I’ve Been Working Too Hard! Ask the Wall Street Journal.

by Kris Berg

Realtor, Associate Broker

Author website

Thanks to Athol for this definitive guide on how to sell your own home without all of the inherent hassles and baggage of dealing with a professional real estate agent. And, I do mean “thanks” since, being a wee-bit short on discretionary reading time this week, a Permalink has to slap me upside the head.

Kudos to the Wall Street Journal for finally giving us the bottom line on this crazy real estate transfer process. If you read the blogs or listen to the industry, or even if you have merely used an agent in the past to assist in the sale of a home, you might have been left with the impression that the process is complex, involved, and fraught with potential difficulties and liability. Even I have fallen into this trap. We can make it hard, or we can make it easy.

Accordingly to WSJ.com, it is all so very simple really. Just follow these three easy steps, and your home is as good as sold! No muss, no fuss, and no “6%” fee, which they point out is “a hefty penalty for selling your home”. Who wants penalties?

1. Find out what your home is worth. There is … a group of free services on the Web, such as Zillow.com, that allow you to estimate the value of your home by comparing it with neighboring properties.
2. Market your property. The goal when marketing your home… is to “drive as many buyers as possible to your ad,” so make sure you choose a site with a lot of traffic, and augment your listing with high-quality color photos and a compelling description. You might even try a “virtual tour” if you’re willing to pay a little extra.
3. Transfer the title. Once your home is sold, you need to call in the professionals… Regardless of who handles yours, you shouldn’t pay more than about $500…

That’s it! Zillow that house, take some color photos (not black and white, and absolutely no pencil sketches), consider one of those newfangled virtual tour thingies, and cash in the loose change from between the sofa cushions. Congratulations! And to think I just paid to renew my E&O insurance.

Call me silly, but I have obviously been working way to hard. Since I am in the midst of renewing my Broker’s license at the moment and taking all of those nutty continuing education courses and tests, I am in the habit of taking a practice exam, so here goes.

Q. How do I know what my house is worth?
A. I should look at my Zestimate.
(Correct. Look at your Zestimate, stupid).

Q. What is my goal when marketing my home?
A. Drive as many buyers as possible to my home.
(Wrong. Drive as many buyers as possible to your ad.)

Q. How do I decide where to place my “ad”?
A. Rock, paper, scissors.
(Wrong. Pick a site with a lot of traffic. Craigslist should work.)

Q. Should I pay extra for a virtual tour?
A. Maybe.
(Correct. You might even try this.)

Q. Should I be concerned with termite and other property inspections, buyer qualification, statutory disclosure obligations, negotiating nuances, possible contract disputes, or other details traditionally associated with the transfer of real property?
A. I might even try a virtual tour.
(Correct. You might even try this.)

Q. Can I keep the window coverings?
A. It depends on what my newspaper ad says.
(Wrong. Pick a site with a lot of traffic.)

Score: 50%. Congratulations! You’ve Passed!