Here are some important things to consider and do before you decide if you should sell your home yourself – and keep the Commission in your pocket!

If you ask any Real Estate agent for advice on the subject, they will most definitely tell you not to try it because it will take twice as long to do it yourself then if you had their help.  However, remember when you bought your house.  If you’re like most home buyers, the Real Estate Agent walked you through the house, had you fill out a few forms, and then you sat in the Escrow office while they did the rest, and the Agent pocketed the 5 to 6 percent commission (or more). 

I’m not saying the Real Estate Agent has an easy job, but do your homework and you will be in a very good position for a quick sale.

First, determine whether it is a buyers or sellers market.  In a buyers market, there are more buyers then homes available, making it easier to sell.  In a sellers market, determine if you want to take a chance and pay an extra two to three mortgage payments on your house while you try to sell it, or hire an Agent.

Look at other homes in your neighborhood.  How long have they been on the market?  If they are not selling, you might want to decide to wait before you move out of your house until a buyer is found – giving you more time to sell, but also less time to move.

Second - Be Prepared!  There’s nothing more frustrating than being asked a bunch of questions you can’t answer.  Ask a Broker for an “over-the-net” home evaluation (these are usually free), so you’ll have proof of the homes value. Hire a Real Estate Attorney to find out what paperwork you will need, the Attorney can also do the closing.  To find out what forms you will need, go to the State Real Estate Commission.

Find an Escrow company that you can recommend for the good faith deposit and make contact with a Title Company.  Remember, it is the buyers responsibility to hire the Mortgage Broker for their loan, as well as who they want for Escrow and closing, but if they have no clue where to go, your help will be most appreciated, and you will have a better chance of making the sale if you look like you know what you’re doing.

Save money by advertising only on the major Real Estate Ad days, and if there are any open houses going on in your neighborhood, have yours at the same time.  

If you’re doing everything you can and still not finding people interested in your house, consider working with a low cost Real Estate Broker or a Discounted or Medium Service Broker, (who may be Internet based). Through these resources, you may be able to place an ad in a Multiple Listing Service.  Be sure to pay the extra cost for a photo of the house.  Text only descriptions just will not do.

As a last resort - You might also consider working with a Buyers Agent.  These Agents work for a buyer, and normally split the commission with the Sellers Agent.  Since you are sellers agent in this case, you may get some help, and a quicker sale for 2.5 to 3 percent of the selling price.

Again, weigh getting help with having the house on the market for a longer period of time.  A 3% commission on a 300,000 house is still $9,000 to a Buyers Agent, but that’s also an extra $9,000 in your pocket when compared to a 6% Real Estate Agent fee.