If you’re thinking about selling on your own without a realtor, you’re in for a bumpy ride – but like the old saying goes, nothing ventured, nothing gained, right?
Hopefully, at least that’s what we tell ourselves.
Here we’re going to talk about how you can overcome all the challenges of selling your own home, all without giving a realtor that 5% commission.
Tabular Rasa: An Empty Space is a Happy Space
From all those property flipping shows you might think that you need to dress up your home with tens of thousands of furnishings and fresh flowers… but you don’t.
If you want to sell your home, start by giving it a good scrub! A clean home free of clutter will attract more buyers than a home that’s been stuffed to the brim with your great-aunt Mimi’s antique vases.
Full home staging is always an option, but you’ll want to work closely with a staging professional or interior designer to make sure you’re projecting the right impression to homebuyers that will breeze through your open house.
A Picture is a Worth a Thousand Words
And a bad picture is worth thousands of dollars in potential loss. There’s nothing wrong going the DIY route to sell your home, but you need to know that you’re putting your best face forward.
This means hiring a professional photographer with the proper equipment (lighting, DSLR, meters, the whole enchilada) and a portfolio of homes they’ve helped sell. Expect to spend hundreds of dollars on a real photographer – and expect to see thousands of dollars in returns.
Hire a Listing Agent
So you don’t want to work with a realtor to sell your home – that’s fine. But you still want to pop up in the MLS listings when buyers are browsing online.
Just beware the fact that even if you do pay a listing agent to put you on the MLS, many realtors will refuse to show your home to their clients. The last thing they’ll want is for their clients to get funny ideas in their head about doing it on their own.
But some will, and those realtors will bring all kinds of wonderful people to check out what you have to offer. Also think about paying a buyer’s agent commission – it gives realtors an extra incentive to work with you.
How Much is it Worth?
When you’re doing it on your own, how much you price your home is all up to you.
But there are a few different ways you can figure out how much your home is worth. You can hire two appraisers (yes, two!) to evaluate your property, and you can look at the homes around you to figure out what the average price is in your neighbourhood.
But the most important thing is to ask yourself if you can really do this. Can you afford to spend an extra 20 hours each week to selling your home? In the end, will the 2.5% you save be worth all that hard work, all those sleepless nights, all the guesswork on your asking price to maybe save a little money?
But a little research ahead of time will help you understand what you’re getting into and if this is really what’s right for you. Talk to a realtor, talk to a property specialist, look at your neighbourhood and how fast the homes are flying off the market, then go from there.
The Goodale Miller Team is the #1 team in Canada for Century 21 11 years running. Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. You can visit their website here.