I would hazard a guess that the thought of having to pay a real estate agent thousands of dollars to list your property and then market it for you is almost scary enough to stay in your home. However, of course, you can make the effort to sell your own home without the help of a real estate agent (saving yourself thousands of dollars). I must warn you that this will involve a lot of research and hard work on your part and therefore being lazy will not cut it.

The reason I say this is because it is estimated that as many as 90% of homeowners who try to sell their own home, end up unsuccessful and ultimately turn to a real estate agent anyway. The remaining 10% will likely end up lowering your sales price, so ironically, the money saved by not hiring a real estate agent is lost anyway.

However, this does not mean that it is impossible to sell your own home, just that a little more hard work and research is required. Personally, I think this “failure” rate may be because people think that selling a property is easy. But truth be told, there’s a lot more to it than just putting up a for-sale sign on your lawn and then waiting for the barrage of phone calls.

In fact, that’s the easy part. If you are looking to sell your own home, then you should consider learning the various laws and regulations that are an integral part of a successful sale. Now, don’t get me wrong, I’m not saying you should study for the next four years and get a real estate degree, but a little knowledge can go a long way. I suggest you try the following if you want to be successful in selling your property:

1) Get informed – this may involve visiting the Town Hall, the registrar of deeds and of course a little study at the local library can’t do any harm. Specific factors to focus on will include learning how to price your home correctly, because if the price is too high or too low, you may not be able to attract the right type of buyer, if at all.

You’ll also need to learn what professionals you’ll need to be involved in the home selling process, how you can get a really good lawyer, the basics of setting up an escrow account, and how to find a home appraiser. Possibly the most important part of the process is setting the right price for your property. However, you can complete much of this research online, which may involve checking MLS listings and various real estate websites. This will give you the opportunity to view recent sales listings in your neighborhood.

2) The Professional Appraisal – As I mentioned, setting a realistic and reasonable price is probably the best way to sell your own home. In addition to this, hiring a professional appraiser will give you an outside view of your home and will likely alert you to any essential repairs that need to be carried out.

I guess it’s hard to be impartial about your own home and therefore it’s essential that you get the point of view of an outside professional. This also looks a lot more professional from a potential buyer’s perspective, and may even talk them out of completing an inspection on their behalf.

3) How well prepared is your home? – Before listing your property, I always suggest that you prepare it for the rush of visitors. This should include making essential repairs, especially those that may decrease the perceived value of your home. If possible, you should also give the walls a fresh coat of paint and touch up any painted trim.

It’s also a great idea to depersonalize the interior of your home as much as possible. This should include removing family heirlooms and photos, and indeed any clutter from every room in your home. Obviously, we want your home to look as clean and fresh as possible, and this should also include cleaning your closets and storage areas.

It is often said that the whiter and brighter your property appears, the more attractive it becomes to a potential buyer. Lastly, never forget about the front yard, as it will be the buyer’s first impression of your home. Tidy up the lawn and remove children’s toys and any unsightly clutter. You should also scrub the front door, as well as polish the brass bells or knockers.

4) Learn how to advertise: You can still get your property listed without having to pay a real estate agent. The Internet is undoubtedly becoming one of the most popular places for many homebuyers to begin their search for a property. In fact, it is believed that over 80% of all homebuyers will start looking for their dream property using this method. There are several for sale by owner websites that will allow you to list your property and include pictures and details of your home.

Again, this is not something to be taken lightly, and I would enlist the help of a professional photographer to make your listing stand out as much as possible. If you want, you can add this photo to newspaper ads and flyers, which would help generate more interest in your home. There are even a number of websites from which you can get a professional for sale sign.

5) Open House – This is quickly becoming one of the most popular ways to sell your own home. Obviously, it will take a lot of hard work and dedication on your part, as you will need to be available to take phone calls and set up appointments to show your property. As long as you realize that selling your home won’t happen overnight, and if you’re willing to put in the work, it won’t be long before you see results.

6) Can you negotiate? – I guess one of the reasons many people are willing to spend thousands of dollars on a real estate agent is because they don’t want the hassle of having to deal with a potential buyer and actually having to negotiate a price with them. However, without the help of a real estate agent, this extremely important task is up to you. You should always keep a firm floor price in mind and, no matter what, never go below it. Yes, there should always be room for you and a potential buyer to negotiate, but you still need to get the best possible deal.