When thinking about selling your Chicago house, you need to know that you have options! Listing your home on the MLS is not the only way to sell your house. More and more people are learning how to sell their home’s without an agent, which in turn, saves time and money! Learn more about it works in our latest blog!
How To Sell Your House Without An Agent in Chicago
What are the benefits to listing without an agent?
There are numerous benefits to eliminating the middle man. One of the biggest benefits is saving money. Both on commissions and out of pocket expenses when you go to list the home.
To be able to offer a competitive property, you will most likely need to make some repairs and upgrades to the home. If you have ever done a home repair project yourself, you will know that there are typically unforeseen costs and several trips to Home Depot. If you hire a pro, your costs can be significantly higher. Only take on projects you know you are capable of. This isn’t the time to start practicing your new wall texturing methods.
When you don’t use a realtor, you don’t have to pay anyone a commission. A direct sale between two private parties will allow you to keep money in your pocket! You can expect to pay about 6% of your final sale price is commissions to the agents. This can be several thousand dollars! Also, when you work with n agent, you will typically be bound by a listing agreement, giving them the exclusive right to sell. This means, no matter how you sell the home (even if you find the buyer yourself) you will still owe a commission to your agent.
How do I get started?
Start by doing an observational walk through of your property with a note pad. This will help you create a list of tasks you’ll need to address before you start showing the property to prospective buyers. Put yourself in the prospective buyer’s shoes when doing your walk through to get the property in show ready condition. Any clutter, personal items, outstanding repairs, paint touch ups, cosmetic improvements, bulky furniture, personal pictures, etc. should be noted on your list so that you can create a corrective action plan for each item on your list.
After you have put together your list, you’ll want to spend some time researching the right price for your property. Be realistic about your expectations and understand that more attractive of a price you offer your property for the more likely you are to sell property quickly.
Work Your Advertising Game
Pictures say a thousand words! Time and time again, you see real estate listings with poor imagery. If you want to sell your house using online advertising, you need to have great pictures! If your pictures don’t look professional, hire a pro! This might be one of the best things you do when selling your home. In addition to great pictures, you need to make sure the text gives as much detail about the property as possible. Let people know exactly what they are getting, and make sure to touch on every amenity the house offers. Be sure to be mindful of Protected Classes in all of your advertising.
Make It Happen!
It is now time to start preparing your house for listing. Clean like you have never cleaned before and fix any of the issues noted on your list from your walk through.
Make a list of selling points/upgrades to show prospective buyers. If the AC was replaced last year, and the roof the year before that, be sure to let them know. Hand out a flyer or brochure with this information, as well as your contact info. You will also want to be a “concierge” to prospective buyers. An agent can usually answer questions about the area, and you should be able to too. Make a map with important places marked. Know where schools are and how long commutes take.
You’ve Found A Buyer, Now What?
Get in touch with an attorney who specializes in handling residential real estate closings. They can help you put together the paperwork and get everything in place to start moving the transaction forward. Since you won’t have help of an agent be sure to communicate with the attorney on the necessary steps required to get to the closing table. Let the attorney take charge of the process and be ready to complete their requests on short notice to keep your closing on track.