22 Feb Time and cost of selling your home without a broker
This article is part of a series of articles looking at the various aspects of selling your home without a real estate agent.
Understanding time investments of selling your home without a broker
Patience is a virtue when selling your home without a broker. Actually, whether or not you use a broker, you’ll need to be prepared to go through some hoops and expect to put in a lot of time. Choosing to do it on your own will require giving time to the project as well as waiting on elements outside your control. The main reason home-owners choose to sell their home without a broker is to save money on the commission fee, but it is important to remember that selling without a real estate agent means you’ll be doing each task on your own. Time is money, so here are a few time investments that you’ll be taking on when selling your property.
Just the basic research will be a large part of the time expense. First of all, you’ll need to do a thorough analysis of your home to determine the asking price. When consulting a real estate agency or, better yet, multiple agencies (which is free of charge in Berlin) finding the agents and meeting with them will also take time.
Finding the correct online listing portals for your home is crucial as it helps you target the correct audience. Finding the right portals and narrowing downs which ones will be most successful for you requires good knowledge of the market and the networks. You’ll also want to make sure to write a strong and eye-catching listing and adjust it to the marketing outlets you choose.
Every task you do when selling your home takes time. Writing ads, creating and printing pamphlets, distributing information, meeting with experts for advice, making renovations to your home, etc. You’ll need to create a sort of schedule for yourself and try to be reasonable about what you can get down in what timeframe. Some home-sellers make it a serious side job, but that’s not always practical. Make sure you understand what specifically you’ll be taking on when you sell your home without a broker and that you’re able to handle all of it.
Without viewings you won’t sell your home. These can be tricky, though, as you’ll have to carve out specific times to meet with viewers and also have the energy and patience to detail everything and answer questions. Make sure you have an information sheet ready as well for details that you don’t know off the top of your head. You also never want to rush a viewer or feel like you’re rushed yourself. Creating a good rapport and vibe make a world of difference for the buyer.
Even more important is figuring out who are actual serious potential buyers. You don’t want to waste your time showing your home to people who are just window shopping, or just curious about what’s out there with no real intention to buy. Once you’ve established who is serious and you’ve shown the home, you’ll need to invest the time to answering remaining questions and doing your own follow-up with them. Not responding quickly can kill a potential sale.
Selling your home without an agent can be a great option if you’re ready and able to invest the time. Before you dive into it, make a list of specific tasks you’ll need to get done before, during and after the process as well as other aspects that you’ll need to continuously do upkeep for.
Want to know more information about selling your home with or without a broker? Contact our professional agents for a better idea of what all goes into the process.
Here’s a list of documents you might also need when selling your home in Berlin. You can find these terms in German here.
- Declaration of division (not for single-family home)
- Minutes book (not for single-family home)
- Minutes of owner meetings for the last 3 years (not for single-family home)
- Prefabricated floor plans with an official stamp from the architect
- Current economic plan (not for single-family home)
- Overview of renovations in the last 10 years
- Information from liabilities – und easements
- Current land register
- Official site plan of the property
- Confirmation from the property manager that there are no outstanding residuals (not for single-family home)
- Copy of property insurance
- Energy certificate (Cost c. 50€-150€)
- Proof of property tax amount from the last year
- Administrator contract between you and the property management company (not for single-family home)
- Under certain circumstances, a further expert opinion will be required. (Cost c. 1000€ – 3000€)