Selling your house without a real estate broker sounds like an unnecessary inconvenience. The Balance explains that you generally make more when you sell with an agent —almost 22% more, depending on the real estate market. Yet there are certain advantages to selling your property on your own, one of them being that you cut out the middleman. If you believe you have a property that will sell easily you can save a lot of money by not paying a broker’s commission.
NYC real estate experts Yoreevo explain that brokers can ask for as much as 6%, on top of the other services they provide. If your property is in a prime location, like New York, then it will be in high demand, and the commission will be an added expense rather than you paying for a beneficial service. So, in this article we will look at the best way to sell an apartment without a broker.
Selling your home is an emotional process and it can cause you to make mistakes like overpricing or refusing to counter a low offer. Teles Properties realtor David Kean notes that you will hear a lot of negative comments about your home coming from potential buyers, but you shouldn’t take it personally. If you choose to sell your property on your own, you need to be prepared for rejection. Take comments as constructive criticism and try to put yourself in the buyers’ shoes – they only want to get value for money. This is why setting the right price is difficult.
Set the right price
Consumer Reports highly recommend you set the price according to hard data and not how you feel. Online pricing calculators allow you to see a rough estimate of your home’s value. Compare your property with other houses on the market through websites like the Federal Housing Finance Agency. It offers tools that use sales data pulled from mortgages backed by the Federal Housing Administration. This will give you a clear idea of the ballpark figure.
Most homebuyers search for properties online so you have to make sure your listing is on pertinent real estate websites. Some of the most popular sites for listings include ForSaleByOwner, Patch, and StreetEasy. You can also sign up for Multiple Listing Service, which costs about $400 a year. Some of your choices include EntryOnly, FSBO, and Owners. It’s also a good idea to use social media to your advantage, particularly Facebook Marketplace.
Take good photos of your home
First impressions last, so make sure you put up beautiful photos of your home online. If you have the budget, hire a professional photographer to do it as they will be able to make your property’s listing photos look far more professional. If you are taking them yourself, think like a buyer — you would want to see a photo of every room in the house, including the exterior and the garden. Bedrooms, bathrooms, kitchens, and recent home improvements should all be highlighted.
Share why you’re selling
It’s probably one of the first questions potential buyers would ask you — don’t be afraid to share it, especially if your reason is as practical as geo-arbitrage. In another post on this site, ‘Thoughts on Geo-arbitrage’ it’s defined as the act of taking advantage of cost of living differences. This is when you move from cities with higher costs of living like Toronto, New York, and Vancouver, to somewhere more affordable. After all, there’s nothing wrong with a little practicality, and some homeowners will be in the same boat.
Selling your home without a broker might seem like navigating a minefield alone, but it is possible if you approach it the right way. As long as you are honest in your approach and remove emotion from the selling process, there is no reason why you shouldn’t be able to sell your property on your own.
Contributed by Abigail Field