Owning a home is one of the biggest investments most people ever make. When it’s time to sell your property, the standard practice is to find a real estate agent.
After the sale, your agent and the buyer’s agent will share about 7% of the sale price as their commission, which amounts to a hefty portion of your equity being lost to the real estate agents.
After buying and selling multiple properties, I eventually realized that I was paying the real estate agents too much money for something I could handle myself. I discovered how to sell a property while retaining significantly more equity than if I had hired an agent.
What Does a Real Estate Agent Do?
A real estate agent essentially does four things for his or her commission:
- Lists your house with the Multiple Listing Service (MLS).
- Markets your house though fliers, advertisements, and a web site.
- Facilitates showings of your house and possibly hosts open house events.
- Acts as an intermediary when entering negotiations and accompanies you to the closing.
After working with Realtors on several occasions, I decided to try selling a home on my own. Here are the steps to follow if you decide to forego using a real estate agent to sell your home:
How to Be Your Own Real Estate Agent Selling Your Home
1. Price Your Home to Sell
Before you list the property on the Multiple Listing Service (MLS) or anywhere else, make sure you’ve priced the home competitively. Use the Internet to get an idea of selling prices for comparable homes in your neighborhood, and then price your house accordingly.
It’s easy to get hung up on this step and, especially if you’ve lived in your home for some time, you may feel compelled to overprice the home. Don’t fall into that trap. Remember, the goal of this process is to sell your home, so make sure the asking price is realistic.