Research has shown time and time again that the stress to sell your house is paramount to the most challenging life events one must tackle. Ideally, a realtor would reduce stress because they are trained experts paid to make selling your house easier. But if this is the case why are more homeowners asking the question, “How do I sell my house without a realtor?” Homeowners can still complete the real estate process without involving a realtor. Click here to learn more about how to sell your house fast without a realtor. As a homeowner, avoid feeling trapped by the market and keep more money in your pocket when selling your property.
Realtors help to sell houses on the market but with a commission owed to them. To save on commissions, you can decide to sell your house without a realtor. This is helpful. For one, you get to save on the 3% listing fees in Lexington, KY and the commission fees given to the middlemen realtors. Even better, you are privy to the property feature details that realtors miss. But, this For Sale by Owner (FSBO) is easier said than done. This is the reason most people engage with the help of realtors. To be able to sell your house on your own, you have to have a feel of the real estate market in Lexington, KY. Also, have some advanced negotiation skills. You will have to navigate the entire process of marketing. So, you should know the marketing requirements and guidelines.
Guidelines for You to Sell Your House Without A Realtor
Before you can put up your house for sale, take into consideration the Lexington, KY real estate guidelines. If you are in Lexington, KY, understand the marketing requirements and disclosure guidelines.
Marketing Requirements
The state law in Lexington, KY does not need you to get a permit to erect a “For Sale” on your house. It would help if you displayed it in your yard and should not interfere with other people’s right-of-way. But, ensure the sign is less than 4 feet high and 6 square feet in total surface area. Once you sell your house, you must remove it within seven days.
Disclosure Guidelines
The state law of Lexington, KY dictates that you must sign a disclosure contract. The contract has the following details:
- The general condition of the house, i.e., roofs, flooring, mechanical systems
- Any contamination within the house, e.g., mold, chemical substance, radon gas
- If your house is part of an HOA or not
- Any risk of flooding
- If the house has a “psychological effect,”. For instance, if death or crime has occurred there.
Steps to Selling Your House Without A Realtor with Success
It is intimidating to sell your house without the help and expertise of a Lexington, KY realtor. But worry not. There is a step-by-step process to help you sell your house on your own
Prepare Your House
First, do your due diligence and make repairs to your house. These repairs will give your house a major facelift. This will increase its value and convince potential buyers. On this note, think about painting, decluttering, and fixing dents and hinges.
Conduct Market Analysis
Pricing is a delicate issue when trying to sell your house on your own. Most FSBO sellers neglect to look at the prevailing market value in Lexington, KY. Because of their emotional connection they may attach a higher value to their house because of their emotional connection. As a result, they end up setting a higher price. Well, I’m afraid that’s not right.
A high listing price will keep off potential buyers. As a result, the house will remain on sale for a long time. If it does so, buyers will start thinking that it has a problem and will not buy it altogether. So, to prevent such an occurrence, conduct a comparative market analysis of other houses in Lexington, KY. It will help you set your listing price and a competitive price for the worth of your house.
Stage Your House
Every house that is on sale is usually put on an open display. This means that potential buyers can visit, enter and explore its features. You have to take your time and remove the eyesores. It is advisable to take a friend and do a mock open house. Use the advice they give you to rectify the glaring anomalies you missed. Fix those anomalies that buyers can notice and stage the house in the most appetizing way
Photograph Your Home
Do not neglect the value of a high-resolution photograph of your house. These high-quality snippets of your house have a big impact on attracting buyers. They capture attention and lure potential investors or buyers. On this note, do not use your phones to take photographs. Instead, engage the services of professional photographers who will give clear, bright pictures. In Lexington, KY, they might charge between $200-$400.
Advertising and Listing Your Home
Getting your house on many advertising platforms or listing it is the best way to attract homebuyers in Lexington. You can start by getting the details and photos of your house on as many listing websites as possible. Use local listing websites such as Craigslist, Instagram, and Facebook.
If you want a more proactive way, consider buying a Multiple Listing Service (MLS) package. Through this MLS database, you can advertise your home to many buyers. Some MLS service firms in Lexington, KY include Flat Fee Group, Mentor Listing Realty, and Flat Fee Realty. Make sure that your details are visible as you list your house.
How to Negotiate When Selling Your House Without A Realtor
To sell your house without a realtor in Lexington, KY, it is best to let potential buyers view the house independently. Do not be present to give them space and time to conduct their own scrutiny. This makes them comfortable and willing buyers if they make the decision.
If a buyer visits your house more than once, it shows they want the house. What follows is an offer containing their price and other concessions of a deal. Do not rush and agree to the dictates. Feel free to accept or give a counter-offer. A counter offer is a negotiation technique that ensures you leave no money on the table. After this, you can set out your sale agreement.
Final Takeaway
It takes a dedicated homeowner to decide to sell their house without a realtor. Starting out is difficult because you neither have the experience nor the know-how. But you can do this by understanding marketing guidelines and the disclosure requirements. After this, renovate your house, and stage and ensure its photography is captivating. When setting your price, conduct a market analysis to know the most suitable price. Using these steps saves you the commission fees you would have given realtors.