Thinking of selling a home without using a real estate agent? Worried about the potential ramifications? Selling a home on your own is not only possible, it can be financially advantageous. A real estate agent generally takes a 6% commission off the price paid out on the home. For a $500,000 – $800,000 home that can translate to anywhere from $30,000 to an almost $50,000 cut.
Homeowners who have decided to give a for-sale-by-owner transaction a try can mitigate any potential risks with these tips:
Tip #1: Prepare
It is important to get the property ready for sale. Home owners can review sites like Zillow to help get a better idea of what similar homes are priced at and selling for in the area. It is also helpful to consider getting a storage unit. This can be used to store clutter and stage the home but also to help keep personal belongings out of the home while prospective buyers are looking around.
Tip #2: List
Potential buyers need to know the home is available and sometimes a sign in the front yard is not enough. Consider paying a flat fee to list the home on the Multiple Listing Service (MLS). This list is available to agents and can feed into national real estate websites like Zillow.
Tip #3: Delegate
There are some things you can do on your own, and some things you should delegate to the professionals. Maybe you are not too savvy about taking photos to add to a real estate site to promote the sale of the home. If that is the case, see if a friend that has some photography experience. It is also wise to have a professional put together the legal documents for the sale of the home or even help negotiate the final sale. An attorney experienced in Florida real estate law can represent your interests during the negotiations and draft a document specific for your situation.