If you’re preparing to sell your house in TN, chances are that you’re asking yourself whether you can do it on your own or you should work with a realtor. Selling your house by yourself brings along a range of benefits but is a demanding process that requires substantial preparation and commitment. The Tennessee real estate market allows homeowners to go through the process of selling a house without a realtor and we’re here to tell you how.
But what are the benefits of selling your house by yourself? In this article, we’ll answer this question and we’ll help you sell your house on your own. We’ll explore in detail the benefits of selling your house without a realtor and will compare the process to that of selling with a real estate agent.
After reading this article, home selling will be a whole lot easier for you. As a home seller, one of the most important things is having the ability to make informed decisions and we’ll help you do this.
What is Selling a House By Yourself?
Before we dive into the process of selling your house without a realtor in TN, we should answer one fundamental question – what is selling a house by yourself? If you’ve been searching for a way to “sell my house fast in Memphis” or other areas in the state, selling a house on your own may be your best option.
Selling your house without a realtor is also known as an FSBO or a “for sale by owner”. By definition, it’s simply a term used to describe the process of listing a property for sale without the help of a realtor, listing agent, or broker. There are a number of reasons why home sellers choose this type of selling method and we’ll look at them more closely in the following paragraphs. If you want to sell your house without a realtor in TN, there are a few distinctions that you need to be aware of.
Before we look at the benefits of selling a house by yourself, let’s see how selling your house on your own and with a realtor differs in the first place.
Selling a House By Yourself vs With a Realtor
When it comes to selling a house by yourself vs with a realtor, there are a few important factors to consider. Working with a real estate agent or a realtor means a lot of additional expenses, although it may sometimes save homeowners a lot of time. Here are some of the main ways in which an FSBO in TN or a for sale by owner differ from selling on the Tennessee real estate market with the help of a professional broker:
- Asking price: When selling your house by yourself, you may not always be able to set the right asking price. Especially if you’ve decided to sell your house in any condition, you may be tempted to significantly lower the price and end up selling for a much lower price than you could have received for your property. On the other hand, living in your home where you’ve created so many beautiful memories, you could promote your house at a higher asking price than the appropriate for your location, property size, condition, and other factors.
- Expenses: One of the most vivid differences between selling your house by yourself and with a real estate agent is the commission. When you work with a broker you will be asked to pay a commission between 3% and 6% of the home value. Selling your house without a realtor in TN eliminates this expense, meaning that you will have more money to invest in a new property, in a business, or another area.
- Time: If you want to sell your house on your own, it’s important to note that the process may not be very quick. It is natural that you will not be as prepared as a real estate agent to promote across all the right places to attract the right buyers. In addition, FSBO sellers are often busy dedicating time to their career or family, and selling properties is not their priority.
- Marketing: Selling a house without a realtor is also different when it comes to marketing. Realtors have access to a multi-listing service, where property buyers actively seek to find properties to invest in. On the other hand, an FSBO or selling your house on your own in TN does not offer the opportunity to market on the MLS, meaning that finding potential buyers will be a lot harder and more expensive.
- Negotiating: If you want to sell your house by yourself in TN, keep in mind that you will be fully responsible for all the negotiating, which is an inevitable part of selling property. When working with a broker, they will offer excellent negotiation skills that will help you protect your interest and achieve maximum results.
- Legal support: Experienced real estate agents will be fully aware of the legal aspects of a home selling process and will help you stay on the right side of the law and make the right decisions. On the other hand, sell your house without a realtor will require a lot of research and preparation in advance, especially if this is your first time and you don’t have a legal background.
How Do You Sell a House By Yourself?
By now, we’ve answered the question of can you sell a house without a realtor but how do you sell a house by yourself? What is the process of selling a house on your own and are there any steps that you can follow?
Let’s dig deeper into the process of selling a house without a realtor.
- Identify your Property’s Market Value
Make sure you’re getting a fair deal on your property. To do this, you can take advantage of online real estates valuation sites like Zillow and Trulia. You can receive a free estimate of what your property is worth based on location, size, condition, and other factors.
Alternatively, you can use the professional help of a real estate agent and use data from competitive market analysis to compare your property against others in the area or work with a licensed appraiser who can provide a realistic and accurate estimate of the home’s value after an inspection.
- Get the House Ready for the Sale
It’s worth investing in any minor or major repairs that you feel may helo attract buyers faster or even increase the asking price for the property. You can also make some cosmetic repairs that will dramatically change the appearance of the home. Before viewings, declutter and make sure there are no excess belongings that may prevent the viewers from visualizing what the property could look like once they make it their own.
- Promote the Property to Potential Buyers
One of the best places to start is by putting up a yard sign that your house is for sale. However, relying only on this promotional method is not ideal as you are only relying on people passing by to show an interest.
You can make your own sales flyers or brochures and hand them out to people in your area. Make sure to add the property’s address and contact details where anyone interested may reach you. Put your listing up on online listing platforms and find dedicated for sale by owner pages. You can also host an open house where you invite friends, relatives, and interested buyers to view
- Use your Negotiation Skills to Make the Sale
Inevitably, buyers will want to make a good deal and chances are that they’ll want to lower the price of your home.
Be prepared and know the minimum price that you are willing to fall to. Have a list of the selling points of the home in advance to avoid unexpected situations or falling into manipulation. As the process of selling a house by yourself doesn’t involve the help of an experienced realtor, the negotiation will be entirely on your shoulders.
- Close the Sale
When answering the question of how do you sell a house without a realtor, one of the most important steps is the actual closing. As it’s a completely legal affair, there are certain steps of the process that will be taken care of by a closing attorney or a title agent. You will receive instructions for the process by either party when you’ve decided which one it will be.
Prepare all necessary documentation in advance and make sure you follow up with the buyer’s mortgage situation.
Benefits of Selling a Home by Owner
There are several benefits of selling your house without a realtor:
More Money Received from the Sale
As opposed to selling your house with a realtor, an FSBO sale could mean making more money from your property. In fact, you could save thousands of dollars considering that you won’t have to pay commissions to brokers. However, keep in mind that despite the benefits of selling a house by yourself, most home sellers end up using the help of a professional as the process is quite demanding.
Another point from the benefits of selling a house on your own is the fact that you are in full control at all times. You don’t have to abide by other people’s opinions or accept an offer that you don’t feel comfortable with. You can choose how much time to invest in promoting your property, you can use your own filters to decide which buyers to allow to view the property and make an offer, and more.
All the Attention goes towards your Property
When you hire a real estate broker, remember that they’re working with other house sellers at the same time. This means that all their time will not be devoted to selling your property. On the contrary, when you are in charge of the house sale, you can ensure that all of your free time will be dedicated to making a sale quickly and efficiently.
Ways to Sell Your Home By Yourself
Until now, all sounds great. But what are the ways to sell your home by yourself? Are there any certain ways to sell your house without a realtor that it’s worth knowing about?
Ways to sell your home without a realtor
Ways to sell your house by yourself
Ways to sell your house on your own
Sell to a House Flipper
One of the ways to sell your home on your own is to work with a house flipper. House flippers are property investors or companies that buy houses in Germantown or other areas in the state to renovate them and resell them for a higher price. Working with a house flipper allows you to sell your house as-is for a lower price but enjoy a quicker sale process.
Sell to a Cash Home Buyer
The second method when it comes to ways to sell your house by yourself is to find a cash home buyer interested in your property. Oftentimes, you can locate cash home buyers by looking at companies like “we buy houses in Tennessee” who are experienced and financially stable to invest in properties like yours. Cash home buyers offer a lot of benefits for the seller as the sale process is quicker, it does not depend on mortgage approvals, does not require appraisals, and you can be certain that the buyer won’t change their mind while they are waiting for their mortgage situation to unfold.
We hope that the information we’ve provided in this article on selling your house on your own in TN will be helpful for you as a home seller. As long as you are well-prepared and informed about the process, you could enjoy the vast range of benefits of selling a house without the help of a realtor. If you’re interested to learn more on the topic, please visit our case study on selling a house on your own.