When choosing to sell their home many of today's home owners are selling without a Realtor. Selling a home without a Realtor has many advantages as well as disadvantages. But if done correctly can be a very rewarding and money saving experience. By knowing what a Realtor does to sell your home and what you need to sell your home on your own will help you make an informed decision when you are ready to list!
Lets begin and examine what a Realtor actually does for a home seller. The Realtor will begin by performing a CMA or Comparative Property Analysis and accurately listing the property at its highest marketable value. The Realtor will also advertise the property on their company website, get the property listed on the MLS website and pay all the marketing costs associated with the property. The Realtor will also have the opportunity to market the home to other realtor's in their organization which will effectively expose your home to more potential borrowers. The realtor's brokerage will also charge you 4-7% of the selling price for these services, a cost that generally far exceeds what it costs to effectively market a home.
When you choose to sell your home with no Realtor the first step is to find a good property appraiser. The property appraiser will come out and give you a very accurate value for around $ 300 for a single family home. This value will be based off comparable sales that occurred in your area within the last 12 months, comps are usually within 1 mile without you have a rural property. Many home owners will use this appraised value as the starting sales price which is a smart policy because a bank will not lend more then a property is worth to a potential buyer.
You should find a good For Sale By Owner company in your area, FSBO companies will get your house listed on the MLS and many offer for sale by owner kits that will help you with the legal documents needed to sell your home without a Realtor. Many FSBO companies also offer title services or are affiliated with a title company that will assist you with the closing. When Using a FSBO company you should get exposure on their website as well as the MLS websites. Exposure on these websites alone will not bring in a steady stream of potential buyers and you will have to use other avenues of marketing. One great system to use is the services of a mortgage broker to screen the phone calls about your property. This is a free service offered by many mortgage brokers, the mortgage broker is expecting to generate a loan out of the calls he receives about your property. Nothing is more comfortable then knowing the person looking at your home can qualify for mortgage financing to buy it. Mortgage brokers also speak daily to people looking to be pre qualified to purchase their first home and can direct people to your listing.
To reach a broader market you will want to place classified ads in the newspapers and 1 or 2 home magazines every month. These are the place many buyers go to begin there searching for a new home. Ads in these publications will cost you over $ 200 a month but is still small change when compared to losing 6% of the sale price to a Realtor. And do not forget the old stand by For Sale By Owner Sign in the front yard. If you live on a high traffic street this $ 10 sign may be all you need to sell your house fast without a Realtor.
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Source by Darin Sewell