If We Were To Sell Our Home Ourselves Today - What We Would Do Differently
I wrote the other day about our experience a few years ago in selling our home ourselves (without a real estate agent). If we were to sell our current home today we would do many of the same things again but with a few changes. What would we do different?
1. Advertising would be much more important. When we sold our house the last time, we were in the beginning of a seller’s market. That is not the case today. We would need to change our advertising strategy which would definitely include help from the MLS (Multiple Listing Service). There is a new web site www.iggyshouse.com that allows you to list on the MLS service for free. From their site:
Iggys House will list your home on the MLS (Multiple Listing Service). The MLS is a comprehensive listing system for sharing property information with real estate agents. More than 70% of all homes are sold through the MLS.
This service would allow our home to be viewed by many more people. It also means that a real estate agent would be showing buyers our home and we would have to pay them a commission. We would negotiate the rate with each individual agent to get the best possible deal. In our area a standard real estate commission is 3-1/2% for the buyer’s agent and 3-1/2% for the seller’s agent which is a total of 7% for the real estate commission. So we could potentially save half of the real estate commission by only having to pay the buyer’s agent. Either way we would get more potential buyers because of the exposure with the MLS service.
2. Advertise on the Internet. We would have a web site with all the information on our home, with pictures and contact information.
What would we do the same?
1. Require the potential buyers to provide a pre-approval letter from the mortgage company and provide some personal information. I received a couple of good questions from readers regarding the requirement of getting personal information from potential buyers. We required the information for several reasons. We wanted to show the home only to people who were serious buyers. We felt that if we were showing people our home, then they needed to provide proof of who they were and if they were serious about buying our home, they would have no problems doing this. The house was shown by appointment only. When people called to inquire about the house we told them the requirements for us showing the house to them including an appointment, filling out a form with their information, and the pre-approval letter from their mortgage company. We did not schedule any “open houses”. The pre-approval letter showed their intent to buy a home and that they could afford it. We didn’t want to be wasting our time with someone who clearly was not going to be able to get the financing, especially if we had other offers to choose from.
2. We would still hire a home inspector and would hire the appraiser as well. With the current market slowing it is important to price the house right the first time. We’ve seen several houses on the market in our subdivision that have been sitting there for months. These houses are definitely priced too high for the current market.
3. Make the property as attractive as possible. This would include painting as needed and improving the landscaping.
4. We would hire the same real estate attorney and use the same title company as before. Since we already have these professional contacts, we don’t need to shop for them all over again.
If you liked this article, please
Subscribe
Very helpful! We are thinking about selling our own home and would like to do it FSBO. Based upon your post, I don’t sense any regrets, etc? I prefer to hear firsthand experiences like yours vs the “how to” of some generalized article…thanks.
We have no regrets. Mr. Not Made of Money and I will always remember sitting in the car after the closing holding the check for the proceeds from the sale. It was a wonderful feeling!