Selling a house in Memphis can be a chance to make some good money, but with all the hidden costs, many people walk away with less cash in their pockets than they initially hoped. One of the biggest price tags in a home sale is the realtor. Theoretically, they’re doing a lot of work for their money, but commissions are a percentage of the final sale. That’s not cheap. If you’ve ever considered ditching that price and selling yourself, here’s a crash course on what that might look like.
Prep the House
The purpose of this step is to make the house presentable for sale. Without presentation, you’ll find attracting buyers to be very difficult. Maybe you could catch the eye of a savvy real estate investor, but they’re probably going to offer you a below-market price.
The point of presentation is completely superficial. You want to clean the exterior. Wash the windows. Do some paint touch-ups. Stage rooms if you’re already moved or moving out. None of this raises the real value of the house, but it makes it leaps and bounds easier to sell.
If you’re aware of a flaw in the house that is going to be a deal breaker, it might be worth biting the bullet and getting the problem fixed. Your decision should depend on your budget, but it’s important to understand that even these kinds of repairs won’t get you higher offers. Instead, it will mean you eat fewer costs in closing.
Advertise the House
Most of the work in selling a house happens here. You want to list the house. You want to make sure it’s visible on house-buying sites and apps. That means you also need pictures of the house. This is one of the main places where you should consider professional help. You don’t need a listing agent to utilize the services of a professional real estate photographer.
The pictures communicate details about the house to prospective buyers. Bad pictures will slow down inquiries, and that can leave your house on the market much longer than you want. If you insist on saving money and do the photos yourself, spend a little time learning about photography techniques. There are many tutorials available. Read or watch a few. It will be worth it.
Advertising also includes showing your house. Whether you’re doing open houses or walkthroughs, showing the house is where prospects become buyers, and this is where you have a big advantage over the listing agent you didn’t hire. You know your home better than anyone, and you should passionately share that knowledge with interested buyers. All the personal touches are what change the conversation from buying property to buying a home, and that can make a big difference.
This is where the process gets scary for first-timers. When people like your house, they’ll make an offer. Depending on market conditions, you might actually like an initial offer. That’s fine. You can move forward from there.
That said, everyone is trying to squeeze every dollar they can, and it’s perfectly normal to meet an initial offer with a counter. It’s part of the deal, so don’t feel bad about it. Once a price is settled, the negotiations are far from over. The house will need an inspection, and then you get into contingencies. These are all the minute details of the contract that determine who pays for what. The inspector will find problems that have to be addressed. You might prefer to fix them yourself, or you might prefer to knock that price off the closing costs and leave it to the buyer. There are a lot of little things in this process.
At this point, it’s not unreasonable to hire a realtor for a flat fee. Many offer negotiation and closing services. Because they don’t have to spend the enormous time and effort of advertising the house and finding the buyer, they can get you through the intricacies of the final contract for much less money than the cost of their full services. If you don’t enjoy negotiating, it’s worth considering.
You made it! This is where you sign the paperwork and hand over the keys. Congratulations!
Take an Easier Path
If everything you just read seems daunting, there is an easier way. We Buy Memphis Houses is a real estate investment company that buys houses for cash. The process is simplified to the extreme. You fill out a contact form, answer a few basic questions about the house, schedule a walkthrough, and receive your offer. That’s all you have to do, and there is absolutely no commitment. You can hear the offer and make up your mind after that. Contact us today and explore the easy path to selling your home in Memphis.