Whether you’re straight out of college and ready to move out of the house, or simply looking to relocate yourself, house hunting can be a stressful and lengthy process. Just when you thought you’ve found the perfect home for the perfect price, commission fees are taken out, leaving you with significantly less spending money than before. There is a way to avoid this though.
In recent years, people have begun creating their own prices, marketing their own property, and selling their own homes. While this may seem to be even more stressful than the initial process, becoming your own realtor is actually a pretty manageable operation thanks to the real estate companies that have allowed it to be.
When you really look at it, all a realtor does is:
- List your home through the Multiple Listing Service (MLS)
- Market it through advertisements
- Host and schedule showings
- Help with negotiations
Of the four items listed, the only thing that may strike you as most unachievable is the MLS listing. Not too long ago, though, some real estate firms have started offering a service that allows you to do this yourself.
With all these resources so easily available to you, why would you ever risk losing out on that extra commission cash again?
How exactly do I start the process?
1. Determining a Price
After making the wise decision of undergoing house sales yourself, you must settle on a listing price. This price can be determined based upon a variety of factors, including:
- The supply and demand of houses at the time that which you sell it
- The status of the economy
- Interest rates
- Demographics of the neighboring communities
- Overall location in regard to entertainment, restaurants, and public facilities
2. List it on the MLS
Following the determination of the houses worth, it must be listed through the Multiple Listing Service (MLS).
The MLS is a suite of about 700 regional databases, each with their own listings. This is the place where which agents pay to be able to catalog homes on the market. If you’re looking to sell your home yourself, you’ll have to pay the flat fee to have access to it.
3. It’s All About the Advertisements
Once you’ve listed it, word of a sale will need to make it out into the world. This can be done via the internet, signs, or even brochures. As more people gain notice of your home and its great surrounding features, you’ll want to begin hosting open houses.
An open house is simply a viewing of the interior of a house being sold. They can be kept plain and simple, or spiced up with some snacks and refreshments.
In order for an open house to go well, you must really be aware of your property’s strong points. This will enable you to verbally highlight and emphasize why someone should buy your home. 4
4. Prepare and Perform Open Houses
The open house is one of the most crucial parts of the whole process. The main idea is allowing the image of your home to develop as the perfect place to live in the mind of those who come to view it. You want them to see themselves living and growing their lives there.
In order to do this, a thorough deep cleaning and decluttering must be done. You should strip your furniture and decorations down to the bare minimum so that viewers are able to imagine their own belongings instead.
5. Begin Negotiating (legally of course)
Negotiations will take place in the form of contracts that are sent to sellers, who can either accept, reject, or revise the offered amount. Contracts will keep being administered and altered until both sides agree.
If you’re unsure as to whether an offer is good or not, you should consult an attorney or real estate agent that won’t require anything other than a flat fee.
Through each of these steps, all the way up until the end of negotiations, it is imperative that ensure all actions made are completely legal, not only in the U.S but also in your state specifically.
If you do decide to have things reviewed by an attorney or real estate agent, they will likely let you know of any misconduct that could have occurred. For your own safety and well being, check out your state Real Estate laws before conducting any step in the process.