Are you selling your home, and considering selling it for sale by the owner? If you do choose this route, then you stand to increase your profit, forgoing many of the associated fees. However, you need to know what it entails, as it can be a huge undertaking.
If you do want to go the for sale by owner route, we can help. Below, we present our must-know guide on how to sell your house for sale by owner.
How to Sell Your House for Sale by Owner Preparation
When selling your house, the first thing to do is to prepare it for viewings. The idea is to maximize its potential and make it look as appealing as possible while spending very little. You should start this well before you actually consider listing it.
Start by decluttering the home, and getting rid of any items or furniture you do not need or use. After this, perform a deep clean of every room. Make sure everything is spotless, from the inside of ovens to the bathroom faucet fittings.
The next few items may take more time and a slightly larger budget. Firstly, repaint the property in a neutral color scheme. Secondly, aim to replace any outdated appliances or fittings that may make the house look aged and weathered.
Do Your Research
Good research is the key when you want to sell your house yourself and get the best deal. If not, you could end up selling under the odds, or even pricing too high and getting no buyers.
You must try to be extremely objective when looking at pricing in your local area. The memories and love you have put into the property do not matter. It should be priced according to the local market at the time, and this could even mean taking less for it than you imagined it was worth.
Look at homes in the vicinity that have recently sold. Try to find ones with similar square feet by area, or simply work out the average square foot price in the district. Count the number of rooms, the yard size, and the state the home was in regarding its need for renovations.
Once you have this, lay down a cost for your home. You need to adjust it depending on your sale goals. For example, if you want a quick sale you may decide to lower the price to attract more potential viewers.
Market the House
One of the hardest jobs, when you decide to sell your house fast on your own, is marketing it. Placing a sign in your yard does not help, as only people passing by may see it. You need to open the listing up to a wider audience.
Usually, a real estate agent would deal with this. They will have access to online sales listing websites and may even have their own. However, if you go FSBO, the task is down to you.
Firstly, there are a number of FSBO sites. Each charge, so you want to select the best and most affordable ones to keep your budget low. You should then post on the free real estate listing websites, many of which exist online.
After this, though often less successful, are local listing sites. They are free, so you don’t have much to lose, though they may not bring in as many serious inquiries.
Other than these options, you may want to try the multiple listing service. It is priced roughly the same as an FSBO site and will get your property in front of buyer’s agents.
Let People See the Property
Holding an open house is one great way to sell your house yourself by letting others see what it offers. Schedule the viewing for a late morning or the afternoon, on a weekend, so more people are free to come and see it. Advertise the open house by posting online, sending messages to friends, and posting on social media.
When you do this, you will need to be present at the viewings. Dress professionally, but not too formally. Be prepared to answer any questions people may have, and treat everyone with the same courtesy regardless of if they seem serious about buying or not.
Once this is done, you can begin private showings. Invest in a lockbox with a key code combination. If you are contacted by an agent, you can verify their identity then give them the code to the lockbox, which will have a spare key inside.
The buyer can then let themselves in. It will make a better impression if you are out of the house during these visits. Your presence may deter some buyers.
Prepare to Negotiate
If you are not a person who is great at negotiating, then ask a friend or family member who is to do it for you. You will be speaking with the agents of buyers, who are used to driving hard deals for a living. You must be prepared to deal with them.
Firstly, stay patient. There will always be a buyer somewhere, and if you are not under time constraints then wait. Anyone who is really interested will always come back to you, and if you do need to sell quickly a safer option is a buy my house company.
Secondly, you do not have to respond to every offer. If very low or unserious offers come in, then you have the right to ignore them. If people are that interested in the property, they will return later with a better offer.
Be Willing To Adapt
Now you know how to sell your house for sale by owner, you need to think reasonably if it is for you. While you may save money, the time constraints and amount of work involved may end up costing you more. Weigh up the options against real estate agents and see which will work best.
If you enjoyed our handy article, then visit the rest of our blog. We have everything from finance to property management, so let us help find your dream home starting today!