Real Estate Agent commissions can take up to six percent of a home’s selling price. By listing a property online, it’s possible to attract as many, if not more, buyers than with a traditional listing and save a lot of money.
Is a Real Estate Agent Necessary to Sell a House?
Obviously, having someone do all the work makes any job easier, but listing a home with an agency isn’t set in stone nor is it a guarantee that a house will sell. Of course, agents have networks, which can make local interest move quicker on a property. But the internet is a powerful tool that has made selling a house without representation much more simple and profitable.
Five Steps to Selling a House Online
- Pricing: One of the biggest mistakes homeowners make when putting their house on the market is setting unrealistic expectations and overpricing. Determining the potential sale value is foremost and can be done easily by visiting sites like HouseValues. A local licensed residential appraiser can also determine a solid price on a property, based on comparisons to recent home sales in the area. This can cost as much as $300, but could save much more in the long run.
- Marketing: Online sites like Owners.com and Virtual for Sale by Owner are plentiful. Listing is easy and can be done for free, although many sites sell premium services too. For more local exposure, put signs in your yard, ads in local publications and schedule frequent open houses. Word of mouth works well too, flyers in area establishments. Contact local companies, commercial and manufacturing, and speak with their human resources department. Opportunites exist within relocation offices to touch base with newly transferred employees.
- Strategy: If the market is stagnant, a good rule of thumb is to price a home 4% lower than competitors. In a positive selling market, it's not necessary to price more than 2.5% below competitors.
- Don’t Be Frightened by Paperwork: The legalities and paperwork involved with selling a home can be intimidating. There are many online resources and information at local libraries to help understand regional real estate processing and procedures. Hiring a local real estate attorney for an hour or two of advice is a great investment; this step alone can save thousands and help prevent potential losses or unseen problems.
- Hire a Limited Service Broker: If the idea of selling a home alone is still overwhelming, there are brokers who help with marketing and contract negotiations. Fees are paid upfront, but the cost is still less than paying a bigger percentage of the total sale.
Selling a house independently is definitely more work and takes time, persistence and patience. The payoff is certainly worth the hassle. If all else fails, listing with an agent can still be an option, but one to keep as last when trying to make the most money from the sale.
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