Could you sell your home yourself?Posted on July 4th, 2017
Spring is just around the corner – a popular time to sell a home.
Are you thinking – maybe I should sell my home myself and save the REALTORS®’ fees?
We say yes – go ahead and sell your home yourself, if you have the skills and the time.
But be clear, selling a home requires expertise and knowledge so that you protect yourself from legal issues and you safeguard your investment.
Here’s our short list of what you need to know to sell a home.
Do you understand what’s driving the current real estate market?
Do you know what homes similar to your home have sold for in your neighbourhood in the last few months? Do you know how you could find out? Do you know about comparables – homes that may look just like your home – but may have sold for far more than other homes because of a kitchen renovation or new landscaping or a new secondary suite?
Could you accurately set the price your home so that it’s not too low and not too high?
Can you describe your home and compose an attention-getting ad for the web and local newspapers that will draw potential buyers? Do you know the most effective way to advertise your home? A social media campaign? Lawn signs? Newspaper ads? Website ads? Flyers? Word of mouth?
Marketing at an open house
Do you have the skills to host an open house? Do you know how to stage your home? Can you read prospective buyers so you know whether they’re merely curious (looky loos as they’re known), serious buyers or con artists? On some weekends hundreds of prospective buyers attend open houses. Are you aware of safety issues at open houses?
Can you negotiate? If you need to sell your home because you’ve taken a new job in another city or you’ve bought another home (you’re known as a motivated vendor), can you remain detached and not accept the first offer? Could you counter-offer effectively?
Do you understand all of the forms that you must complete in a real estate transaction? Do you understand exactly what’s required on the Property Disclosure Statement form? Do you know how to ask for and document a deposit and how to draw up a legally binding contract? Do you know the rules for returning a deposit if your deal falls through?
Do you have the time necessary to sell your home properly to get the most out of your investment?
Do you have the time to spend – sometimes into the very late hours of the night to negotiate the best deal?
Most home sellers understand that it takes significant training, knowledge and time to sell their home.
In the end, most sellers conclude that it’s best to rely on a professional – your Royal Pacific Realty Group REALTOR®.