Selling your own home can seem more challenging than when you bought it. First you have to overcome emotional attachments. Second, you would want to make sure there is demand in the market for a house such as yours. Third, you may have to conduct repairs to bring up its selling price. Fourth, you have to come up with a time table that covers from sale to transfer to a new home. And lastly, the tasks involved in selling your home can be overwhelming.
What tasks are these you may ask?
- Marketing and promoting your home
- Preparing and reviewing contracts
- Scheduling property visits
- Reviewing bids
- Managing expenses related to the sale
- Taking phone calls from interested parties
- Producing marketing collateral
- Following up with prospective buyers
One look at these tasks and it’s easy to understand why hiring a real estate agent is the first course of action by property owners who want to sell their own home.
But hiring the services of a real estate agent can be quite expensive and reduce your overall return on the sale of your home:
- Real estate agents earn by deducting 2% to 3% off the final selling price of your home as commission.
- There are related expenses to pay for such as ad placements, principal home photography and monthly subscriptions to online sites.
What’s more is that a real estate agent cannot devote 100% of his or her time to the sale of your home. They have other clients to attend to. More than likely, they would prefer to allocate more time on properties that would result in a faster sale.
The truth is, you can sell your own home without a real estate agent. In fact, it’s been gaining in popularity in the United States, the United Kingdom and Australia.
The process is called For Sale By Owner or FSBO and it increases the net return on your property by eliminating the agent’s commission and having better control over related expenses.
Here’s a step- by- step process on how to carry out a successful For Sale By Owner :
1. Research and learn everything that you can about the real estate market. Study trends, find out about the latest developments and try to acquire the latest CMA or Comparative Market Analysis on your area. The CMA must cover the last 6 months. The CMA shall be the basis for arriving at the final selling price of your home.
2. Hire a Virtual Assistant with experience in real estate. Delegate a number of tasks to the Virtual Assistant so you still have time for your full – time job.
3. One of the key tasks that you should assign to your Virtual Assistant is marketing. Here are ways the VA can get your marketing to generate interest:
- Open an account for your property at a reputable For Sale By Owner site.
- Have you approved at your neighborhood community page at a number of social media accounts.
- Link all of these social media accounts to your FSBO account.
- Update all text content and images at your FSBO and social media accounts.
- Manage all inquiries from the phone , e-mail and social media.
4. Ask an engineer or a general contractor to assess the amount and cost of repairs needed by your home.
5. Hire an attorney to draft your contract of sale.
6. Hire a professional photographer and a set designer to take high resolution images of your home.
7. Give these images to your Virtual Assistant who will produce marketing collaterals for distribution.
8. Ask the VA to check on the latest legislation on the sale of property in your city state.
9. Ask your VA to schedule all property visits.
10. Review all bids and offers.
11. Review the contracts with the VA.
12. Ask your attorney to review and facilitate the contract of the winning bid.
A Virtual Assistant can do what the real estate agent can as far as marketing the property and reviewing contracts are concerned. And the cost of services will be much more affordable.
If you’re planning to sell your own home, you should be successful as long as you keep the process highly organized.