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What is an advantage of Selling by Owner?
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Why would an agent who has a buyer on hand jeopardize a deal when a buyer is ready to make an offer on your listing? |
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How to prepare my home for showing? |
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How do I share my listing? |
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What video file formats can I upload? |
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What photo file formats can I upload? |
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| Q: What is an advantage of Selling by Owner? |
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Paying average 6% commission to a Real Estate Agent when you sell your home is not what many home sellers want to do. There is the possibility to sell it “For Sale by Owner” by placing an add in the newspaper (costs
about $240 for 4 weeks) and it is one among many others, use a “For Sale by Owner” web site or put the “For Sale by Owner” yard sign up.
Everybody knows that you won’t pay commission on the sale and will try to get your price down so the only advantage you will have is that you are most likely to be more competitive because your price is more
reasonable than MLS listings.
Most buyers find there new home online by searching Real Estate web sites and take some first picks on potential matches for what they are looking for.
Since the buyer does not pay a Real Estate Agent when buying; most deals are closed by an Agent who does all the paperwork and takes care of the transaction. This is definitely an advantage for the buyer. On the
sellers site when the property is listed in the MLS the so called “listing agent” puts the property on the MLS and when it comes to the closing he/she will collect usually half of the average 6% listing commission, the buyers agent gets the other half.
If you are able to show your home yourself and negotiate your contract you can save half percent of the commission (about $6000 on a $200,000 sale and have a nice vacation instead paying it to the listing agent.
Although the Real Estate industry does not like this model too much if an agent can make a deal because your home is well priced and buyers are interested and want to see your home he/she will show your home. Although
the code of Ethics prohibit refusing to show a so called “Flat Fee Listing” you could get calls from agents suggesting that they have a buyer but in order to show your home you have to list with them as a full service agent and pay full commission. |
| Q: Why would an agent who has a buyer on hand jeopardize a deal when a buyer is ready to make an offer on your listing? |
| When the buyer wants to buy your home the commission on his/her part is secured. Saving the commission is great but you have to take care of parts of the selling process yourself.
The most important part is to make sure that the home is available for showings. Make sure you answer the phone that is listed on the MLS or at least check your messages within reasonable time frames.
Give clear and detailed directions to your home.
Provide access or make sure that the agent and his/her clients can enter the subdivision if this is a gated community.
If there is a lock box in place it is very likely that an agent drives by and can’t get in because he/she can’t reach you for the lock box code.
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| Q: How to prepare my home for showing? |
It is your home now but soon it is going to be someone else’s. Put yourself into the shoes of a buyer who wants to find a home and is looking at your house.
The people who come and see your house have chosen it because obviously criterion matches what they are looking for.
There are different types of buyers but all of them want to buy a place, and hopefully they will make an offer on your home.
What are buyers consider while looking for a property?
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area
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price
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type of home (condo, townhouse, single family, duplex etc.)
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size of the home
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location (waterfront, urban, city etc.)
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condition
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type of construction
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community features
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home features
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appliances
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security
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restrictions
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schools
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pets allowed
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accessibility
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fees and taxes
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more......
There are buyers who are looking for a place ready to move in and others may be considering to fix up a home or to do major improvements themselves.
The ideal situation is a unfurnished home with neutral colors and open space to let the visitor imagine how it might look with their own furniture and decorating ideas.
A lot of emotions are involved when someone is looking for a place they want to call home.
(Some little advice here: Provide a good lighting in the home to let it look light and bright and open to welcome the visitor. Some suggest baking fresh bread or making coffee to have a “homey” scent in the house.)
Let the visitor find their own way when possible, let them feel comfortable to imagine this could be the place they would like to call home.
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| Q: How do I share my listing? |
Anyone who is on the site can see your public listing. Here are some other ways to share:
- You may email the link to your listing (Homepage Address) to any potential buyers.
- You may publish the link in a newspaper ad or any other media.
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| Q: What video file formats can I upload? |
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We accept video files from most digital cameras, camcorders, and cell phones in the .WMV, .AVI, .MOV, and .MPG file formats.
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| Q: What photo file formats can I upload? |
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We accept images in the .JPG, .JPEG, and .GIF file formats.
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