How to Sell a House without a Realtor?

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“How to sell a house without a realtor? The traditional model for selling real estate is as follows: The seller decides to sell their house, finds a realtor, and works with them to sell their home. The seller pays the agent a commission, generally 5-6 percent.”

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How to Sell a House without a Realtor?

Fed Economic Data indicates that American homes sold for $431,000 on average in late 2023, which means the average homeowner would have had to pay roughly $21,550 to $25,860 in realtor fees.

It is possible to market your home without the help of a real estate agent, and you must be thinking about it before you decide to do it yourself. Before selling your house without a realtor, fully understand what you’re signing up for.

 

What Is A Realtor?

An agent is an actual estate professional who is a member of the National Association of Realtors (NAR). NAR has been in existence since 1908 and is the most prestigious professional association in the United States. Real estate agents who want to join the association must possess an official license to practice real estate and impeccable professional conduct records.

Its excellent reputation entices realtors to join, attracting more customers. Clients can trust they work with rigorously vetted professionals. These professionals have pledged to follow certain standards.

NAR reports that approximately 50% of real estate agents in the US hold certifications as Realtors. Many real estate professionals choose this option because the association is actively working to safeguard the interests of its members. As a trade organization, the NAR is a powerful bargaining partner for federal and state governments.

Realtors can use this power to obtain better legal rights and protections. They can use it in all states. It’s not necessary to become a Realtor, but some agents think it’s beneficial.

 

Will it be A Good To Sell Your House Without A Realtor?

There are ways to sell your house without a realtor, but it takes work. You need to know your local market and how the selling process goes from start to finish.

Recent research suggests that, on average, sellers who list with an agent sell their home for nearly $50,000 more than those who do not.1 you may not even save money on commissions.

Agents have expertise in listing prices, marketing, and negotiating skills, determining how much profit they make. Most homeowners would be better off using a full-service discount broker, which allows them to save money while receiving real estate expertise. I’ll show you how to sell without a realtor if you’re still set on doing it that way.

 

What Are the Reasons Some Sellers Avoid Working With Realtors?

A homeowner may decide to sell their house independently rather than hire an agent for various reasons. One reason is that they could find an existing buyer. Parents might decide to sell to their children since they only need a little space. Homeowners might have a friend who wants to buy the house.

Real estate attorneys can help sellers with the paperwork because they don’t have to drum up interest in their properties, find potential buyers, and negotiate deals.

Home sellers sometimes choose to sell their house themselves, as they want to save money. Most people must pay their realtors approximately six percent of the sale price (split between buyer’s and seller’s agents), which can amount to thousands of dollars.

Since the buyer’s agent will expect the full three percent commission rate, even a discount real estate agent will charge a seller four to five percent in real estate commissions.

 

How to Sell Without an Agent (FSBO): Advantages and Disadvantages

Selling your house without a realtor may be more beneficial than selling it through a realtor.

 

Advantages

Cut down on closing costs:

It is traditionally the seller’s responsibility to pay the agent’s commission, typically 5% or 6% of the sale price. By removing the agent, sellers can keep that sale price cut.

 

Own the process:

FSBO gives you complete control over your home sale. You have complete control over everything as a seller, so you don’t need to worry about clashing with your agent.

 

Sell fast:

There are reported in 2020 that 77% of FSBO sales occurred within two weeks, largely because most sales were to familiar buyers.

Attorney Real Estate Group sells homes faster than the national average. We offer world-class marketing, so you won’t have to worry about anything.

 

Cons

 

There is still an agent commission:

In traditional real estate transactions, sellers pay the buyer’s agent’s commission, which can be as high as 3% of the deal price. Even though sellers pay, they do not benefit from the buyer’s agent’s knowledge and experience.

 

FSBO homes sell for less:

It might be worth paying the agent’s commission, but raising your asking price might be worth it. In 2022, FSBO homes sold for $310,000, while agent-assisted homes sold for $405,000. This is more than the standard agent commission of 6%, resulting in a $95,000 difference (just over 30%).

 

When you sell independently, you’re the underdog at the negotiating table.

FSBO sellers must negotiate with buyers and their agents once they receive an offer. Real estate transactions are seldom straightforward, and FSBO sellers are disadvantaged because licensed agents are trained and experienced.

 

Selling a house is hard.

The National Association of Realtors highlighted the following challenges for FSBO sellers in its portrait of home sellers:

  • Selling a home requires preparation.
  • Finding the right price
  • On-time delivery
  • Spending enough time on the process
  • Promoting your products to buyers
  • Completing all necessary paperwork and understanding it

While real estate professionals are used to these tasks, average homeowners may need more training and experience to have them.

 

Some Excellent Ways to Sell Your House without a Realtor

If you want to sell your house without a realtor, you’ll have to list its FSBO (for sale by owner) and sell it yourself. Here’s how.

 

Some Excellent Ways to Sell Your House without a Realtor

 

Get your home ready.

When it comes time to sell your home, you must ensure it is ready for photographs, showings, and selling. To accomplish this, you need to:

  • Depersonalize and declutter
  • Enhance your curb appeal
  • If there are any outstanding issues (from loose door handles to foundation cracks), fix them.
  • For home sales, collect tax records, permits, warranties, utility bills, and homeowners association records
  • Make your listing stand out with compelling photographs

 

Determine the listing price.

Your home listing price is a balance between art and science—you want to maximize the sale price, but you also don’t want to scare away potential buyers. To set a compelling list price, you should conduct a comparative market analysis and mimic what the experts do.

Identify recently sold homes in your area and look for those that sold within six months and have a similar feature set. Look for these features:

  • Bathrooms and bedrooms
  • Size of the lot and square footage
  • Type of home (single-family, duplex, etc.)
  • Various amenities (pool, backyard office, etc.) are available.

 

Make a listing

It’s time to put your home on the market once you’ve settled on a price. To get the most exposure, you’ll need to take listing photos, write an interesting description of your home, and list it in the multiple listing services (MLS). Real estate professionals, homebuyers, and sellers can post property listings on this platform.

If you wish to add your listing to the MLS, you must pay a fee of $100 to $400 (although other free platforms are available). The MLS is the most widely used platform and worth the entry fee.

 

Promote the listing

More than putting your house on the market alone is needed to attract buyers. You’ll need to perform some work by posting an advertisement for sale on your property, promoting your posting on social media, and arranging open houses.

In 2020, 57% of FSBO sellers knew the buyer of the house they sold. Don’t ignore word-of-mouth marketing. You may never know who you know is looking to buy a house if you don’t converse with them.

 

Take your home to the public.

Most markets have showings as a common practice, which can be crucial to the selling process: Showings give buyers a chance to think about living in the house and are a powerful motivator for submitting an offer.

Put out light snacks and drinks and leave a welcoming note on the table to encourage buyers to feel at home. Make your house as clean and inviting as possible. Ensure the temperature is comfortable and allow buyers to browse at their own pace.

 

Negotiate a deal when an offer comes in.

When you receive an offer, you must consider more than just money. It would help if you considered contingencies, financing, and getting the best price for your property. When you review offers, consider your unique situation and decide what’s best for you. You can save money by accepting a lower offer with better terms.

Imagine you want to sell your home fast and list it for $400,000 but only get two offers.

Listed in offer A is a $404,000 purchase with appraisals, home inspections, and financing contingencies. If the appraisal is low, the home inspection will find foundation problems. Or, if the buyer’s lender denies the loan, the buyer will be protected.

In Offer B, you make a non-contingent cash offer for $390,000. There’s no need for inspections or appraisals and no issue with financing falling through.

It might be better for you to accept Offer B if you are not the buyer of Offer A.

 

Make a close

Closing a house usually requires almost two months, so you must still complete your work. You’ve reached the end of your task, but it’s not over yet. You can benefit from the assistance of a real estate attorney throughout the entire closing process to ensure your deal doesn’t fall through at this crucial stage.

Having a real estate attorney can cost from $220 to $250 per hour, but they may be well worth it if you want peace of mind.

 

Do I Need To Fill Out Any Paperwork?

It is essential to have these documents to ensure that the sale is smooth if you decide to sell your home yourself.

  • Mortgage statements and loan documents show how much you’ll pay to repay the loan. You’ll owe it when you sell your home and still owe a mortgage.
  • When moving into a new home, a buyer may request up-to-date utility bills and property taxes. They help the buyer budget for these expenses.
  • The title report lists your ownership rights. The deed has details about the property.
  • Warranties: New appliance owners will know what to do if there’s a problem after your house sells. They will know if you leave the warranty details behind.
  • Homeowner association agreements require their rules, covenants, and fees to be available to new owners.

 

When Selling A Home, Paperwork Is Essential.

How to sell a house without a realtor? You must sign a lot of paperwork to complete a real estate transaction, regardless of whether you list it yourself or hire a Realtor. Taking ownership of the property requires signing countless estate settlement documents, which prove that the buyer agrees to the terms of the sale.

Several real estate documents are required throughout the home-selling process. Both parties will demonstrate their acceptance of the terms and conditions upon signing the offer form. An acknowledgment of dues and rules for a Homeowners Association (HOA) may be required of the buyer if there is one.

 

How to Sell a House without a Realtor: Faqs

 

Is it possible to sell my house without a Realtor?

In FSBO (For Sale by Owner), selling a house means you are responsible for the pricing, marketing, negotiating, and handling paperwork. You must research, design a marketing strategy, and negotiate independently.

 

Without a realtor, what is the best way to determine the price?

If you are trying to determine a competitive price for your home, research the local market, analyze recent similar sales, and consider your home’s unique features. You can access online valuation tools, obtain appraisals, or consult a real estate professional.

Here are some alternatives to selling your own house

How to sell a house without a realtor? If selling your house to an owner feels intimidating, you might consider one of these options:

  • Sell to a cash buyer: When selling with an agent, homeowners must comply with lender requirements as part of the closing process. Homeowners who wish to avoid this process can sell for cash instead.
  • Use a power buyer: Besides employing or working with realtors, these companies use technology to simplify the home buying and selling process. Although these companies offer different services, most will ensure the sale and help you become a cash buyer.

 

Bottom Line

How to sell a house without a realtor? Typically, homeowners collaborate with real estate agents due to their expertise and connections. This helps them sell their homes for more money.

However, if you decide to sell your house without a Realtor, you can use several strategies to ensure success. Market research, preparation for viewings, promotion, and negotiation are all important.

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