There is no definitive rule that binds you to sell your house through a realtor. In fact, more and more individuals are selling their homes on their own, listing their property as FSBO. But the big question is, are real estate agents worth your time, and are they the way forward? In today’s guide, we attempt to answer the above question and learn why you should sell your home without a realtor. Further, we’ll also look at how to sell on your own without a realtor.
Why you should sell a house without a realtor
You get to save money
Realtors scoop approximately 5% of what a house makes in agent fees. In short, this means that if your house is worth $700,000, you’ll have part with $35,000 in agent fees. Selling your home privately not only saves you this $35,000 but also saves you more.
You get to sell faster
Aside from saving on agent fees, homes sold via FSBO sell faster than those sold via agents. Homes sold privately often take two weeks, while those sold via agents can go up to eight weeks. This six weeks difference is a result of marketing the property. However, the same can’t be said for FSBO homes since they ready clients like colleagues, friends, neighbours, among others.
Selling a house without an agent is transparent
Selling a home without a realtor guarantees you transparency over the transaction. Most realtors claim that their services are transparent, yet they are not. Most sellers fall victim to corrupt realtors who are out for a bigger cut—not getting you the best deal.
Selling without a realtor grants you the authority to advertise the property and interact directly with the buyer. As such, you have the power to communicate with multiple buyers and choose which deal suits you most.
The downside of selling a house without a realtor
While selling a house without a realtor saves you money spent on agent fees, it also subjects you to settling for less than you should. If you list your house under FSBO, you risk selling the property for less than what it costs. Most homes sold privately fall victim to this and go for $200,000. This price is $80,000 less than the medium price charged on homes. With that in mind, it’s only wise to hire an agent rather than lose $80,000 due to poor pricing.
How to sell your house without a realtor
- Determine your property’s value: You can’t sell a house without knowing its property value. Most FSBO land quick deals because of low asking prices. Inversely, other FSBO homes also take months to land a buyer because of a high asking price. You don’t want either of these scenarios—you want to get the best deal for your home. To get an accurate selling price of your home, ask for an appraisal or consult an agent.
- Make repairs on the house: Another step in selling a home is fixing it. Getting your house fixed will land you a buyer quickly and increase your property’s value. Most buyers will conduct a home buyers survey on a property before writing a check. The survey will inspect the home for any faults and repairs. If the survey comes out negatively, the buyer has the right to a discount. Consequently, this reduces the selling price of the house significantly.
- Market the property: The next step in selling a house is marketing it. For this step, list your home on commercial websites to sell house quickly UK. Such sites are easy to use and will land you a seller speedily. The secret behind them is taking clear pictures of your property and posting them on commercial sites.
- Negotiate with the seller: With everything out of the way, the next process will be negotiating with the buyer. Negotiating the house price allows both of you to settle on a suitable price. The buyer will request a discount on the property. It’s at this point that the two of you will negotiate over the property. Therefore, ensure you polish your negotiation skills so that the buyer won’t have the upper hand over you.