When it comes time to sell an investment property, many investors lose a great amount of money on real estate agents. Most real estate agents charge a 6% commission of the sale price and in some areas, this commission may rise even higher. For this reason, many are asking how do I sell my house on my own.
The idea of selling your investment property on your own can be daunting for many property owners. It’s true that the process is far from easy because you would have to invest a lot of time doing the work that an agent would normally handle. This includes everything from showing your home to marketing it and to negotiating a final price. It’s tough I know, but think about how much money you will be saving and putting into your pocket.
Related: How to Sell Investment Property Without a Real Estate Agent
If you’re still wondering “how do I sell my house on my own”, then here are a few tips to help you get started. Plus, if you’ve experienced selling your house without a real estate agent, please feel free to share your story or leave any comments below.
How do I sell my house? Have your investment property ready
Buyers want to see your property and why it’s worth buying. The first thing you want to do is prepare your income property and apply proper renovations. It doesn’t have to be major costly changes. They can be as simple as fixing up any broken furniture or repainting the interior. Also, make sure that your property is clean. You want potential buyers to have a good first impression of your property when they come to see it. Of course, always keep renovation costs reasonable. You don’t want to spend too much on fixing up a property you’re going to sell.
How do I sell my house? Set a reasonable price
It’s normal to think that your house is worth more than it really is. That is why many property owners make the common mistake of overpricing their homes and losing the opportunity to attract potential buyers. So before you ask yourself how do I sell my house without a real estate agent, ask yourself what realistic price should I set for my home.
There are numerous ways for determining the price for your investment property. You can take the original purchase price and add the costs since purchase to arrive at a final price. This method can be time-consuming and may not always give you realistic results. The proper way to set the price for your home is by conducting a real estate market analysis.
Real estate market analysis (comparative market analysis) is the study of current market values for properties that are comparable to yours, which acts as a tool for determining the market value of your own property. You can use Mashvisor to help you perform a real estate market analysis. Mashvisor provides real estate investors with accurate home prices for any available real estate property in the US. So for example, if you live in a neighborhood where homes are sold for $300,000, setting a price more than this will prevent any potential buyers from even considering your property. The price you set should be realistic, reasonable and in accordance with your area.
Related: How To Perform A Real Estate Market Analysis
To learn more about how we will help you make faster and smarter real estate investment decisions, click here.
How do I sell my house? Market your property for sale
If you really want to know “how to sell my house on my own”, then you should learn a thing or two about marketing. There are various ways through which you can market your home for sale. Marketing has become easier and more efficient with the widespread of technology and use of social media. Here are a few methods that will help you market your property for sale:
Related: Selling a Real Estate Property: How to Market Your Home for Sale
1. Real Estate Investing Listing Sites
Real estate investing listing sites are a great way to put your home out there on the market. It may be costly but in the end, your property will get more exposure to potential homebuyers. You can list your home on websites like FSBO, for about $100 for one year. Or you can list your home on real estate investing websites like Redfin, Trulia, Zillow or ForSaleByOwner. There are many choices to choose from.
2. Real Estate Open Houses
Hosting a real estate open house is the best way to get more physical exposure to potential buyers. You basically organize an event at your property and invite people to come and view your property. You should target other real estate investors, buyer agents, or even ordinary people looking for a place to live in.
3. A Real Estate Investment Network
Being part of a real estate investment network is great when selling investment property. It’s great in terms of connections and can save you a lot of time when searching for potential buyers. If you are not part of a real estate investment network and want to learn how to build one, then read this article to help you out: How to Build and Maintain a Real Estate Investment Network.
How do I sell my house? Arrange viewings
Like I mentioned before, buyers want to see your property and why it’s worth buying. One great way to have buyers come and see your home is through an open house event. You could, of course, have buyers come separately if that makes you feel better. However, this way could take more time so you would have to dedicate yourself and time.
Related: How to Organize the Best Real Estate Open House for Your Investment Properties for Sale
How do I sell my house? Negotiation
What makes real estate agents seem more professional when selling an investment property? They have excellent negotiating skills. In order to answer the question “how do I sell my house on my own”, ask yourself how much do you really know about your property. You need to know all about your property as well as its investment potential to be able to negotiate a final price with buyers.
Additionally, you need to know that the real estate market has a great deal of an effect on the process of selling. Are you in a buyer’s market or seller’s market? You need to know to determine who has the upper hand in negotiating.
How do I sell my house? Comply with all the laws
Before anything, you should check the laws and regulation for selling an investment property in your area. Some laws are universal and will apply to the sale of your home no matter where you live. The Fair Housing Act requires that sellers cannot discriminate against buyers for reasons including race, religion, and sex. It’s best to have a real estate attorney to help you review all documents and contracts related to the sale of your home so you don’t fall into anything illegal.
The bottom line
If you are asking yourself how do I sell my house on my own and you think it is impossible without a real estate agent, then think again. Selling your home on your own is not as hard as people make it seem. There are many advantages that come from selling your house without an agent. At the end of the day, your main goal is to make money in real estate, so if it means giving up on real estate agents to get the job done, then do it!
For more answers to questions like “How do I sell my house on my own?” and to get additional tips for a successful real estate career, visit Mashvisor!