Posted on 6/12/2013

A real estate agent takes a 5 to 6% commission of your home’s value. For many homeowners, this results in a loss of thousands and thousands of dollars. Luckily for you, technology makes it easier than ever to sell your house yourself, using these websites as resources. For Sale By Owner never sounded so good.

The Price Is Right

To have a chance at selling your home yourself, one of the most effective things you can do is set the price correctly, based on what similar houses in your neighborhood have sold for and the state of the market. Sites like realtor.com, zillow.com and homegain.com can help you see what other similar houses in your area have sold for, although you may want to consider any extra features that your home has. And always market your home a little bit under a whole number; for example, instead of $250,000, set the price at $249, 900. The most common mistake that home owners make is asking too much for their home. Because you are skipping the commission, you can afford to price it a little lower than you normally would.

Get The Word Out 

To market your home, attack from a variety of angles. Ads in the local newspaper are still important, because many people are simply “trading up” homes, but want to stay in the same community. Additionally, list your home on craiglist.com. For slightly more money (and better results, especially if it’s a buyer’s market), list your home in the local Multiple Listing Service (MLS). This is how real estate agents stay connected and find out about homes for sale. To get your home on the MLS without an agent, Google “Flat Fee MLS.” You should be able to list your home for a couple hundred dollars.

Open House 

Once the word is out about your house being ready to sell, it’s time to start showing your place to potential buyers! Make sure your house is clean from top to bottom, personal items are stowed away, and any necessary repairs are made. Getting rid of clutter is extremely important, since all your personal belongings make your house look smaller. The outside appearance of the house is especially important, since that is what will lure people in. Additionally, you need to advertise in your neighborhood using signs and brochures. Websites like FSBO.com sell packaged kits (which start at less than $100) that include professional yard signs and brochures that make it easier to attract attention.

Keep in mind that if you are going to sell your house yourself, you have to be committed to putting in the time to show it. This means making yourself available when a potential buyer is ready to see it. Sometimes the “cost” of selling your home is the time spent.

While you may be tempted to hold an open house, keep in mind that very few sales happen as a result of an open house. Real estate agents rely on the open house to increase their network of buyers and sellers, which is why they are so popular despite lagging results. However, if you still want to have one, having some light refreshments and mildly scented candles can’t hurt. Just don’t be disappointed if it doesn’t result in an offer.

Close In 

When you start to get offers, remember to think of this as a business transaction. Don’t let your personal memories of your house cloud your judgement. Once you have an offer that you’re willing to accept, it’s a good idea to hire a real estate attorney to look over the paperwork so you don’t get into any legal issues. Even with the cost of the attorney and listing your home online, you should be able to save thousands of dollars by selling your home yourself.

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