With the current volatile real estate prices, many people are opting to ‘sell by owner’ a way to sell their houses. Getting a real estate agent to help sell your house can be really helpful, but still with a few marketing tips you can actually sell your house by yourself and get to pocket that extra 5% -6% that realtors charge for selling the house on your behalf. Here are fourteen ways to sell a house by owner.
1. Give it a great look – The first step in selling your house is to make it look great. Potential buyers get attracted to a neat and spacious house. Remove all the clutter, clear the garden bushes, scrub floors and walls and ensure the house smells nice. You need the buyer to like it from the word go.
2. Price the house right – Take some time to know the value of houses in your neighborhood. Check the ones that have been sold or bought recently. Make sure to not over price or under price your house. You can place your quotation at 5% more than the market value, so that you bargain within the right price. Be tricky with setting the price; for instance, you can quote a figure just below a whole number e.g. $159,900 instead of $160,000.
3. Be aware of your house’s strength and weaknesses – Get some professional home inspection done to identify some problems that need attention for fixing. You can decide to fix them or just incorporate them in your price quotation you don’t want to get surprised the last minute!
4. Strategize on the process – With a great look and price of your home, be very strategic to have it exposed to potential buyers. Know how easily to get the attention of your potential buyers and draft appropriate marketing strategies for them.
5. Utilize the Multiple Listing Services(MLS) – For a Flat fee of a few hundred dollars, you can list your house for sale on multiple listing services online. This will expose your house to many potential buyers and even realtors.
6. Serious marketing – Besides listing your property on MLS, you need to do some serious and sustained marketing. Consider printing brochures, display ‘for sale’ signs. You can also put ads on social media or build a marketing website for your house. Be sure to use pictures of your house.
7. Open House advertising – You can invite guests and potential buyers to your house for an open house advertisement. Post signs in your neighborhood and have some refreshments for the visitors. Remember to prepare flyers about your house that they can go with.
8. Consider hiring a real estate attorney – As your come closer to having your house bought, a real estate attorney is crucial. Some companies will require you to disclose some vital information during the transaction. It is the task of the attorney to advise you on this. The attorney is also important when closing the transaction.
9. Learn to negotiate – When selling a house by owner, be ready to get an offer and give counteroffer. You should be able to understand the transaction contracts as you negotiate the sale of your house. A hired attorney can assist on this. Always ensure your price negations are based on researched information.
10. Screen the buyer – It is very important that you get the potential buyer prequalified for the transaction. In this era of banking institutions tightening their restrictions on lending, you should demand a pre-approved mortgage letter from the buyer.
11. Be informed of any outstanding claims – It is vital that you have clear information about any claims to your house. It is also important that your utility providers also get informed of a possible ownership transfer and let them know immediately you sell the house.
12. Be ready to show your house – With strong marketing, be sure to receive calls from potential buyers. You have to be flexible enough to show the buyer your house anytime they are ready to view. This is normally done by the realtor but in their absence you will have to. Be keen on who comes to view.
13. Be flexible – Be ready to let in the buyer anytime he wants to buy the house right away. If you have a period of 30 days before you move out and your buyer wants to get in within 10 days, you have to be ready for this. You can move into an apartment or at a friend’s.
14. Closing the sale – Be informed with the closing deal paperwork. The buyer may have a written preapproval, just wind up the process. Always remember to stick to the legal guidelines throughout the process.
Selling a house by owner may not be for everyone, however, consider the extra dollar you will get when you put an extra effort and patience into this. It may be quite demanding, but it’s always worth it.