Selling Your Home Yourself
Posted on May 20, 2010
Filed Under For Sale By Owner, For Sale By Owner Listings, Lease To Own Terms, Minnesota Real Estate, Real Estate Professionals | Leave a Comment
Let’s face it, real estate agents occasionally get overpaid for what they do. Several years ago agents were writing up offers within minutes of a home going on the market. They made thousands of dollars for less than a couple hours of work. If you have a more expensive home, such as many of the Lake Minnetonka homes for sale, you could look at paying your real estate agent $20-40k for their services.
In this age of the internet, Twitter, Facebook, Linkedin and other electronic media, it seems like it should be easier than ever to sell your home by yourself. For Sale By Owner (FSBO) is common now. Not only could you save the commissions, but you would be in the middle of the process and negotiations. You would understand each piece of how your home is being represented and marketed. Some home owners are not up for this level of involvement, but others are. You will need to decide if you have the time patience and stamina to play real estatae agent. If you are up for it, here are some quick tips:
- Depending upon where you live, you may be able to find a real estate agent that will process all the purchase agreement paperwork for you for a nominal fee. I know of a few Lake Minnetonka real estate agents that will do this for about $1000. They are not getting a commission and can’t give you advice, they are simply a neutral 3rd party that is making sure the paperwork is done correctly and the transaction gets closed quickly and correctly.
- Search on the internet to see if your area has any service that will put your home on the MLS for a flat fee. These companies are popping up in most major cities. Again, they do not charge a commission, but simply an up front flat fee that puts your home on the MLS and then maybe supplies you with a sign and brochures.
- Remember to do everything to market you home that a real estate agent would do including sending emails to your sphere of influence, talking to your neighbors, creating brochures, and holding open houses.
- Consider if a lease to own option is good for you. This contract is best created by a qualifed agent or attorney. You’ll be allowing your buying party to move in prior to changing ownership out of your name.
You can sell your home yourself, but it does require work and determination. You are not just cutting out the commission, you are replacing the agent and his work with your own. As an added bonus, you may discover that you actually like marketing real estate, and have found a new career!
Good luck with your attempts to sell your home yourself. It woudn’t hurt to keep track of the agents that stop by to visit, in case you decide to hire a real estate agent instead!
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