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Selling Your Home...
On Your Own
You
may be tempted to sell your home yourself – just think of the real
estate commission you can save. Or maybe you love a personal
challenge and want to go it alone. Whatever your reason, do your
homework first and understand what you’re getting into.
There are several resources available to help you sell your home on
your own. Do some advance research and find out what’s happening in
your market. Make sure your interests are fully protected. It’s
imperative that you consult with a real estate lawyer before signing
the final offer.
When
becoming your own agent, you’ll have to:
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Determine the market price of your home
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Design a marketing plan
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Prepare, schedule, and run ads
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Pre-qualify prospective buyers
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Be available to show your home
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Be familiar with the legalities of an offer
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Negotiate the offer and counter-offers
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Be prepared to spend a lot of time and
energy in the process
If
you choose the For Sale By Owner route, be aware of the two most
common obstacles that can block your success.
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Limited marketing exposure
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Attracting serious buyers
As
an independent, you cannot list your property through MLS®,
virtually taking you off the market from serious shoppers. Real
estate agents have no incentive to show your home to buyers as they
won’t earn a commission and out of town (or neighbourhood) buyers
may never learn about your home. Potential buyers are often bargain
hunters, looking to chip away your asking price for a real deal –
after all, you are saving all those commission dollars.
To
get the word out, you’ll have to put an enormous amount of cash into
marketing your home. Many times it can exceed what you would have
paid out in commissions. A small classified ad is easily overlooked
by the large brokerage firms, which showcase a number of properties
within a single ad. Plus, you’ll have to work all open houses and
showings yourself – at the prospective buyer’s convenience.
Statistics show that 93% of all For Sale by Owners eventually end up
choosing a broker but often it’s too late. Realtors can sell your
home for more money and faster. Why?
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1. |
The
more buyers you have the more money you can sell your home
for. |
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2. |
Real estate agents are experienced at separating the lookers
from the buyers. |
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3. |
The
longer it takes to sell your home, the more money you will
lose. By trying to save money, you may lose it. |
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4. |
Realtors have extensive marketing options available.
Higher Exposure = More Prospects = More Opportunities To Sell
= More Money |
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5. |
Third party negotiating can save you money. Realtors are
trained negotiators and have the knowledge and expertise
needed to get you the most value for your home. |
If
you have an interested buyer before you list your home, the
independent route may work for you but remember to protect your
interests. Marketing your home is a vital part of the sale. Are
you prepared for the long haul? |
