There are no rules that require you to involve a realtor in the sale of your home. In fact, it is estimated that 77 percent of FSBO (for sale by owner) homes sold in less than two weeks in 2020. Furthermore, most homeowners are willing to cut out the middleman in the sale of their houses.
One question you may be battling with is, “are there any potential cost savings if I sell my house without a realtor?” Learn how you can sell your property by yourself in this guide.
Is It Wise to Sell Your Home Without a Realtor?
Tennessee law doesn’t mandate you to hire a real estate agent when selling a house. The only legal requirement needed when selling a home in Nashville is a disclosure statement. This disclosure helps inform the buyer about the current state of the property they want to buy.
The biggest downside of working with a realtor is that you’ll pay a commission based on your home’s sale price. You may pay from 4 to 6 percent as commission for their service.
Besides commission costs, the agent will ask you to sign a legal listing agreement. You’ll have to work with the realtor until the contract expires. It may be difficult to nullify the agreement once you start disliking the agent or their sales tactics.
You’ll have less control over the sale process when working with the realtor. The agent will make most of the decisions regarding your home’s sales price, staging, marketing tactics, and staging. They may also negotiate and close without favoring you.
Selling Your House Without a Real Estate Agent
You get to cut costs and have more control over the sale process when selling your property as for sale by owner. Here are practical steps to help you secure a good deal for your home:
1. Know Your Home’s Actual Worth
Pricing your home right may help you attract a potential buyer when selling your home for cash. It’s common for a residential property with a high asking price to sit on the market for a while. Furthermore, a home with an asking price that’s below the current market value may sell faster.
You may hire a professional real estate appraiser to help determine your home’s current worth. The services may cost you between $300 to $400.
Property search websites may help you get an estimate of your home’s value. Ensure that the estimates consider previously sold homes in your locality with similar characteristics as your house.
2. Get Your Home in Shape for the Sale
Get rid of junk and clutter in your home as a way of preparing it for the sale. Depending on your budget, you may hire a cleaner to give the property a deep clean. You should also add a fresh coat of paint on rusty surfaces and weed your yard to add curb appeal to the property.
Bring a professional photographer on board to capture your home’s appealing sides. The photographer can also capture clips that will give your buyers a virtual tour of the house. Display the images or videos online to give buyers a glimpse of your property.
3. Understand the Challenges in the Sale
Look at the listings in your local real estate market to determine whether there’s stiff competition. It may be difficult to compete in a market flooded with home listings.
The time of the year for the sale may also be an obstacle that you should overcome. Key factors affecting sale timelines include rising home values, job market, and buyer demand. You should also prepare to deal with unrealistic offers from the buyers.
4. Market Your Residential Property
Include the basic details about your house when writing advertisements for brochures or websites. Details such as the home’s style, age, yard, and building materials can make the property appealing to potential buyers. Review listings on several real estate websites to understand what sellers include in their ads.
You may list your property on a free or paid listing site depending on your budget and the type of visibility you want. Some listing services will offer you yard signs and brochures to promote your home at a fee.
5. Negotiate and Close
Your negotiation and closing abilities will determine whether you’ll get a fair deal out of the sale. Always stick to your listed sale price instead of negotiating a lower price. You should also counter a cash offer that doesn’t seem favorable without going back and forth with buyers.
Schedule an open house to showcase your home’s amenities to potential buyers. You should only accept offers from anyone looking to buy a house after the viewing.
You can negotiate with several buyers at once without disclosing that they are in competition with each other. A potential buyer may be discouraged from closing if you disclose this information to them. If you counter several offers at once, let the parties know about this situation.
Put an expiration date on any counteroffer you make to compel a buyer into buying the property. The expiration time frame can be one or two days to keep the buyer hooked on the offer.
Sign the buying offer to initiate your home’s closing process and set rules on how the sale will occur. You should also have an escrow account to protect money deposited by the buyer. Hand over the house to the buyer once title search checks for claims, liens, or loans on your house are complete.
Sell My House Fast
It’s normal to expect the highest returns when selling your house with or without a realtor. This article helped answer the question most homeowners struggle with: “Should I sell my house without a realtor and how should I proceed with this process?”
We understand how daunting it is to find the right buyer for your house. We give great value on money when buying homes across Nashville, thanks to our deep understanding of the local real estate market. Get a quick cash offer from us for your home today.
