We all know how difficult, time-consuming, and nerve-wracking the process of selling your property is. However, most people end-up dealing with real estate agents or realtors because of the fear of a possible predicament that may arise during the buying or selling process. Due to their listing agreement, the owners end up paying a massive chunk of commissions to the real estate agents, Realtors, and their brokers … translating to higher prices to buyers too.
Most people are entirely unaware that the real-estate agent and Realtor commission normally run into thousands of dollars on every transaction. According to the National Association of Realtors (NAR), the median home in 2019 (pre-COVID) sold for $250,000 (NAR Buyer and Seller Report). With typical commissions being 5-6% of the sales price, this becomes $12,500 - $15,000 that was spent on agent and Realtor commissions alone in those transactions. This adds to the seller's costs and in turn higher asking prices for the buyers as well. By eliminating the middle-man, buyers and sellers can both win through more price flexibility and still leave more in their own pockets as well.
As a seller, you can easily sell your house without getting involved with real estate agents or realtors. So, with this in mind and to acquaint you with firsthand methods of selling your property, this write-up will give you a brief selling guide, and you can also get the expanded Secret RealEZRealty FSBO Seller’s Guide for all the best pro tips & tricks to get the most for your home.
Here is a simple guide that will walk you down the path to selling your home while minimizing the hassle and avoiding those hefty agent or realtor fees.
Prepare & Plan Before Marketing
A well-defined prospect of marketing is necessary before selling your home. But, unfortunately, a lot of people don't actually understand the nitty-gritty of proper marketing and end up having different strangers walking in their lawns vs. having quality buyers coming inside to check for spacious rooms, focusing on the floors and layout, and most importantly, envisioning themselves in their new home.
There is nothing wrong with having buyers explore your home, as even serious buyers would undoubtedly take a thorough look before making a purchase. But non-potential buyers who are ultimately not seriously considering your home would do nothing but waste your precious time.
So what needs to be done here? A market advisor generally recommends that the selling party remove the clutter, make your property appear more spacious, and give potential buyers a blank slate to see how their stuff would fit in the space. Clutter also distracts buyers from seeing the home's true potential. This is a huge point and demands consideration.
When you’re planning on selling your house, you need to be fully prepared for the hassle of visiting people. But before allowing someone to make a visit, designing your home for marketing is generally considered a top priority.
Before marketing your property, cleaning, highlighting features, repairing, scrubbing, and making it spacious would undoubtedly increase the chances of attracting a potential buyer and getting higher offers.
Value Your Property Competitively
We live in a world of digitalization. And using the internet to add a competitive value to your home isn’t difficult. However, before you start marketing, setting a price to attract buyers is a vital step. For finding the competitive rates of properties, you can use the internet and search for comparable properties in your neighborhood.
As you are planning on selling your property without a real estate agent or broker, you have to do this step independently or you could ask a professional real-agent or realtor to create a Comparative Market Analysis (or “CMA”), which are normally free or a nominal charge. Agents and brokers typically create CMA’s when they compete for a potential seller’s listing contract. Once you have the idea of competitive market prices, name your price, keeping in mind all the pros and cons of your house and the neighborhood it is in.
Create A Listing
The next necessary step is gathering and accumulating all the required information regarding your property. For this step, the following pointers would help you get an idea about the information needed.
Buyers can ask any of hundreds of questions. So making things easier for them with accurate information about the property’s characteristics.
These characteristics include details such as size, year built, room count, interior and exterior renovations details, flooring and ceilings, cooling and heating configurations, installation of new items, basements, and sometimes parking setups. Creating a list of all these details will position you well to answer the majority of buyer questions.
Adding a listing on housing marketing sites like Zillow and RealEZRealty will help you verify your property info for accuracy and put your home in front of thousands of buyers.
Take pictures of the entrance, pool, lawn, parking, basement, floors, walls, bathrooms for better exposure. Make sure to take pictures during the day for better lighting, and from various angles, then post the best to your new online listings.
Lastly, adding a description to each photo would give a succinct idea of your property and will surely attract buyer's attention.
Create A Marketing Plan
A lot of sellers only focus on listing their properties through a Realtor or agent so they can be listed on MLS (Multiple Listing Service), but most prospective buyers start their search online before they even have an agent. So, hiring an agent to post your home to MLS is quickly becoming the costlier method of getting your home in front of buyers. There's a lot more that you can do to set a marketing plan for your property too!
We live in a digital world, and not using digital channels and platforms for marketing your product or property is a wasted opportunity. So here’s the thing, use advertising channels, social platforms, sales signs, and brochures for marketing your property. Doing so will give you great exposure in reaching the right buyers without having to hire an agent or realtor.
Captivate The Buyer
Marketing is all about targeting and captivating buyers attention. And when you plan on marketing and selling your property, the titles and descriptions need to be captivating. Making an interesting title and description should include all the necessary points and factors related to your property. It must include the basic information like price, room count, lot size, flooring and ceiling details, year built, and probably a convincing reason for buying (neighborhood, schools, entertainment).
This will captivate the buyer and get them to extend the conversation by asking more questions regarding the building material, price reduction, etc. The more engaged the buyer, the higher the chance that they ask for more details, so be ready for it. This shows they are serious and interested!
Shortcut To The Legal Stuff
Since you’re planning to save a bundle by avoiding the agent and Realtor commissions, use some of that savings to hire a real-estate lawyer to prepare and oversee the transaction. This typically will only cost a few hundred dollars, but well worth the advice and time saved if you are unfamiliar with the overall process, laws, paperwork, etc.
The Final Words
Selling your house is a process that takes time, and rushing it might cause some complications, and you may not get the most for your home. So, it is best if you invest some time studying and preparing your home to be listed online and ready for potential buyers to walk through, then have an attorney ready to help with the process once there is a ready buyer. Now you’re ready to sell directly and make the most out of your property.