparative market analysis or CMA done to determine the right listing price for your home. If you want to sell your home without an agent, you can arrange CMA yourself. Do a comparable home survey and find homes located in the vicinity of your homes with the same features. You can refer to the data of the homes that have been sold recently. There are online tools too that will help you search homes that are recently sold and will let you know the value or the sale price too.
Prep up your home
Before putting your house on sale, it is critical to make your house look good. Make your house look clean, spacious, and beautiful. This is one of the best ways to enhance the value of your house and attract buyers. Make your home desirable by doing the following:
- Declutter your home
- Throw away all the junk including unused furniture, broken personal belongings, etc.
- Give your home a deep cleaning.
- Consider dry cleaning the sofa, upholstery, carpets, rugs, etc.
- Clean doors and windows too.
- Make the home spacious by creating storage space.
- If the budget is not bothering you, you can hire a professional stager to make your home look bright and beautiful.
- Introduce natural lighting to the home to make it bright.
- Keep the curtains and blinds open at the time of house showings.
It is also recommended that you should fix small issues so that the buyers do not end up noticing flaws during a home inspection.
So, this was all about how to list on MLS by owner, the pros and cons of the sale by owner approach. Also, use the tips above to ensure a happy and easy sale!