Thinking about selling your home on your own? Here are a few things to consider when considering on selling alone or with an agent.
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Amount of Time
Depending on the market conditions, homes can be on the market for a few weeks to a few months before they sell. One thing to take into consideration is the amount of time needed to sell your home. There are many elements that happen before you sell your home. This includes the amount of time to:
- Complete projects around the house
- Research how to price your home competitively
- Organize your marketing materials
- Interact with buyer’s/buyer’s agents during the sale
- Host open houses/showings (3 – 4 hours)
- Negotiate terms of offers made
- Set up closing
For many individuals working full time and for families busy with extracurricular activities around the clock, finding time to sell your home is often the largest challenge. Write down the amount of “free” time you have each week and compare that to the estimated amount of time needed to complete the steps above.
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Online Marketing
Many individuals who sell on their own post purchase a few yard signs to promote their sale. But is that really enough? Over 85% of home buyers start their search online and if you want to reach more than a few drives-bys, you will need an online marketing plan.
Digitally promoting your home is the direction most home sales are going. Many top agents have a unique listing package that includes virtual walk-throughs, custom home websites, social media promotion and optimized home listings on third-party sites.
Consider looking into digital marketing options like social media, Craigslist, Trulia, etc. when you’re listing your home online. Remember your online presence is one of the top ways to attract more buyers.
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Cost of Supplies
Outside of the amount of time needed to sell your home, there are also some costs up front that are often involved in selling your home.
- Yard Signs – $150 – $200
- Zillow, Trulia, Realtor Online Listing – $99/mo – $149/mo
- Website/Online Lisiting – $250 – $350
- Flyers/Promotional Hand-Out – $50 – $100
Total: Est. $675
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Knowledge of Real Estate Market
Each home is unique and on the same note, each home sale is unique as well. Because the process of selling a home is quite complex, it’s important to have an understanding before entering into a legal agreement. Real estate agents have an in-depth knowledge of the market, as well as their state requirements and laws. Certain laws are enacted to protect both the buyers and sellers during a transaction and failure to understand or comply with them may have costly repercussions down the road.
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Constant Communication with Buyer’s Agents
As the sole point of contact for your home sale, you can expect constant communication from buyer’s and buyer’s agents throughout the sale. This may consist of text messages, phone calls, emails, or in-person visits throughout all hours of the day. Although seemingly exciting to have interested buyers, the constant communication and negotiations often can be overwhelming and stressful.
Brought to you by:
Austin Solomon, Realtor | Coldwell Banker Action, Schofield, WI