John M. Realty

Selling your home yourself requires an extensive commitment of time and effort to market your home, qualify buyers, negotiate well, and stay objective with potential buyers. If you can do that, read on.

Set your price by researching on the Internet, looking at other home prices in your area, and visiting the county tax records office to see what the homes actually sold for.

• You might want to invest in a few books and/or videos to support your efforts.
• Set your advertising budget. Most people who sell their homes themselves spend between $1,500 and $2,500.
• Create a color fact sheet, including photo’s and necessary information about your home. Color increases visibility of the fact sheet and perceived value of your home.
• Put a prominent FOR SALE sign in the yard.
• Display your fact sheet at work, in local supermarkets, and at other high visibility locations.
• Run daily and Sunday ads in the real estate section of your local newspaper.
• Send letters to every real estate office in a 20 mile radius.
• Create a small website and list the web address on all materials about your home.
• Return all calls to interested buyers promptly.
• Make appointments to see them as quickly as possible. If they’re seeing your house, they’re also looking at others.
• Be available days, nights and weekends to show you house.
• Constantly monitor the market and be ready to adjust to the trends.
• For your own safety and security, try to pre-qualify buyers before you invite them into your home. Ask questions over the phone, including:
  • Do they have a home to sell before they can purchase your home?
  • Is their home is under agreement if so, how far along in the process are they?
  • Is the buyer of their home a qualified buyer?
  • Have the home inspections been performed and released?

It’s easy to see why the idea of selling on your own is tempting. But saving that commission can ultimately cost you more than you saved. Why?

First, it’s an interruption of your personal and business lives. How much is that worth?

Second, you have to spend a substantial amount to advertise. Successful Realtor’s allocate a minimum of 10% to advertising. You should be prepared to spend between a minimum of $1,500 to $2,500 on newspaper ads, color fact sheets and flyers, signs, postage and your Internet presence.

Third, if you welcome brokers to show your home, you’ll have to sacrifice part of the “saved” commission to them. Add that to what you spend and your savings may not be worth your effort. Licensed Realtor’s are professionals at what they do. Think of it this way:

Could someone merely watch a video or read a manual about YOUR job and accomplish what you succeed in doing every day?

Could you take the place of other professionals you trust in your life? Would you cut your own hair? Would you represent yourself in court? What about install a heating system or up grading your electrical box?

Good Realtors are home buying and selling professionals with a complex combination of skills and experience, including:

• Marketing
• Sales
• Negotiating
• Qualifying buyers
• Staging the home
• Handling objections
• Developing strategies and plans
• Managing your contract
• Getting you to the closing table

However, if you’re willing to invest your time and effort, list it yourself and see how it goes. Give yourself 30 days. Research shows if a home hasn’t sold within 21 days, you won’t sell it on your own.