Maybe you don’t have a lot of equity in your home and the idea of having to pay high real estate commissions to a broker just isn’t possible. Or maybe you just like to save money when you can. Whatever your reason for seeking real estate for sale by owner options, you’re not alone.
Every year more people are looking for alternatives to full-service real estate firms to sell their homes. So what are you really giving up if you choose to sell your own home instead of using a real estate agent? And what should you consider when choosing a company to list your home on your own? We will answer these two questions in this article.
What are you losing by going on sale by owner?
Simply put, you have to manage everything when you sell your own home. A property for sale by owner’s brokerage will get your home listed on the MLS so other buyers and potential buying agents can find the home, but after that, it’s all you.
Where a full service sales agent would take phone calls, emails, etc. of possible buyers and agents that will fall on your shoulders. Organizing a show and negotiating a deal with a buyer will also be something you will have to deal with when you find a buyer.
What to look for in a company
The key to having a successful For Sale By Owner transaction is getting your home on the Multiple Listing Service (MLS) in your province.
MLS continues to be the most popular website people use when searching for homes for sale and is the only site licensed real estate agents use when searching for homes for their buyer clients. Simply put, if your home isn’t listed on the MLS, most people looking for homes in your area won’t find it. So make sure the company you choose is listed on the MLS in your province.
Second, get a yard sign. People driving through neighborhoods they like will often see a sign and then write down the address to search in MLS later. If you don’t have a yard sign, people won’t know your house is for sale.
Now, these endpoints are not essential, but they can be very helpful.
If the broker you deal with offers assistance with the sales transaction for a fee that may be worth it. Selling can be tedious and making sure you cross the t’s and dot the i’s is essential.
Plus, having the option to switch to full-service real estate probably isn’t a bad thing, either. Of course, you always expect your home to sell using your own home sales model; In some cases, you may need the help of a full-service agent to find a buyer.