Sell your house without a real estate agent – In this tutorial, we will walk you through the processes you should follow to sell your property straight from the source.
Buying and selling real estate is a competitive, challenging venture that requires careful attention to detail, documentation, and constant follow-up.
The main reason people use a real estate agent is to ensure that they receive complete service from listing their property for sale to finding potential buyers and completing the sale.
For this, brokers charge a commission, often between one and two percent of the property’s value. Still, it is possible to sell a home without the need for an intermediary.
How to sell property without using a broker?
Set Price
After deciding to sell a property, find out what the going rates are for similar properties in the area. Choose a property rate that takes into account both market conditions and the condition of your property.
Prepare your property
It is said that anything with more depth than a simple announcement makes the best impression. If you want to sell your property then make it worth its market value.
Fix and maintain anything that needs attention around the property, including broken tiles, cracks in the wall, leaks, leaking taps, malfunctioning locks and electrical switches. If you are planning to sell a furnished house then make sure that the house and its furniture have been thoroughly cleaned.
Click high-resolution photos and videos.
Once the property is ready, take high-definition photos and videos of it for use in advertising and promotion. It is recommended that you film the video as if it were a home tour, starting from the exterior of your home and moving to the inside.
Describe each room and other notable details in the film, such as whether the apartment faces the city or the garden and what view most people enjoy from this location, among other things.
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Advertise your property
Once the first two steps are completed, advertise your home on multiple media channels such as your social media accounts, your contacts and various groups on WhatsApp.
Using internet real estate portals like Navimumbaihouses.com, where listing properties is incredibly simple and user-friendly, is an important medium.
Using the ease of Internet research, you can, among other things, get information about the number of individuals viewing your home, thereby exposing you to a larger number of potential buyers.
Check Buyers
Not every home buyer who contacts you will necessarily be interested in a transaction. Some people may be interested, but they may not be able to afford it, and some people may just be dishonest.
To screen buyers, use your discretion. Additionally, be aware of important details like their place of employment.
Their ability to accept and repay home loans, the maximum amount of home loan they are eligible for, what guarantors they are offering, etc.
Meet potential customers
It’s a good idea to meet with a potential buyer as soon as they contact you.
Personally, having a look at the property always adds value to the property acquisition. Answer all buyer’s questions patiently. Keep in mind that a homeowner is investing all of his hard-earned money.
Negotiate with home buyers.
Without negotiation, no real estate transaction is complete. Even though the buyer can disclose his spending limit. As a seller of property, you should always negotiate and never overdo it.
Once you and the buyer reach a decision, accept a token payment from the buyer to complete the transaction for both parties.
However, token money comes with some risks. After paying the token amount, what will you do if the home buyer disappears? See this article to know more.
Procedures followed by law while transferring ownership
- Understand every aspect of the legality of the sale. Before closing the deal, it is a good idea to talk to a lawyer so he can advise you on what to expect.
- Transfer of ownership occurs once the agreement is finalized. An agreement to sell, in which an undertaking is made to transfer the property subject to the realization of a sum of money at which the sale price of the property is specified, is first registered. Both the seller and the buyer have to sign it.
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Specifications in the sales contract
- name of purchaser
- seller name
- Property Details
- transaction value
- payment breakdown
- The time limit for completing the sale of the property
- Terms and Conditions of Sale
- Buyer’s Responsibilities
- Seller Responsibilities
The buyer then needs to find out the payment terms. “I still owe Rs 75 lakh to a non-banking financial corporation (NBFC), which I owed when I sold my property for Rs 1.04 crore.
A property owner, who recently sold his two-bedroom flat without the use of a broker, said, “The buyer arranged for his payment method, paid me a part of it, and paid the outstanding home loan directly to the NBFC. Did.”
Stamp duty and registration charges have to be paid to legally transfer ownership of the property. This is where the sale deed is registered, and it includes information about the configuration of the property, name of the new owner, price and amenities, among other things.
Once the buyer receives the sale deed. The transaction is finalized and full possession of the property is given to the buyer.
What are the benefits of selling a home without the help of a broker?
- There will be openness in real estate deals.
- No broker gets a commission on selling property. This is a considerable saving on property. Additionally, there will be no pressure on the property seller to sell and he can make an educated choice based on the things that are essential to him. This is because there will be no broker there.
- The seller learns about and gains experience in the real estate industry.
What are the implications of not using a broker when selling property?
- If a buyer expresses interest in the property, the owner will be in charge of vetting them, arranging site visits, etc. in case a broker is not involved. But keep in mind that this may not always be successful and can be laborious and time consuming. If the owner decides to sell the property himself, he needs to be mentally prepared for the time it will take.
- Selling real estate involves marketing, paperwork, and other tasks that, if you hire a broker, he or she will handle.
- It is easier for a broker to close the deal than you because he has clients and is aware of the current locations.
- A broker has strong relationships in the property registration office due to his business understanding. Due to his potential connections within the SRO, he will be able to easily manage any issues that may arise during the registration process. While doing anything independently for the first time, a person may face problems that he cannot figure out immediately. Which may mean repeated trips to the sub-registrar office.
What happens when a homeowner can’t sell the property without the help of a broker?
When selling a home without the use of a broker, homeowners should be patient. But he can’t sit around waiting for his property to sell forever, and if things don’t work out, he may have to hire a real estate agent. So what should he do? These are the things a homeowner should keep in mind if they decide to work with a broker.
- The broker you wish to work with must be registered with RERA.
- In addition to having a solid understanding of the local market. He should be aware of the going rates for the property.
- View his past achievements on transactions he has closed.
- Discuss the amount he is requesting and negotiate a deal that is approximately equal to the going rate.
However, this can be laborious and time consuming. Selling a home is not a difficult process without the help of a broker. Brokers in the business are aware of the many legal nuances that must be taken into account when selling a property. But if you are ready to put in extra effort and handle things independently. It is not difficult to accomplish this on your own.