Set the stage – what we’ve done so far. First Steps
Deciding to sell
Well, it happened one morning. You woke up and your house was not right any longer. You need a bigger house. You need a smaller house. You fell in love with another house. But for one reason or another, you aren’t happy with your current one.
So if another house would make you happier, then go for it. If you are like most people, you don’t need two houses. One has to go. You could rent it out. That could cover the mortgage, if there is one, or bring you some extra income, or both.
But renting does bring a new set of challenges the discussion of which is beyond the scope of this writing. These challenges may even negate the value of the advantages. So that leaves us with the thought of selling it.
Someone has to do the work of selling the house- taking the phone calls, letting in the prospects, even eventually doing some paperwork. In order to save the commission, are you up to selling it yourself?
To List or Not To List?
There is a good side to listing. You don’t have to do the work. You dont have to deal with the occasional silliness out there in the public.
But there is a down side too. It costs a lot of money. You have to surrender some of your control over the situation. And it costs a lot of money.
Put it in the MLS
But even if you decide to sell your own house, it would be a good idea to have the exposure of having your house in the Multiple Listing Service System. There are ways now that you can have your house in the MLS, and yet still be a for-sale-by-owner, FSBO. That way you get the best of both worlds. You get the power of the MLS system, and you get to sell your own house. If you pay anything, any commission, you will only pay the buyer’s agent, and that will be half of what it would be in a regular traditional listing scenario .
So what you need to do is to look around in your city for a broker who will do a flat fee MLS entry-only listing for you. The agent won’t be giving you advice, or reviewing your contracts, but he won’t be charging you. What you are paying for is for him or her to have a license and the membership required to put your house in the MLS system. The amount you are paying is a fraction of the amount you would normally pay another Realtor, but you are only getting a fraction of the specialized service. That is to say, he is only getting your listing to be active, not answering phones showing your house, holding open houses, or being on call around the clock. That is perfect for some sellers.
One caveat, selling you own house is still not easy. It is time-consuming. It is thankless for the most part. But it will surely save you money in the end, when the process is complete.
Never, never, never give up.
Now, at the end, we have come full circle. We must analyze why we are selling the house in the first place. We’re selling it because it’s not right for our circumstances anymore. We are not desperate, but we are motivated. That has not changed.
We are not so motivated as to give a house away, but we are motivated enough to keep our listing fresh and make minor changes from time to time, to try to take advantage of any prospects that may come along.
Some of my customers have been fortunate enough to sell their house in the first couple of weeks. Some of my customers persist longer. Some of my customers give in to their seeds of self-doubt, and list their house with a traditional real estate company. And that’s okay if you’re comfortable with it
But if you are determined to save the Commission and sell your own house, then don’t give up. It will work. The trouble is that even though it only takes one person to buy your house, you never know whether the next person is the one you have been waiting for.
Broker Don Martin, founder and CEO of Martin Properties, besides helping hundreds of FSBOs save thousands of dollars, also delivers seminars, keynotes and motivational messages to real estate and sales professionals. His 30+ years of experience in sales, marketing, real estate, promotion, management and technology has empowered thousands to expand their knowledge and achieve their goals. Connect with Martin Properties on Facebook, TheReasonableRealtor.com, MLS-TODAY.com or Amazon.com.