The real estate commission earned on the sale of your property can be a considerable amount of money, so it's understandably tempting to try to save that money and sell a home yourself.
Before you decide to market your own property, keep in mind the steps you will have to take care of yourself, without the assistance of an agent.
Step 1: Conduct your own mini walk-through inspection. Make notes of all items that need repair or improvement. Your checklist might include:
- Fresh, clean paint throughout.
- Clean windows and window coverings throughout.
- Well-manicured lawn and yard.
- Plumbing and all appliances in working order.
- New or cleaned carpet.
- All sealants (window, tub, shower, sink, etc.) in good condition.
- Roof and gutters in good condition; no repair needed.
Step 2: Make all necessary repairs and improvements before you begin to advertise your property.
Step 3: Carefully research information regarding the prices and terms of sales in today's real estate market. Investigate recent sales prices for property similar to yours in your immediate area. Then establish a realistic price for your property based on that information.
Step 4: Meet with local lenders and determine financing alternatives for your prospective buyers.
Step 5: Determine which Internet sites, newspapers, home magazines, etc., will best advertise your property. Call them for rates and deadlines.
Step 6: Establish an advertising budget. Prepare a contingency advertising budget in case your home does not sell as quickly as you anticipate.
Step 7: Prepare a professional, attention-getting advertisement that will attract the right buyer to your property. Place your ad in the newspaper. Upload your information and photos to the Internet.
Step 8: Prepare a plan to reach those out-of-town buyers who account for a major portion of today's home purchasers.
Step 9: Purchase an eye-catching and weatherproof yard sign; install it in front of your property.
Step 10: Purchase open house signs and position them in paths that lead from main roads or thoroughfares, through the neighborhoods and to the property. Put these signs out each time you hold an open house, and be sure to take them down after each open house.
Step 11: Prepare a feature/benefit fact sheet outlining specific features of your home and the corresponding benefits to prospective purchasers.
Step 12: Schedule and conduct open house weekdays as well as weekends. Make your property more inviting by placing freshly cut flowers in several rooms. You might burn scented candles in the living room, kitchen, and baths. The aroma of freshly-baked bread or cookies also adds to the ambiance of your property.
Step 13: Be available at all times so that you can walk through the property with prospective buyers to answer their questions and offer information about local schools, parks, transportation, shopping, places of worship, etc.
Step 14: Respond to telephone and e-mail requests for information in a timely manner. Learn how to separate the "lookers" from qualified buyers. Ask for names and phone numbers and be sure to follow up with telephone calls.
Step 15: Be prepared to negotiate with the buyer as though you are an impartial third party. Remain calm and refrain from any emotional outburst that might spoil a sale.
Step 16: Obtain all forms necessary for the legal sale of real property, such as:
- Deposit Receipt and Offer to Purchase
- Buyer's Cost Sheet
- Seller's Disclosure Form?in our increasingly litigious society, it is imperative that all known defects be disclosed to the buyer.
Step 17: Determine the type of financing you are willing to consider, such as:
- FHA
- VA
- Seller carryback first loan
- Conventional loan with seller carryback second loan
- "Wrap around" loan
Step 18: Negotiate with the buyer all final terms of sale, including price, financing, inspections, date of closing, date of possession, and other pertinent considerations.
Step 19: Plan a final walk-through with the buyer before the settlement process is complete in order to resolve any disputes. Have a witness present.
Step 20: While you are marketing your current property, locate and negotiate to purchase your next home. Attempt to schedule both transactions so they close simultaneously, so that you and the buyer are able to move at the same time.
