If you’re thinking about selling your home for sale by owner, the idea of saving money on agent fees probably sounds pretty nice. However, unless you live in a hot real estate market, there can be challenges when selling your home without the help of a professional. But with a little knowledge and a strong real estate marketing plan, selling your own home can be a very manageable task.
Before we go into some of the different real estate marketing techniques for selling your own home, let’s talk a little more about why you want to go down this path in the first place. The major reason might be to keep more money in your pocket after the sale.
When you sell a home, the typical commission is 5% – 6% of the home’s selling price. This amount is split between the buyer’s agent and the selling agent. However, if you choose to sell your own home, you’re cutting that commission in half by eliminating the selling agent’s fees.
For example, let’s consider a $300,000 home where there is a 5% commission split evenly. If you hired an agent to sell your home, the total commission would be $15,000. But if you choose to sell the house yourself, the commission would be $7,500 to the buyer’s agent. That’s $7,500 back in your pocket.
Selling a home by owner can be a difficult task, but it can be even harder if the owner is on a time crunch. If you’re looking to sell your home quickly, act fast and follow these steps.
Make Your Home Look Picture Perfect
If you want to sell your home, it’s important for it to look picture-perfect to potential buyers. Start fixing up your home’s interior appearance by giving it a deep clean. Remove clutter and unwanted items, and make sure to organize everything you leave in the house. It might be smart to get a storage unit to remove items that would take up unnecessary space in your home.
Next, make repairs in your house. While you probably don’t have time to make huge renovations, you can improve your interior by applying a fresh coat of paint to the walls, fixing loose tiles and repairing door handles and leaky faucets. You might even think about updating appliances or light fixtures.
Finally, stage the inside of your house and boost the exterior curb appeal. This will make potential buyers more interested in your home!
Set A Reasonable Price
Sometimes setting a price can be the hardest part of selling a house by owner. However, this stage is very important because pricing your house right can help it sell fast. When pricing your house, it’s important to consider the market and think about how much value your home and neighborhood have. You can do this by researching price trends and seeing how much similar homes in your area have sold for.
After you decide on a reasonable price, it’ll finally be time for you to create a marketing strategy to sell your home. Read on to become a real estate marketing expert.
Once you make decide to sell your own home, it’s time to come up with a good real estate marketing plan. This plan will help attract as many people into your home as possible, increasing the chances that your home will sell fast. Here are some of the best real estate marketing techniques you can apply.
More than 80% of all homes sold can be found on a multiple listing service. Given that statistic, you can see the importance that the MLS will have on your ability to sell your own home. Most buyers use agents when they’re searching for a new home. These agents typically use MLS listings to find homes that match their clients’ needs. So if you’re planning to make the sale on your own, listing your home on an MLS is one of the most important things you’ll need to do.
Being on the MLS is crucial for people to find your listing, but so is having photos and videos that make your home stand out and get people in the door. We already pointed out that you’re going to save a lot more money selling your home yourself, so use a portion of those savings on hiring a photographer. A great photographer can help bring your home to life. Just make sure to hire someone who has experience with home listings because they will be better able to make the important parts of your home stand out.
Although we live in a digital world, print advertising is still very important when selling a home. You can start your print advertising strategy by adding a for sale sign to your front yard. This will help let people know your house is on the market when they drive by. It’s also important to have an informational flyer you can hand out that will help other people know more about your home. A flyer lists the features of the home and includes a few images to give potential buyers something to look at after they leave the showing.
Would you be surprised to know that 66% of people have purchased something because of direct mail? While many people might think of snail mail as being an outdated form of marketing, it’s still very powerful. For that reason, many real estate agents are still using it successfully. Direct mail can give your home the opportunity to stand out. Anything you send out about your home should include information about the property, the price, the square footage, the property’s best features and some of the home’s best photos.
The goal of your marketing campaign is to get people inside your home. Then the house will hopefully sell itself. Thus, digital advertising should be an important part of your real estate marketing plan. Start by setting up a simple website for your home. This should include all the basic information, including the price, the number of bedrooms and bathrooms, the square footage and all the home’s features. Include interior and exterior photos as well. You can also create e-flyers that can be sent to agents who frequently work in your neighborhood, or post on social media accounts like Facebook, Twitter and Instagram.
Make Sure You Hold Open Houses
Hosting an open house is a great way to get more potential buyers in the door. Put up signs throughout your neighborhood so that it’s simple for people to find your home. You can also advertise your open house online and in your local newspaper.
Yes, there are closing costs when you sell a home yourself. Closing costs usually add up to 2 – 4% of the purchase price. In some states, buyers pay closing costs; in others, the seller and buyer share the costs.
Hopefully with this FSBO advice and marketing tips, you’re now ready to market and sell your house like a real estate agent. However, selling a home can still present some hurdles and challenges. If you find yourself needing some more guidance or have additional questions, ForSaleByOwner.com is here to assist with FSBO professionals and tools to help you along the way.
