When you choose to sell your home between individuals (without the help of a real estate agent), it may be because you want to save money. Research shows that selling a home to a private individual can save up to $9,000 over the course of the sale.
However, don’t let that fact sway you. A qualified real estate agent will be expensive because they have experience in the market and are more likely to offer a safer price for your home. An agent also benefits in the network; can reach people who are looking for a home or who can help sell a home.
Selling a home to a private person will also affect the marketing process. If you’re selling your home without the help of an agent, you’ll hardly have access to Multiple Listing Services – a complete database of home listings distributed to homebuyers. You may need to attract buyers in another way, such as organizing an open house or placing an ad in a local newspaper.
Also, when buyers see that you’re selling your home privately, they’ll give you a lower price because they know you’ve saved money by not hiring an agent.
On the other hand, it is understandable that some people cannot trust others to sell their home. Selling your home privately means having full control over the transaction. You know you’ll be available to answer questions or visit your home. Whenever you make a mistake, it’s yours and yours alone (trust me, it’s always better to make a mistake you can’t pay for than a costly mistake).
Once you’re sure that selling your home privately is the way to go, there are a few things you need to do to prepare. Take additional steps in preparing your home. Remember that you will be competing against professional agents and their clients’ homes – make sure you stand out! Look for sites that offer “sell by owner” toolkits.
Get Maximum Visibility You also need to educate yourself about legal and contractual requirements. This will take some time, so seek the help of an attorney and start doing thorough research after your sale date.
Selling a home to an individual is a tough business. Some say you can sell your own home if you have three hours free every day of the week. With a little work, you should be able to put that much-needed money to better use.