Whether you are moving away or just want to downsize, selling a home is something most of us will have to do at one time or another. Many people will enlist a real estate agent’s help to sell their home, but this isn’t always the case.
Some will instead decide to sell on their own. Doing this has the potential to save you money (as you won’t pay commission fees) and gives you more control over the whole process. However, there are some ways it can go terribly wrong as well. This article is going to go over a couple of mistakes to watch out for when selling without a realtor.
Doing it All Alone
Just because you are selling your home without a realtor’s direct help doesn’t mean you can’t use some assistance. There are plenty of ways to get some help when selling your home that doesn’t involve paying thousands of dollars. First of all, you should be sure to use the internet. It can provide a wealth of worthwhile information.
For example, a site like this can provide you a ton of information and tips on selling a home without the need for a real estate agent. Plenty of forums and message boards exist to help answer questions, too.
Also, don’t hesitate to ask friends or family members who might have experience in the space for their opinions or guidance. If you try to do everything alone, it can be not only difficult but quite overwhelming.
Setting the Wrong Price
Getting the pricing wrong is another common mistake that is seen amongst those who sell their home on their own. While it may seem easy and straightforward to set a price on a home, this is not the case. There are many variables in place, such as the age of the home, location, renovations, storage space, and so many others.
Pricing is important as it will directly influence how much profit you make from the sale. If you set the price too low, you might end up with a bad deal and not have the kind of exit you desired. On the other hand, if the price is too high, you will get limited interest and the home could sit on the market for months.
In order to get the pricing right, you need to do some research. Look at the average selling prices in your area, and compare those homes to what yours has to offer. Also, be sure to be realistic when it comes to the value of your home. Many people often overvalue their homes, which can lead to setting a price that is far too high.
While the real estate agent generally handles negotiations, if there isn’t one present, that is your job. Unfortunately, negotiating such a big purchase is easier said than done. You want to get as much money as possible, while buyers want to spend as little as possible. As you could imagine, this can lead to some difficult negotiations. Expect a lot of back and forths and a good amount of compromises.
If you don’t have the necessary negotiation skills to get the job done, you could end up getting taken advantage of or not being able to close the deal successfully. Thankfully, there are plenty of resources out there that can help you learn more about negotiations and help you improve your skills.
If you can manage to avoid these mistakes, there is a much better chance that you will achieve success when it comes to selling your home without a realtor.