Selling a home without a realtor may be challenging for homeowners as it is hampered with a lot of intricacies. Without the acquaintance of a listing agent, you are responsible for all the work that may normally fall on the real estate broker. But putting up a home for sale by the owner (FSBO) saves you from hefty commission fees. Statista shows that the average commission rate for US realtors was 5.46% in 2023.
In addition to cost savings, you get more control over your property and negotiating terms with potential buyers. However, the question is how to sell your house without a realtor, especially if you are a newbie. Fret not! This blog will offer you a roadmap to master the art of home auctioning without relying on the estate agent.
Top 9 Steps for Selling a Home Without a Realtor
Let’s get into the top steps that you should opt for while selling a home without a realtor.
Prepare your Home for Selling
The first essential step is to tidy up your space to ensure that your home is in the best possible situation. For that, declutter the trash and keep the surfaces clean. For example, clear your home interior from pests, especially termites, and use spray for it. Also, fix any lingering issues and address any repairs if needed. Don’t forget to repaint your home walls and roofs with a neutral color to captivate potential buyers.
Once your house is in order, remove the personalized items like family photos, extra furniture, and other related items accordingly. To enhance the curb appeal of your space, try to take your home staging to the best level. According to a report in 2022, home staging enhances home sales by 20%.
So, strive for quality while setting up a comfortable place for the buyer who can envisage living in this house. In addition, once you are done, keep the lights on to take photographs that you can use for listing.
Set an Accurate Price
The other milestone in selling without a realtor is to price your home competitively. A price setting can make or break your FSBO selling strategy.
If you’re not sure about how to set a comparable price, you can encounter many challenges and leave you losing money. For instance, if you price too high, your home will stay longer in the market, and if you keep the price low, it will undersell your locality. Research shows that FSBO sellers are far less likely to acquire more than their asking price. But with the right approaches, you can get the most out of your home sales. For example:
Comps Market Research
Before estimating the value of your place, try to perform a competitive market analysis. This is an extremely important step in selling a house without a realtor. It debunks the data records of the comps (similar houses) that have been sold in the previous months to give you an idea about yours. The best way to gather comps is near the area where your property is located. To collect data for your Arizona home, you can search in the neighborhood and get an estimate of the listing prices.
Conduct Self-comp Analysis
Once you have all the data from the market and online research, you can compare your home features to the gathered info. It will provide you with an appropriate price range for your residence.
Invest in Appraisal
If you’re a beginner, it’s not recommended that you do a self-comp analysis on your own. You can hire an appraisal that will help in your research, along with an onsite visit to your place to give you more professional advice.
Do Home Listing and Marketing
While selling a home without a realtor, you can employ many tactics to advertise your home to your potential audience. To collate an enchanting portfolio, try professional and high-quality drone photography. About 32% of homes that are photographed well sell more quickly than those without any visuals.
Moreover, in Arizona, you are allowed to put up a “For Sale” sign to entertain the unrepresented buyers. Research depicts that 20% of the sellers deploying the FSBO selling process use yard signs to market their homes.
To captivate the wider audience, list your home on the FSBO free online platforms like ForSaleByOwner.com, Zillow, Facebook Marketplace, and more. Another approach to expanding your reach and taking your marketing efforts to the next level is using MLS (multiple listing service) with a flat fee.
These MLS listings enhance your home exposure and catch a bunch of buyers. Research shows that on-MLS homes were sold 14.8% more than non-MLS properties in 2021. Before using any advertising tactic, go through the laws and regulations of your state. The regulations very from state to state for example Arizona has its own legal rules and regulations for home marketing.
Show Your Home on Your Own
When the buyers show interest, be ready to showcase your home personally to the concerned party. For that, you can deploy an open house approach to invite potential buyers in a shorter timeframe. The goal is to show them the unique features of your property. You can also employ online tools to manage the requests and schedule and cancel the home showings.
After your home showings, you may get some offers. As an FSBO seller, you need to negotiate the contract with the party you are interested in. In the purchase agreement, you will look for the purchase amount, cash offers, closing costs coverage, buyer contingencies, and more. When you are negotiating the deal, consider every aspect of the agreement to accept or deny the offer.
Normally, the real estate agent does such negotiations on your part, but when selling a home without a realtor, you can employ online management tools to call for the best offer.
Allow the Buyer to Conduct Due Diligence
After you have settled on the terms and a sales price, the due diligence period begins. During this duration, the buyer conducts space inspections, property title research, appraisals, mortgage underwriting, or a final walkthrough before accomplishing the final home purchase.
Close the Deal
Closing is the final step that officially transfers the property title to the buyer. In this final real estate transaction, both parties pay their closing costs and ensure that all the paperwork is done. Selling a home without a realtor in Arizona does not require an attorney. But for a smooth closing, it is advised to hire one to mitigate the legal risks. The paperwork may include:
- Seller Disclosure form
- Settlement Statement
- Certificate of title
- The Deed
- Two forms of the official ID
In short, selling a home without a realtor requires a prudent approach to execute the whole FSBO process efficiently. By following the steps discussed above, you can alleviate the challenges and take control of your space. But if you want professional assistance, then look no further than AZ Flat Fee.
We offer incredible real estate solutions at an affordable price to simplify your selling process. With local flat fee realtors and full-quality service, we offer the comprehensive guidance and the value you deserve. So why wait? Let us sell your home today!
Can you sell a house without a realtor in Arizona?
Yes, you can definitely sell your Arizona home without the involvement of a real estate agent. It’s a viable option that saves you on commission fees and gives you more control over your home-selling journey. But be ready to navigate the complexities and technicalities.
What are the pros and cons of selling a home without a realtor?
- Cost savings.
- Direct communication with the potential buyers.
- More Flexible option.
- Right Pricing challenges
- Complex legal and financial process
- FSBO homes mostly sell at lower prices.
- Without a realtor, the home listings may not get wide exposure.
How do I put my house on the market myself?
To market your home, you can prepare your space, set an accurate price, create listings, and show your property to the buyers. Once done, just negotiate your offers and close the deal with the required paperwork on your own.