A house is often considered the biggest financial investment a person can make in their lifetime. That’s why when it comes to selling it, every homeowner is doing their best to get the highest return on their investment at the closing table. While many people rely on the expertise of a realtor to help them along, there are others who decide to take on the task on their own.
The reality is selling your house without a realtor comes with a few advantages, including saving on commission fees, maintaining control over the situation, and possibly enjoying a quicker sale.
However, in order to reap all of these benefits, it is essential that you are well prepared in advance and know what steps to take. To get you started, follow our guide to be able to successfully sell your property without hiring a realtor.
1. Gather Your Paperwork
Before you start scheduling house showings and negotiating offers with potential buyers, you should first gather all necessary paperwork for a smooth sale. Some of these include:
- A residential property disclosure form;
- Homeowners' insurance records;
- Home repair and maintenance records;
- Receipts for capital improvements;
- Manuals and warranties;
- Past utility bills.
It is important to note that the documents required for your home sale can vary by state and country. For instance, if you live in the Great White North and decide to sell your home, make sure you check what paperwork for selling a house without a realtor in Canada is needed to make a hassle-free sale. For more assurance, consult with a real estate attorney for your particular situation and location.
Wondering How Much Mortgage You Can Afford?
Use an Affordability Calculator.View Calculator
2. Price Your Property Correctly
Setting the right price is crucial when planning to sell your home on your own. Many sellers often make the mistake of pricing their properties too high, which can throw off potential buyers. Others price it too low and end up with a financial loss.
To get a sense of your home’s true value, you can do a comparative market analysis by checking the prices of recent house sales in your area. This will give you an idea of how much your property is actually worth, based on the square footage and all the features it has.
Don’t forget to check the current housing market in your neighborhood because that will also affect your final listing price.
3. Prepare Your Property Before Putting It Up for Sale
If you want to sell your property fast and easily, then you must prepare it for sale properly. This doesn’t only include decluttering, but also ordering a home inspection to examine the house’s condition and check whether there are any structural or mechanical issues that need to be repaired immediately.
If you want to increase the value of your property, you can do a few home improvements such as kitchen remodeling, bathroom renovation, or adding a house extension, all of which can increase your house’s worth by 50%.
4. Advertise Your Home
Advertising your home is another important step you need to take when selling your property on your own. From posting online ads to creating brochures and adding the “For Sale” sign in your front yard, there are so many ways you can choose to get the word out.
If you choose to post an ad online or create a brochure, it is important that you use high-quality photos to make the property more appealing to potential buyers. For optimal results, you may also hire a professional photographer to take the photos for you.
5. Negotiate Offers
The negotiating process can be a bit challenging for new sellers because in most cases they will be dealing with the real estate agent of the potential buyers, instead of the buyers themselves.
In general, the price negotiations for your home will be determined by how many offers you have received so far. The key is to obtain as many decent offers as you can so you will have more power at the bargaining table.
However, if you have one single offer, multiple low offers or your property has been listed for a long time, the buyer will be able to negotiate the price that suits them best. Note that you aren’t obliged to accept every offer, but if you are desperate to sell your home, you may end up selling your property for a much lower amount than you expected.
Selling your house on your own may be a difficult task, but it isn’t impossible. There are a few things you need to consider to prepare yourself for the sale process so things can go smoothly. For more assistance, follow the tips from our post and go through the selling procedure successfully without the help of a realtor.
If you are in the market for home ownership, then having the right insurance products is also essential. Have you protected your family with life insurance yet? Do you have a supplemental health & dental policy that protects against unexpected costs? Have questions about other kinds of insurance? We can help. The experts at Insurdinary have decades of experience in the field and have helped millions of Canadians secure the right kind of financial products that secure yours, and your families futures.