Most sellers aim to receive the highest offer possible. Yet, with the average real estate broker’s fees being around 6%, the cost of selling can significantly cut into profits. This may lead to some sellers selling themselves. We have compiled a few tips from our Main Line experts to sell your home for top dollar.
Tip #1 – Review the Local Market
Before listing your home for sale, it’s a good idea to review the local market. The real estate market is constantly fluctuating, and understanding trends can help you set the right price. Choosing a price that is too high can initially prevent potential buyers from even considering your home. Too low of a price, and you’ll lose out on earned profits.
Once you list your home for a certain price, it’s hard to come back from that price. The attempted sale goes into a public database, which buyers can use for negotiations. In many cases, you can work with a licensed realtor to set a price and list your property on the Multiple Listing Service (MLS) without having to pay the full commission.
You’ll still be responsible for showing your home, managing negotiations, and conducting all paperwork, but with the expert knowledge of a local real estate agent. Philadelphia homeowners can also work with Main Line Home experts to set a fair and competitive price.
Tip #2 – Prep Your Home
Prep your home for sale to give it the best chance possible. Consider what features today’s home buyers are seeking. You can usually get this information by reviewing recently sold homes in your area. Consider things like paint color, flooring style, and must-have features. You’ll also want to tidy up your home for showings. Ideally, you’ll want to move your items out before showing the house, but this isn’t always a possibility.
If you and your family aren’t yet ready to move out of your home, try to remove as many personal belongings as possible. Store your personal items in totes in the garage, or if it’s in the budget, rent a storage unit. Remove family photographs and unique artwork pieces. These things can make it difficult for potential buyers to imagine their own stuff in the house.
Finally, give your home a good, deep cleaning. Dirt or debris can turn buyers away or, in many cases, lead to a lowball offer. Try to make as many minor repairs as possible so the buyer doesn’t have as much room to offer less than your asking price. You might even consider professionally staging the home if it doesn’t include existing furniture.
Tip #3- Invest in Marketing
To secure the best offer, you need to get your listing in front of as many people as possible. One of the things you lose when you decide not to work with a real estate agent is the marketing they offer. Investing a small portion of your budget into marketing can secure you a much higher offer, often making it well worth the investment. Run advertisements, post your listing on numerous social media platforms, and consider having a licensed real estate agent add your home to the MLS.
Tip #4- Offer Convenient Showings
Showings are a normal part of buying and selling, and since you don’t plan on using a real estate agent, you’ll have to manage these yourself. Buyers often have limited time available for showings, so it’s important to be as transparent and flexible as possible. Try to offer a block of a few hours each evening that you will accommodate showings. When the potential buyers show up, give them their space. Lurking around or following them from room to room can lead to an unpleasant experience and will usually not get you an offer.
An open house encourages more potential buyers to visit your property. Hosting an open house allows those in the neighborhood to come to check out the property without an appointment. You may also get interested buyers who don’t yet have a buyer’s agent, and if you can secure an offer, you can also save on the buyer’s agent fees.
Tip #5- Be Willing to Negotiate
Negotiations are also important when selling a home. Be prepared to negotiate. Have a good idea of the lowest amount you’re willing to take and set a specific number that you’ll agree to if you receive it. This can make it easier to review potential offers and make a decision. Keep in mind that there are other ways to negotiate besides price.
The buyer might offer the full list price but request that you cover some of the closing costs out of your profits. Unique offers can help sellers and buyers come to an agreement, such as purchasing a home warranty or paying to have the home professionally painted or cleaned before selling. Find out what’s stopping the buyer from agreeing, and go with it.
Selling a home without a professional real estate agent can be a lot of work. But, with the right market knowledge, a good marketing strategy, and proper preparation, it’s possible to do it yourself. A willingness to negotiate will also play an important role in offloading your home for the highest price possible.
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