How to Sell a House Without a Real Estate Agent

If the notion of handing over a commission to a real estate agent irks you, sell your house on your own. Before you go this route, factor in everything that's involved: You'll not only put out that sign on your lawn, but take phone calls and schedule appointments, buy classified ads, hold open houses, and conduct negotiations--all on your own.

Difficulty: Challenging

Instructions

1. Read How to Sell a House for the basic rundown.

2. Figure out whether it makes sense financially to go to the trouble and expense of marketing and selling your house yourself, based on the commission you're saving. On a $100,000 home, you'll save half of the 6 to 7 percent real estate commission ($3,000 to $3,500), assuming that your buyer uses an agent. If neither of you uses an agent, you'll save $6,000 to $7,000 per $100,000. But you'll incur additional marketing expenses that you wouldn't have with an agent, such as newspaper listings, flyers, signs, Web sites, and anything else you to do promote it.

3. Be aware that serving as your own agent means that you'll need to be available at all times to take phone calls from potential buyers, schedule walk-throughs, and be at the house when folks want to tour. If your schedule doesn't allow for this level of flexibility, using an agent may make more sense.

4. Consider other options for selling your home. For instance, For Sale By Owner organizations offer ways to market your home for much less than what a real estate agent would charge--usually a flat fee upwards of a couple thousand dollars--while giving you step-by-step instructions on how to complete a sale.

5. Research what other houses in your neighborhood have sold for in the last couple of years to determine a reasonable asking price. Your county tax department has records of such comparable sales. Before you set the asking price, take into account closing fees, other selling expenses, and the amount of cash you want after the sale. Your home will sell faster if it is priced appropriately.

6. See "Get Ready to Show" steps under How to Sell a House. Prepare a professional-looking letter-size fact sheet that contains a fullcolor photo of the house, the asking price, a list of features and amenities, utilities figures, property taxes and your contact information.

7. Get the word out. Pass out fact sheets to local real estate agents. Place an ad in the real estate section of your newspaper. Put up signs advertising your property for sale on your front lawn or in a front window. Post fliers describing the house in public areas and in apartment complexes that may be teeming with prospective home buyers.

8. Practice showing the home with some astute friends, then schedule your open house on a Sunday. Be there to answer questions.

9. See "Make the Deal" Steps under How to Sell a House.

Tips & Warnings

• In most states, the seller traditionally pays fees associated with the buyer getting a real estate mortgage. These fees include hiring a mortgage broker and are typically 1 to 1.5 percent of the mortgage amount (for example, $900 to $1,350 on a $90,000 mortgage).
• Be careful not to schedule your open house to conflict with a major event, such as the World Series, or holidays. Early in the year, the housing market starts to heat up with families wanting to get settled in their new home before school starts in the fall.
• Ask open house visitors to sign a guest book so that you have their names and addresses for follow-up. Give them a call within a week to find out whether they're still considering your house or are still looking.
• One way to smooth any prospective problems before they crop up is to only consider offers from buyers who are prequalified for a mortgage.
• Make sure that any valuables are safely stored before any open house.

[rexrob]

on 6/23/2009 There is a reason why consumers use professionals to perform professional services. Would you try pulling your own teeth or cleaning your fuel injection system or any other service that a professional would normally be required to perform? In some cases, yes, you probably would. However, I would argue that when it comes to likely your largest asset, you would be a fool not to consult a pro. There is a reason why the market will bear the amount of a typical real estate commission. It's because the sale of real estate is a complicated process that requires the experience of a professional to manage in order for a buyer and/or seller to be properly advised and protected and to ensure the best possible outcome. Aside from which, statistics prove that agents typically sell homes for prices greater than homes without agents even accounting for the commission. To a consumer, a home a...

[liteforme]

on 11/13/2008 Do I have to have the house inspected before I put it up for sale?

[vikki9]

on 6/22/2008 These are sound suggestions. If you are selling your home, you may want to take a look at my two Feng Shui articles about 'Staging'. Wishing you good fortune!

[savdavid]

on 4/5/2008 Ms. Queen, you are an agent it is apparent.

[weddingqueen]

on 1/18/2007 Keep in mind that you will be inviting potentially unqualified buyers and STRANGERS into your home. Lots of work and time involved. Next time, I will use an agent!