Selling Your Own Home

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The Reel Team understands that some homeowners want to sell their home without the help of a real estate agent. Usually, owners make this decision to save money and to take full advantage of their equity. This is a valid concern and we are here to help.

Our philosophy is to provide the proper information to help buyers and sellers with their real estate needs; this includes those who wish to do the work on their own. We feel that our services are worth what we're paid, but we also respect those who would rather save money by performing these activities on their own. We'll outline the steps here. If you do try to sell your own home and aren't able to achieve results, please contact us and we'll be happy to go to work for you.

Preliminary Questions

These questions should be answered first if you want to take this big step and be successful. If the answer to any of these is "No" then you may face challenges and might need to reconsider your options.

• Are you willing to pay the co-op fee to a buyer's broker?
  
  Out of all the reasons listed here, this is probably the most important. Typically, using a Realtor doesn't cost a buyer anything, so most use one without hesitation. If a buyer will need to pay their agent to buy your home, this amount will essentially be added to the cost of your home in their mind, and this generally complicates things. If you wish to make your home available to the most potential buyers, it is important to offer to pay the buyer's broker.
  
• Are you available during the day to take calls and schedule showings?
  
  Most buyers and real estate agents see homes during the day and on weekends. The process of viewing homes is naturally tedious and tiring and if you're not easily accessible to handle these things, many buyers will not consider your home.
  
• Will you use a lockbox to allow buyers and other agents to see your home while you are not there?
  
  Sellers who remain in their home while it's being viewed simply cretae tension with potential buyers. Many buyers are not willing to spend much time in these uncomfortable situations, so they don't seriously consider the property. This also creates a smaller window of time in which your home is available, which is very limiting.
  
• Are you able to verify that the people calling to show your home are legitimate home buyers?
  
  You can verify that someone calling is a licensed Colorado real estate agent at the Colorado Real Estate Commission website. Click here to ensure a caller is licensed in Colorado. Real estate agents, and especially Realtors, are bound by rules, regulations and ethics that ensure they will treat your home properly.
  
• Can you afford to wait a few extra months for your house to sell?
  
  Statistics say that people who sell their own homes take longer and sell their homes for less money than those who sell with an agent. This is typically due to the lack of exposure to potential buyers; buyers typically work with agents and search for homes in the MLS system. When you sell your home on your own and don't have access to MLS, fewer buyers discover your home is for sale.
  
• Do you have someone who can help with the contracts and the closing?
  
  A Realtor working for a seller organizes the contract process and the closing. This is a major responsibility and the contracts are legally binding, so it's important to have the proper representation. This could include a lawyer or a title representative.
  
  

Selling Your Home

If you can answer YES to most or all of these questions, you are ready to continue. If not, you might want to take a look at the list of services we provide and give us a call for a free consultation.

• Staging / Curb Appeal
  
  Getting your home ready to sell is an important step. The overall condition and look of your home is an important factor in determining how quickly it will sell. Many buyers won't view homes if they don't like the way it looks from the street, and others aren't able to look beyond your belongings inside of the home. It's vital for a buyer to be able to see themself in your home, so you might consider hiring a staging consultant.
  
• Marketing
  
  Determine how you want to market your home in order to gain exposure to the pool of potential buyers. The yard signs, newspapers and the internet are possible places to market your home. We would suggest pricing the options and establishing a plan for the next 6-9 months.
  
• Pricing
  
  The only thing that matters in pricing a home is what a buyer is willing to pay. Never mind what you want, or what you need, or what your neighbor sold their home for. A good place to start is by comparing your home to other similar homes, within a few block radius, that have sold within the last 3 months.
  
• Seek Legal Representation
  
  Knowing your rights is important during the home sale process. If a Realtor is helping a buyer, they may give you advice but they will always be loyal to the buyer. What is in the best interest of the buyer isn't usually in your best interest, so be prepared!
  
• Showings
  
  Determine a plan for making your home available to buyers.
  
• Qualifying a Buyer
  
  When a buyer makes an offer, be sure to ask for a lender qualification letter. This will verify the buyer's ability to pay for your home before you take it off the market.
  
• Negotiating The Offer
  
  Determine how you will negotiate if an offer comes in under the list price. An agent working for the buyer will most likely be skilled in negotiation, so it's important that you understand early in the game what you need to sell the home for. You should also set out a minimum that you're willing to accept.
  
• Inspections
  
  The buyer will need to inspect the house for problems, so make sure you are available to let the buyer enter your home for the inspection. There will also be a process of resolving any safety issues that the inspector finds, so be sure to prepare for this when accepting an offer.
  
• Closing and Title Documents.
  
  Select the team that will assist you through the closing process.

The Reel Team wishes you the best with the sale of your home, whether you hire us or not. Our goal is to be of service at all times, so if you have any questions, we'd be happy to help.

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