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.
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.
➖ 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.
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
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.
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
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.
🤔 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.
