I love to eat food. Even people who don’t know me can tell I love to eat food. Living in Cincinnati there are a lot of great foods that I have eaten since I was a child. When I was a poor, recent college graduate I could not afford to eat at the restaurants I loved, so I tried my very best to copy these meals for much cheaper at home.
The problem was I could never quite get there; my Skyline cheese was too hard and the canned chili never tasted the same. My wanna-be Montgomery Inn ribs were chewy even though the sauce from the bottle was still delicious. And trying to make Graeter’s Ice Cream out of cream and sugar left me with a messy kitchen and a pile of inedible creamy sugar.
My point is sometimes spending the money makes a world of difference. This can be true when it comes to selling your house by owner. In many cases, spending the money for the expertise of a realtor can lead to a much less stressful and much more successful home sale. A good realtor can be like the delicious one-of-a-kind cheese on a Skyline Chili coney. However, for the person who is brave enough to tackle a home sale by owner, here are a few ideas on how to make it work.
First and foremost is the decision on pricing. Researching your neighborhood sales, and understanding current market trends will allow you to reach a price point that won’t undermine your efforts right off the bat.
I have always been tempted to put our house on the market for 5 million dollars so that a rich person’s curiosity would be peaked about what could possibly be in the house that was worth so much. Then when the really curious rich people do their walk through, I would have a really fancy, antique chest with a lock on it that says “do not open until home purchase.” I bet that would get them to buy.
That leads me to my next point, which is the importance of marketing your home. The prominence of social media has not just allowed people to see pictures of each other on vacation, but it can also be used to spread the word on your home sale. That being said, realtors have the advantage in this area because of connections with other realtors, buyers, etc.
Lastly, a major deterrent for people in the for sale by owner process tends to be the large amount of legal paperwork, including the real estate purchase agreement, involved in selling a house. However with the use of an experienced lawyer, it is possible to reduce the cost of the sales transaction if you already have a buyer or believe that it will not be necessary to market your home to secure a person to purchase.
Ultimately the amount of effort you put into the for sale by owner process correlates with the success of the venture. And this doesn’t mean you have to go it alone. I have full confidence that paying Elliott Stapleton to help me sell my house would end well, especially if he brought Skyline chili for everyone.
Elliott Stapleton Attorney with CMRS Law