Taking the for sale by owner route when selling your home may seem like a great idea because you don’t need to consult a real estate agent or pay a commission. However, we caution you to take a closer look at the advantages and disadvantages that come from selling your home without the help of a real estate agent, and we’ll offer some helpful tips should you decide to proceed.

➕ For Sale by Owner Advantages

One of the advantages of selling your own home is that you can saves some money on the commission you would normally pay to a real estate broker. The typical real estate agent commission is 5 – 7 percent.

various denominations of money and coins

When you choose a the for sake by owner option, you can work at your own pace to set the asking price, do upgrades, and set other factors. You’ll still want to stage your home properly, so keep that in mind when setting a timeline.

You’ll be able to choose who you show your home to and when you open your home to potential buyers. Since this is your home, you’re in the best position to describe the best features of the home to potenial buyers.

➖ For Sale by Owner Disadvantages

Now that we’ve noted some of the advantages, let’s look closer at the disadvantages of choosing to sell your own home. Be ready to invest a great deal of time and energy in the sale of your property from the moment you decide to place it on the market through the closing process.

watch on a man's arm with glasses and a cup of coffee close

It’s difficult to be objective when selling your own home, and you may find yourself dealing with emotional situations, negative feelings, and the stress that comes from the process. When you work with a real estate agent, you can focus on letting them handle the details.

If you’re trying to sell one home while you buy another home, you may find yourself pushed to the limits and without the legal advice a qualified real estate professional provides. The biggest disadvantage, however, is that your home will not be listed on the MLS (Multiple Listing Service), which means you will not reach potential buyers who may be interested in your home.

💡 For Sale by Owner Helpful Tips

Hire a Home Appraiser

Hiring a professional home appraiser can help when it comes to setting your asking price. Their role is important because setting the asking price too high can scare buyers away but setting it too low can mean less return on your investment.

Do a Pre-Sale Inspection

Contact a reputable building inspector to evaluate the home before putting it up for sale. In addition, if there are known defects in your house, include them in the official report to save yourself from any future legal action.

Suggested Reading: How to Sell a House with Mold Damage

Showcase Your Home

Find a reputable website that specializes in setting up profiles for those homes that are being sold by their owner. These showcase websites can help boost interest in your listing.

woman typing on laptop keyboard

Hire a Notary

A notary is the only recognized personality in the real estate law. This is why you should contact him or her whenever a buyer makes an offer. He or she will prepare a legal document, a contract to contract, which is binding for you and the buyer.

Stage Your Home

Make your home look appealing by adding a fresh coat of paint, repairing anything that is damaged, and making sure the outdoor area has curb appeal. Other things you may want to do include removing personal collections and family photos, avoiding unpleasant cooking odors, and using furniture that is appropriate for the size of the rooms.

Plan Showings and Open Houses

Use social media, online resources, and traditional print options to advertise your home for sale. Plan open houses to show potential buyers your property and be avaialable for private showings when someone is interested in a closer look at your property.

new house with a red open house sign in front

 

🤔 What is the Best Option for You?

While there are some advantages to choosing the for sale by owner option, you may find that you’re in over your head when it comes to the legal aspects and the amount of time needed to succeed. We would be happy to represent your interest and develop a marketing plan that puts your home’s listing in front of as many potential buyers as possible.

Call the RL Real Estate Group today at 605-212-8431 or reach out to us here!
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For Sale by Owner Tips
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For Sale by Owner Tips
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Before you place a for sale sign in the front yard, check out these helpful tips we've put together for those considering the for sale by owner option.
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RL Real Estate Group
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