7 Steps to Selling Your House Without a Realtor - Farm ... in Lantana, TX

Published May 02, 22
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Tips for Seeing a Home Without an Agent - Hauseit® NYC in Lantana, TX

Are you thinking of selling your house yourself, without the help of a real estate agent? Eliminating the realtor can save you as much as 6 percent in commissions. On a $300,000 house, that comes to $18,000. And "for sale by owner" houses tend to sell more quickly, sometimes in as little as two weeks, according to the National Association of Realtors' 2018 Profile of Home Buyers and Sellers (which notes, however, that the brief time frame is often because the seller and buyer know one another).

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You'll have to invest a lot of time in doing the work a realtor would ordinarily handle, which includes everything from showing and marketing your home to negotiating the final price. Also understand that you'll need to take care of all the legal and financial paperwork, which can be daunting.

With all this in mind, if you do decide to sell the house without an agent, here are five tips to help you get started. Set a Realistic Price, If you're selling your home without an agent, don't make the mistake of thinking your home is worth more than it really is.

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com, advises sellers to put emotions aside and set a price based on hard data. Online pricing calculators like Zillow’s Zestimate give an estimate of your home’s worth based on objective factors such as square footage, the number of bedrooms and bathrooms, and your home’s location..

When you sell your home yourself— also known as "for sale by owner” (FSBO)— it may seem like a great way to save thousands of dollars. After all, the standard real estate agent’s commission is 5% to 6%—that’s $12,500 to $15,000 on a $250,000 home. Given the size of this fee, you may think that acting as your own seller’s agent will surely be worth the savings.

Key Takeaways You might be tempted to avoid a real estate agent, save the commission, and just sell your home yourself—also known as “for sale by owner” (FSBO). While tempting, in most cases the risks of going it alone likely outweigh the benefits. Risks include having few potential buyers (let alone qualified buyers), making emotional decisions, not knowing how to negotiate properly, and not having enough free time to dedicate to finding a buyer.

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1. Realtors May Not Show a "For Sale By Owner" Home In an FSBO deal, the buyer’s agent knows there won’t be a professional colleague on the other end of the transaction. Even if a client insists on seeing your home, the agent might discourage making an offer, citing the hassles and risks of trying to close the deal without a professional representing the seller—and without a guaranteed commission.

Experienced brokers have generally been burned by an FSBO transaction in which the seller did not pay the full agreed commission—or any commission at all—to the agent who brought the buyer, says Ailion. “FSBO sellers are viewed as unrealistic, unreasonable, and difficult sellers whom professional realtors have rejected,” he says.

That may mean signing an agreement with the agent that states the percentage fee that you, as the seller, will pay the agent. (The agent may specify a 6% commission, trying to nab both the buyer’s and seller’s side. Instead, negotiate the total commission to a more reasonable 2% to 3%.) An agreement should also clarify that the agent is only working on behalf of the buyer.

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If you want to be taken seriously by sellers’ agents, get the best price, and make sure you don’t miss any key steps in the process—or risk a lawsuit—it’s better to use a real estate agent than to try to sell your home yourself. 2. Agents Avoid Emotional Sales Selling your home is typically an emotional process.

“A realtor can follow up without communicating a sense of eagerness or desperation; following up is their job,” says Ailion. “When a seller repeatedly checks, it signals, rightly or wrongly, the willingness to accept a lower price.” If you forgo an agent, you’ll also have to deal directly with rejection every time a buyer’s agent tells you that the client isn’t interested.

An agent can take the sting out of the rejection and put a positive spin on any negative feedback. “It is more difficult for [the seller] to keep their emotions out of the sale, because there’s no third party to bounce anything off of,” says real estate broker Jesse Gonzalez, president and founder of North Bay Capital in Santa Rosa, Calif.

7 Steps to Selling Your House Without a Realtor - Farm ... in Lantana, TX

Real Estate Is a Full-Time Job Can you rush home from work every time someone wants to see your home? Can you excuse yourself from a meeting every time your phone rings with a potential buyer? At the end of a long workday, do you have the energy to take advantage of every possible opportunity to market your home? Are you an expert in marketing homes? Do you have any experience doing so? Your answer to all of these questions is probably “no.” An agent’s answer to all of these questions is “yes.” In addition, by going through an agent, you’ll get a lockbox for your front door that allows agents to show your home even when you aren’t available.

Agents Access Large Networks Yes, you can list your home yourself on Zillow, Redfin, Craigslist, and even the multiple listing service (MLS) that agents use. But will that be enough? Even if you have a large personal or professional network, those people will likely have little interest in spreading the word that your house is for sale.

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A smaller pool of potential buyers means less demand for your property, which can translate into waiting longer to sell your home and possibly not getting as much money as your house is worth. “A good real estate agent should have a Rolodex of names and contact information, so they can quickly spread the word about the property they just listed,” says real estate broker Pej Barlavi, owner and CEO of Barlavi Realty in New York City.

Buying A House Without A Real Estate Agent: What To Consider in Lantana, TX

Then I start to market the property in every available website, MLS, and site for real estate to keep the momentum and [to keep] showing consistently.” 5. Weeding Out Unqualified Buyers An agent can find out whether someone who wants to view your house is really a qualified buyer or just a dreamer or curious neighbor.

You want to limit those hassles to the showings most likely to result in a sale. “Realtors are trained to ask qualifying questions to determine the seriousness, qualification, and motivation of a prospect,” says Ailion. Realtors are also trained to ask closing questions about how long buyers have been looking, whether they’ve seen any other homes that would work for their needs, if they are paying cash or have been prequalified, what schools they are looking for, and so on.

FSBO sellers lack this training and skill set, he says. It’s also awkward for buyers to have the seller present, rather than the seller’s agent, when they’re touring the home. “When showing a house, the owner should never be present,” says Kean. “Nothing makes a potential buyer more uncomfortable than the current owner being in the house.