When selling your home you’re not obliged to use a realtor; in fact, you can do it yourself. The main benefit of in private sale real estate is that you do not have the pay the realtor’s commission which is typically between 3 and 6 percent of the sale price: for a home worth $500,000 dollars that’s a potential hit to your bottom line of up to $30,000. You can also control all aspects of the sale and can show the house at your convenience (rather than the realtor’s) all while highlighting its features that, as the owner, you know best. If you’re thinking of going down the private sale path you’ll need to consider the following.
Pricing Your Home
Pricing is important to get right; price the house too low and you’re losing money but the price is too high and it can sit on the market without any buyer interest. To avoid this use online real estate valuation sites to check property values in the surrounding area. You can also get a market valuation from a real estate agent (without necessarily having to use them to sell your home).
Preparing Your House for Viewing
You should walk around your house and try to see it from the perspective of your potential buyer. Sometimes getting an outsider’s opinion can be a good strategy for this. Identify all the faults and areas that could stand to be improved to give the best impression of your home and then make the necessary updates and repairs. While this might involve spending money it’s well worth it since it will increase your house’s value and you’ll get it back when it’s sold.
Developing a Marketing Plan
The benefit if a private sale real estate is that they can advertise your home through their sales network. Without one, you’ll need to take steps to market the home yourself. Your first step should be to put a sign in your yard and get the word out in your local community that you’re selling your house. Conducting an open house is a good way to do this. Next, you should take advantage of online real estate sites that let you advertise your home for free. You can also use social media sites to market your home.
Negotiating With Buyers
Once you have an interested buyer you should learn the gentle art of negotiation. It’s important not to be too rigid in your price demands and you must accept that there will be some back and forth. Sometimes it’s a good idea to ask a little more than you want so that the buyer thinks they have got a good deal when you lower price to what you really want.