When asked about The American Dream, it is usually summed up by owning your home! This is a milestone that most people believe solidifies the success and prosperity through hard work. Typically, when its time to sale a home we look for a licensed real estate agent commonly called a Realtor. Each state is different and requires most persons to take a training course as well as an exam for licensure, thus allowing them to list and sale your home for a commission. This obviously amounts to a hefty amount of your equity being given away.
I assume that because you have visited this site, you’re looking to sale, you don’t want to list with an agent and you need to know what does an agent do that you can do yourself to get your home sold just as fast!? Well lets cut through the tape and find out:
- Real Estate Agents typically do the following things:
- Place your property on the Multiple Listing Service (MLS)
- Take pictures of your home for potential buyers to see
- In some rare occasions, mail out flyers about your home
- Hold your house open for potential buyers
- Hold your house open to other agents for previews to their buyers
- Once an offer is received, they negotiate the terms of the contract and facilitate the transaction to closing.
HOW TO BE YOUR OWN REAL ESTATE AGENT: (THE SECRETS )
Prepare Your Home!
Once you decide that you are ready to sell, you need to declutter any thing that could be seen as a nuisance. Your home should be light and bright. This may take a while depending on the property so its best to get this step completed early in the process. You can obtain a small storage unit, or get a moving box to put in your backyard. make sure linen closets and wardrobes are organized. If there are things that need to be fixed, fix them now. Don’t wait until the buyer does inspection and you have a delay in the closing to fix things you already know needs to be fixed. Do not decorate your home with your unique style. Buyers can appreciate a tidy home but if you start decorating, you could lose out on money you will never recoup in the selling process.
Setting a Price!
This is the most important step to listing a home for sale by owner. You don’t want to over sell your home because most buyers will not entertain the home. You won’t receive any offers and your home will become stagnant! The most obvious way to obtain a price is by looking up homes that have sold in your neighborhood and comparing them to your home.
Flat Fee Listing for the MLS
Your purpose of selling your home is to save on commission, but most qualified buyers work with an agent. So you list the property on the MLS where thousands of agents in your community can find the property. And every MLS requires a commission to be offered to be listed on the MLS, you state the commission paid but there must be compensation to the buyers agent. Therefore you list with a flat fee listing service to put your home on the MLS. This can range from typically about 100.00 upwards to 500.00 depending on what is offered. All of which is worth it when comparing to a commission.
Marketing your home!
This is where it can be a little tedious. You may need to hire a graphics designer or use websites like VistaPrint to create brochures. Put an ad up on Craigslist and a For Sale By Owner sign in your front yard.
Hold Your House Open!
Set a day and time to do an open house, this should be done on the weekends when most buyer are out riding around. The hours for the most traction are typically around noon to about 3 or 4 in the afternoon. Have light refreshments like water and maybe some cookies for small children. This will ensure the parents are able to view your home without too much distraction from the kids.
Why Your Home?
On your brochure, have unique key items that make your home special. This could be the ceiling heights, the large backyard, the custom cabinetry etc. But be able to tell the potential buyers why your home should be their home. Don’t over sell because you can’t make anyone by something they don’t want.
Showing Your Home!
Because you want to get the best price in the shortest amount of time, you need to get a lock-box. this will allow all of the local real estate agents in your community to show the property while your out. You need to make showing as easily as possible, no odd hours. Most agents work during the day, and if you’re at work during the day they need to get access to the home. Gather the agents name and company name prior to giving out the access. Some flat fee agency’s offer this service as a la carte.
Negotiate The Offer!
Now that you have received the contract you have to review the terms and negotiate the offer until the terms are acceptable. You can hire a real estate attorney to do this portion or you can attempt it on your own. Typically, the state has a standard form that all real estate agents use. The agent wants to get the best deal possible for their buyer and you want the best price for your home.
Know Your State Laws!
Every home owner must comply with the Civil Rights act of 1866, which banned discrimination in the sale, transfer, lease or use of property, including real estate and housing. Be careful to read up and know the laws concerning selling property in your state, the last thing you want to do is have a lawsuit against.
ONE MORE THING!!!!
This could be a little overwhelming, and it may not be for everyone. In that case hire a, licensed real estate professional. Check out my other blog on what to look for when hiring a real estate agent.