Selling Your Own Real Estate
The process of buying real estate has always been complicated, and has for some centuries required a number of professional specialists who understand the laws and commerce involved in the process. However, one way this process can unfold is by selling your own property as a real estate sale owner. This process is commonly known as for sale by owner and can, if handled properly, reduce the cost of selling your real estate considerably. Since real estate agents may take up to six percent of a huge sale price, it is certainly an option worth considering to the tune of several thousand dollars in savings.
The first thing one should do is familiarize yourself with the local real estate market. Online real estate websites are invaluable for this process, allowing you to see what similar properties have been sold and for how much. Ideally, you will be able to compare the prices of properties in your neighborhood or even on your street. The closer to your property, the more accurate an appraisal you can get for the value of your property. Base the price of your home in terms of age, size and condition, again using the values of similar properties as a benchmark for what the property is theoretically worth. Take pains not to overvalue the worth of home improvements, as this can turn off a lot of buyers who may or may not see those improvements as worth the cost.
Another option is to hire an appraiser to estimate a fair market value of your property. These people are professionals who know the real estate market inside and out and, if they are good at their jobs, can come up with a competitive price for your property. If you’re about to do renovations to the property, hire an appraiser only after you have finished those renovations, particularly if you expect those renovations to increase the value of the property. With a fair market value in mind, you can then decide on a worthwhile price for the property you’re selling.
The next step is letting the world know that the property is indeed for sale. One particularly notable possibility is contacting a local realty company to ask about FSBO Multiple Listing Services, which are accessible only to licensed real estate agents, but can more easily bring the attention of real estate agents working for buyers to your property. In addition, some companies are willing to create a listing for a flat rate rather than a cut of the final sale price, making this option particularly worth looking into. You may also need to negotiate a fee when a potential buyer’s real estate agent brings them to your property.
Some time honored methods are also widely used in selling your own real estate. Purchasing a classified ad in a local newspaper is a good start. Additionally, some areas have publications specifically for the listing of real estate, so it benefits the seller to examine those options as well. Most of these will charge a flat rate for their services, prices that are usually reasonable. There are also websites that specialize in FSBO listing, among them HomeByOwner.com. Again, they will almost always charge a flat fee for the listing. Also online, consider potential free advertising for your home’s listing; Craigslist is free online classified ads and spreading the word on social media can easily draw attention to your home. Consider putting up a video tour of your property on video sharing sites that potential buyers could watch before they contact you.
The process of selling your own real estate can be challenging, with many different choices that must be made along the way. However, with patience and determination, the process can be accomplished. Stick to it, and your property will be sold.
Want to make the process of selling your house even easier? Contact us at HomeSolutionsFLA now and let us make a free no obligation cash offer for your home.