You’ve searched all through the internet regarding how to close a real estate deal without an agent and now you’ve arrived here and we hope that you finally have the answer you need. Let’s go:
Let us be bluntly honest with you: you will never be able to close a real estate deal all by yourself. When people talk about For Sale by Owner (FSBO) they mean the owner will be the only one responsible for marketing the property and dealing with all the offers, negotiating and reaching the fair market value.
However, it will be impossible not to reach out to real estate professionals like a Real Estate Broker to list your property on the Multiple Listing Service (MLS) – as they are the only ones allowed to do that – and players from the closing process, and players responsible for the escrow account... so, as you can see, and as U2’s Bono Vox would say, “sometimes you can’t make it on your own”; not completely.
Having said that, let’s focus on the things you can do on your own and try to give you some insight of how to close a real estate deal without an agent.
Time. You will need a lot of it. And for a long time. The average time in America from listing to closing is 2 months and a half. But that’s the average; you can be on real estate markets which average 161 days! Average! That means some houses on that very market take even longer to sell! So it’s important that you plan accordingly. If you do it on your time off, the time it will take to sell the house will be a long one. You need to be there, on cue, ready to answer all the serious questions and offers – and, unfortunately, the bogus ones too – to let the home buyer visit the property etc. We recommend timing that long overdue vacation to right after the home is sold.
Focus. First thing for you is understanding in what side of the Old-School Marketing vs. Modern Marketing struggle your game plan will take place. It’s a sure thing you will need to act on both, but one might be stronger than the other, and you should focus on it. Host a big event with the pool of your contacts, your spouse’s, your friends… bring potential home buyers to an open house party and make sure they understand that place could be theirs. And/or market on both your spouse’s and your own social media avenues all the littlest details of the property. You can even mention that you’re trying to close the deal without an agent, so there will be a discount off the price if the home buyer has no agent too.
Knowledge. If you go at this hoping your personality will be enough, you’re bound to fall flat on your face and with other people’s hands deep in your pockets. Get your knowledge up to date. Search through our Real Estate Glossary Terms, read some of our home buyer’s advice and bring it all to your sale.
But honestly, as you can see, it just makes little sense to try and close a deal without an agent. The amount of real estate deals you will see in your life, a real estate agent does in a month. And you will make more money off your sale with the aid of one – even considering you’ll “loose” 6% of it to real estate commission. So, while we gave you some tips on how to close a deal without an agent, let us give you a much better one: find a real estate agent and let him/her find the best deal for you and close it for you.