Every year, more than five million homes get sold throughout the United States.
The majority of these homes get sold with the help of a real estate agent. However, some people also choose to sell their homes on their own.
Do you have questions about taking the for sale by owner approach when it comes to selling your house? Are you considering spearheading the sale yourself?
If so, keep reading. Everything you need to know is explained down below.
What Does For Sale By Owner Mean?
We’ve all come across those signs in front of houses that say “For Sale By Owner.” A lot of us have never stopped to think about the meaning behind these signs, though.
In simplest terms, when a house is advertised as being for sale by owner, it means that the owner is the one handling the sale without the help of a real estate agent. They put the house on the market, decide the asking price, handle negotiations, and show the house to potential buyers.
Benefits of Selling Your House yourself
There is a lot of extra work that goes into selling a house by yourself, especially when you add it to the stress that already comes with preparing a house to move, packing your belongings, and searching for a new home.
However, plenty of people prefer handling the sale of their house on their own. It comes with some noteworthy benefits, including the following:
Make More Money
At first, the percentage that a real estate agent takes from the sale of your house might not seem like a lot (it’s usually somewhere in the 5-6 percent range). When you consider how much 5-6 percent of a $300,000 house is, though, you’re looking at 15,000-18,000 going to the agent.
Some sellers don’t want to part with that much money. If that’s the case for you, selling your house on your own allows you to pocket more from the proceeds from that house.
Going the for sale by owner route also allows you to maintain more control over the sale. You get to determine the listing price, the places where the house gets listed, when you hold open houses, etc.
If you don’t like the idea of a real estate agent calling all the shots, selling your house on your own will help you maintain control and ensure that you’re comfortable will all the sale-related decisions.
Real estate agents often are working to sell several houses at once. As a result, they can’t give you their undivided attention, and you may feel as though the sale of your house has fallen by the wayside.
When you sell your house yourself, you only have to worry about selling it and can give it the attention it needs.
No Time Like the Present
If you were ever going to try and sell your house on your own, now is the perfect time to do so. There are so many tools out there that make it easier for you to market your house and get it in front of the people who are most likely to buy it.
With all these tools available, who needs to worry about hiring a real estate agent to help them through the sales process?
How to Sell Your House Yourself
Do these benefits appeal to you? If so, you’re probably wondering how one goes about selling their home on their own.
If you want to take the for sale by owner approach, here are some tips you ought to keep in mind:
Get Your House Ready to Sell
Start by getting your house in a sale-ready condition. This includes taking care of any necessary repairs, as well as repairs that can increase its resale value and make it more appealing to buyers, such as updates to the kitchen or bathrooms. Make sure your house is clean and free from clutter, too.
Do Your Research
Setting the sales price for your house can be tricky when you’re selling it on your own.
If you’re not sure what to ask for it, be sure to do plenty of research to find out the sales price of other, similar homes in your neighborhood. This research will help you make sure you’re asking a fair price that will attract more buyers to your door.
Write a Great Listing
Speaking of attracting more buyers, a great listing will also help you showcase your house and present it in a positive light.
Focus on the details that separate your house from others in the neighborhood and include as much data as possible about its size and the updates or improvements you’ve made to it.
Include lots of photos, too. You may even want to consider hiring a photographer or videographer to help you capture your home in all its glory.
Use as many advertising channels as possible to get the word out about your house. Use real estate websites, online classified ads, and social media.
Don’t forget about more traditional avenues like newspapers and fliers as well. The more channels you utilize, the easier it’ll be to get your house on people’s radar.
Hold Open Houses
Finally, be sure to hold regular open houses. When you host open houses on the weekends, you’ll have an easier time showing off your home and getting people interested in buying it.
It might seem intimidating to do this at first. Once you’ve held your first one and seen how easy it is, though, you’ll definitely think twice before hiring a realtor in the future.
Sell Your House Today
Now that you know more about the benefits of the for sale by owner route, does it seem like a good fit for you?
If you want to avoid having to pay a realtor and don’t mind doing a little extra work to put your house on the market, this can be a great option to consider.
To learn more about selling your house (with a realtor or on your own), give some of the other real estate-related articles on our site a read today.