When thinking about selling your Reno house, you need to know that you have options! Everyone thinks that there is really only one way to sell a house. Listing your home with a realtor is not the only way to sell your house. More and more people are learning how to sell their homes without an agent and selling it on their own, which in turn, saves time and money! Learn more about how to sell your house for sale by owner in our latest blog!
How To Sell Your House By Owner in Reno
What are the benefits of for sale by owner?
There are numerous benefits to eliminating the middle man. One of the biggest benefits is saving money. Both on commissions and out of pocket expenses when you go to list the home.
To be able to offer a competitive property, you will most likely need to make some repairs and upgrades to the home. If you have ever done a home repair project yourself, you will know that there are typically unforeseen costs and several trips to Home Depot or Lowes. If you hire a professional, your costs can be significantly higher. Only take on projects you know you are capable of. This isn’t the time to start practicing your new wall texturing methods, even though they make it look easy on YouTube.
When you don’t use a real estate agent, the best thing is, you don’t have to pay anyone a commission. A direct sale between two private parties will allow you to keep money in your pocket! You can expect to pay about 6% of your final sale price is commissions to the agents. This can be several thousand dollars! Also, when you work with an agent, you will typically be bound by a listing agreement, giving them the exclusive right to sell. This means, no matter how you sell the home (even if you find the buyer yourself) you will still owe a commission to your agent. And you’ll want to keep in mind that if your buyer is represented by an agent, you will still have to pay commissions, and you can negotiate the commission. But don’t let that completely discourage you from selling by owner.
How do I get started on selling my house myself?
First things first, you’ll want to set your price, but make sure you do your homework on it. People often think their homes are worth more than they actually are. Don’t count on Zillow or other sites to give you your home value. Most realtors never go by these numbers as they often become skewed by false data. Research is key when determining the value of your home. Look at what houses in your area are selling for. Not what they are listed at, but what the final sales prices are. You can ask a realtor to help with a CMA, get information without signing a listing agreement. If you try to set your price high and aren’t seeing any interest, you can always lower it. However, prospective buyers will be able to see your pricing history on the MLS and sites like Zillow and Trulia. Repeated, small drops can make you look desperate as a seller, or it could signal that something is wrong with the home. Try to set a fair and well-thought-out price from the get-go, and you won’t have to deal with lowering it or not having interest. You can always seek the opinion of a professional appraiser or get a broker price opinion or BPO. This will typically cost a few hundred dollars.
Work Your Advertising Game
Pictures say a thousand words! Time and time again, you see real estate listings with poor imagery. If you want to sell your house using online advertising, you need to have great pictures! If your pictures don’t look professional, hire a pro! This might be one of the best things you do when selling your home. In addition to great pictures, you need to make sure the text gives as much detail about the property as possible. Let people know exactly what they are getting, and make sure to touch on every amenity the house offers. Be sure to be mindful of Protected Classes in all of your advertising.
Make It Happen!
You will want to prepare your house for listing. Clean like you have never cleaned before and make any noticeable repairs. Get a head start on packing by removing all clutter and personal items from the home. As much as you like the picture of the gigantic fish you landed at your last fishing expedition, your potential buyers may not want to buy the home anymore. People don’t like to feel as if they are intruding when they enter your home.
Make a list of selling points/upgrades to show prospective buyers. If the AC was replaced last year, and the roof the year before that, be sure to let them know. Hand out a flyer or brochure with this information, as well as your contact info. You will also want to be a “concierge” to prospective buyers. An agent can usually answer questions about the area, and you should be able to too. Make a map with important places marked. Know where schools are and how long commutes take.
You’ve Found A Buyer, Now What?
When selling a house by owner, you don’t have the help of a real estate agent so you have to get all the paperwork together yourself. First, create a purchase contract and accept only WRITTEN offers that include an earnest money deposit (EMD). You can find a simple purchase contract on the internet or at Office Depot. However, we recommend that you should consult with an attorney and accept the offer only on their approval. Without an agent, you will need to handle all legal and financial paperwork. It is best to work with a lawyer, and a title company you know and trust! If you don’t know of either, we can recommend one to suit your needs.