How To Sell Your House WITHOUT an Agent in Hamilton Ontario
I want to tell you something that most people aren’t aware of. You actually don’t need to hire a real estate agent to sell your house. I know, crazy right? But, there’s a problem. Selling a house is A LOT of work, which is why most people prefer to have someone else do it for them. In the next 6 minutes I’m going to show you how you can sell your house on your own, and save thousands of dollars on commissions.
First things first, I want to stress the importance of being properly prepared to sell your home. Neglecting this is leaving money on the table. The home will take longer to sell, which means lowball offers. These are discouraging, and let’s be honest, pretty annoying. These will be the only offers you get, if you get any, when you rush into listing too fast. Make sure you take your time, and follow these tips, to not only sell quickly, but for the most money.
Step 1: The Price is Right
Correctly setting your asking price is critical. Too high can be as detrimental as too low. Remember this next point, it may save your life:
The asking price is NOT the final sale price.
Rather, it is meant to position your home to generate interest from motivated buyers. Listing at a high asking price causes good motivated buyers to ignore your listing. Now it takes longer to sell, which means those dreaded lowball offers are coming in.
When setting your price, take a look at what sold in your neighbourhood in the last little while. Going back a couple months is good. A couple years, not so much (I’m looking at you, COVID prices). Compare your house objectively to the ones that sold. Consider their sale prices to determine the value of your house.
Step 2: Set the Stage
Alright now that you have your price, and you didn’t list too high (you didn’t list too high, right? RIIIIIIIGHT?), it’s time to stage your house.
You want to make a good first impression on potential buyers. Clean the place up, make any necessary repairs, change out that loose doorknob, and make the house neutral. That means no photos of your family and friends. You want the buyer to imagine themselves living here. That’s hard to do when there’s a photo of a stranger holding a large fish on the living room wall, impressive though it may be.
If at all possible, avoid moving out before you sell the house. It makes the property look empty and less appealing. It will also signal to potential buyers that you have a new home and could be motivated to sell quickly. This gives them an advantage at the negotiating table.
Step 3: Get Legal
So your house is now looking fresh as a daisy and ready to hit the market. Wait, not so fast. Are you prepared to deal with all the legal stuff that comes with selling a house?
(There’s a lot.)
Better call Saul, or preferably someone less sleazy. A lawyer will handle all the legal paperwork required. You might be able to avoid realtor fees, but one thing you cannot avoid is lawyers. They will keep you from getting sued and losing potentially thousands of dollars.
Shop around, talk to a few lawyers, and pick one that is right for you.
Step 4: Market that Bad Boy
You are now fully prepared to hit the market. But how will people know you have a house for sale? Climb on the roof and scream it to the whole neighbourhood? Probably not going to work, plus you’ll look ridiculous.
Beyond just a sign on the lawn, you’ll want to make sure your listing is all over the internet. If you have social media, make a post telling all of your followers that you are selling. Take some photos so you have something to share with people who reach out. It might be worth it to hire a professional photographer. High quality photos make a MASSIVE difference when marketing a house. Additionally, make sure to post your listing to Kijiji and Facebook marketplace for free.
Quick tip, when posting to facebook marketplace, make sure you join the local Buy/Sell/Trade and real estate groups for maximum exposure.
You’ll also want to mention your listing to your friends, family, coworkers, the guy making your sandwich at Subway, and anyone else who will listen. Talk to a local print shop, get some flyers made, and mail them to everyone in the neighbourhood. Alternatively, you can go around door to door and deliver them yourself. This is more time intensive, but will have a bigger impact. Who knows, maybe they have a friend or relative who wants to move to the area.
Step 5: Time to Negotiate
“Will you take $7 and a pack of breath mints?”
If you’ve followed the steps above, you will be receiving some offers, and hopefully some good ones. Now you need to come to an agreement with the buyer. You want to remain cool during this process. Most buyers don’t start out with their best offer. They often have some wiggle room.
Look at their offer as a whole. Maybe their price is a bit lower than you expected, but they have the ideal closing date for your situation. Or they offered a good price, but the closing date is May 12th 2277. You want to weigh all the variables.
There are many details to resolve before a sale can be considered final. This includes price, conditions, inspections, deposits, closing date, and buyer clauses. Make sure you fully understand all the details of the contract you have drawn up. I know, I know, contracts are boring, but you want to be aware of what you are agreeing to, and what your responsibilities are. If not, it could cost you a lot of money. The contract you use should be thoroughly examined by your real estate lawyer.
FInal Considerations
To determine whether or not you will end up ahead by choosing to sell on your own, consider the following:
- Most buyers use a real estate agent because it doesn’t cost them anything for the service. The seller typically pays the buyer agent’s fee out of the proceeds from the sale. You don’t HAVE to pay the buyer’s agent. However, this may be unappealing to the buyer, as they will now be responsible for paying their agent out of their own pocket. This may prompt them to look elsewhere.
- Many buyers, investors and speculators who seek out “For Sale by Owner” properties are typically those in search of a bargain. The low-ball offers from these types of buyers will have you pulling your hair out.
So hopefully you are able to sell your house, walking away with a fat stack of cash and your hair intact.
If you’re still having difficulty selling your home in Hamilton, Ontario, despite using these tips, don’t hesitate to reach out to me. I’d be happy to see how I can assist you.
Feel free to call, text or send me an email:
(905) 730-4052
Contact@stevelopresti.ca
