As websites that allow sellers to showcase their homes online have gained popularity, it’s easier than it ever was to sell a home without a real estate agent. Around 36% of homeowners attempt to sell as FSBO (for sale by owner), but of that only 11%, actually complete the process.
Why would you want to tackle this process? The cost to sell a house without a realtor is significantly less, as you could save up to 7% on commissions and fees, but is it a process that you really want to take on by yourself? Here’s what you need to know about selling real estate without realtor help.
Can I Sell My Home Without a Realtor?
The short answer to this question is yes. You can sell a house without a realtor, but this process does have some specific factors that you will need to consider.
If you are selling a house without a realtor, you need to understand what the realtor would do for you. Selling a home is a time consuming, stressful process. In a typical home sale, a real estate agent would:
Help you determine a realistic price based on current market trends.
Help you prepare the home for sale
Provide advice for repairs, upgrades, and home staging for the house
List the house for sale
Market the house
Schedule and organize showings
Finalize the paperwork
If you’re highly organized and determined, you can handle these tasks on your own, but you need the right preparation and knowledge.
How to Sell Your House Without a Realtor
Selling real estate without a realtor is possible, but you need to know what you are doing. Here’s a closer look at what it will entail.
The Prep Work
First, you need to price the home. Selling a home without a realtor allows you to keep more of your proceeds, but you need to price it fairly to get interested buyers. You can use the Internet and its many tools to give you a starting price, but no algorithm can perfectly price a home.
Consider comp sales in your area, repairs, and upgrades the home needs, and the overall condition of the market. Hiring an appraiser can help with this process.
Next, you need to prepare the home. Focus on staging it well so it has the right appeal to potential buyers, and don’t neglect curb appeal. While you are staging, start decluttering, getting rid of those items you won’t take to your new home when you move.
The home needs to look inviting to people who drive by. Consider the repairs that will help make it easier to sell, but do count the costs.
A cheaper option for selling your home may available. Only invest in repairs that will help your home sell faster or for a better price.
Finally, list the home and start marketing it. Post it on online listing services and social media, hand out flyers, and post signs throughout your neighborhood. Remember that many online listings are free, but make sure you include the home’s data and high-quality photos.
While the Home Is On The Market
Once the home is listed, start inviting interested buyers in for showings. Be cautious to protect your safety. Verify buyers and agents by asking for driver’s license numbers. Put a spare key in a lockbox so buyers with agents can access the property. Consider hosting an open house.
When someone is interested in buying the house, take their offer, but be ready to negotiate. It’s acceptable to counter offer when selling a house without a realtor. You do not have to take an offer you think is too low or unfair.
Remember that buyers often go back and forth multiple times before reaching a final agreement. In this process, be realistic about your price, concessions, and the speed of the sale.
The Legal Side
Once you’ve agreed to an offer, complete all legal paperwork to sell a house. This will vary from one state to the next, and you will also need to follow Federal laws regarding home sales. Make sure you do not discriminate with your buyers, as this violates the Fair Housing Act.
For the closing, you will need a title company or settling agent to help finish up the process. The fees for these are your closing costs, which will be the responsibility of either you or your buyer based on your final purchase agreement.
“Can I Sell My Home Without a Realtor?” May Not Be the Right Question
Selling FSBO will save you thousands, but the process is time-consuming and stressful for many homeowners. Yes, you can sell your house without a realtor, but is this the question you should be asking?
Maybe a better question is “Do I want to sell my house without a Realtor?” If the answer is, “Yes,” but you don’t want the hassle of the FSBO process, consider selling with HomeGo. You will get a fair price, sell without the hassle, and quickly have the funds in hand to move on to your new home.