Everyone that has sold property has at some point in time probably considered the pros and cons of selling said property on their own without the aid of a realtor, in hopes of keeping all of the profit in their very own pocket. Is such an undertaking even reasonable in today’s real estate market we might wonder? While not for everyone, many of us are more than capable of selling a piece of land, house, vacation property, etc., without the aid of a realtor and capable of doing it successfully.
No Gain is ever made without a bit of Sacrifice
The sacrifice will be time and energy from you, but the gain will be keeping the money from your sale in your own pocket and not having to share it with a realtor.
Get an Appraisal
A professional appraisal is the best way for you to know the factual value of what you are trying to sell. If a potential buyer needs to get a loan, you can rest assured that the asking price will not interfere with them acquiring a loan, as you will have the prior professional knowledge of the property’s true worth. If it comes down to bargaining, you will also know that the price you are asking is realistic and will not be deterred from your path by a potential buyer trying to get you to unreasonably lower your asking price.
Study the Markets
Look at what other properties both similar in style and in the area that yours is in, are selling for. Find out how long they have been on the market if they are still up for sale or how long they were if they have recently sold. Find out if those successfully sold were all through a realtor or if any were sold privately. Most people who have sold property on their own are often more than willing to share their experience with another attempting the same practice.
Ready the Property for Sale
If the property you are selling is a house, be sure it is in top shape before showing. Clear out clutter, fix those repairs you have been putting off, and highlight the features you consider selling points such as fireplaces, large windows, a pool, or good traffic flow. Minimize features that might detract from the properties overall pluses, such as small or non-existent closet space by clearing out those closets and making the most of their space with organization. If you are selling a bare lot or acreage, be sure access is not impeded. If a lane needs to be graveled or a lot cleared, do it. Do not rely on a potential buyer to be able to envision what it might look like if these activities were done later.
Unless you advertise in venues that potential buyers are likely to see, it will be impossible to sell. Consider the market you are trying to reach and advertise to reach that. Also, take advantage of any networking you might have access to, be it through your job or social associations. Do not be overbearing when getting the word out, but make it easy for someone interested to get access to what you are trying to sell. Make a webpage or blog with all of the pertinent information, create cards similar to a business card with many of the details including contact information to hand out when someone shows interest, and advertise in both local and regional papers in the real estate sections.