After considering the expensive real estate agent commission fees, a lot of property sellers always wonder and think 'can I sell my house myself ?' There is a lot of uncertainties and questions that goes into the process of selling your property without an agent. Traditionally, when an individual property owner decides to sell a property, one would hire a real estate agent or broker to determine the market value of the property, advertise, negotiate and handle the sale.

However, there has been more property owners utilizing For Sale By Owner (FSBO) advertising platforms to market their properties online or putting up banners on their front gate or wherever visible to public themselves. This is a situation in which you are advertising and offering a property for sale directly to buyer without hiring a real estate broker, and there is no agent commission associated with the sale of the particular property. 

It really depends on individuals to actually hiring real estate agent or Do It Yourself (DIY) as there are Pros and Cons to hire a real estate agent.

Before we go into discussion, lets first break down the [Pros & Cons of hiring a real estate agent].

Can You Sell Your Property Without a Real Estate Agent? 

The short answer is YES, of course. In Malaysia, there are no rules requiring property owners to sell their properties through real estate agents (brokers). But, how much is the actual cost of hiring an real estate agent /broker to sell your property?

According to the Malaysian Institute of Estate Agents (MIEA), for the sale and/or purchase of land/buildings within Malaysia, the real estate agent’s commission fees are usually 2-3% or set at a maximum of 3% of the property’s sale price. If you’re deciding to let your home or room, the commission fees are normally subject to a minimum fee of one month’s rental.

For example, if your house is valued at and sold for RM 500,000, you would have to pay a (or 2-3%) maximum amount of 3% which is RM 15,000 toward your real estate agent.

This is the sole reason why a lot of people have considered the idea of "do it yourself" or "for sale by owner, but worried about where to advertise, who to talk to and how to secure a potential buyer.

Here Are The 3 Simple Steps to Sell A Property On Your Own

1) Research Market Value and Set A Selling Price

When you have decided to list your property on the market for sale, you must first determine the right asking price. You want people to buy your house and make a profit, but you don't want to come up with a number that will scare off buyers on the market. The asking price may not be the same figure you've set out in the first place, depending how the negotiation process goes between you and the buyer, the property may be sold at a higher price or lower price.

However, the truth is that buyers know the market so well that they usually survey the entire area before making a purchase, which may be reasonable as property is one of the most expensive asset you can be buying in one's lifetime. Therefore, there is no point to waste your time to list for way above market price and 'hope' that the property will be sold.

Here are four main factors that determine how a property selling price is set :

• Estimate The Market Value

  • Check on your property's value with bankers or valuers to get an estimate, while your property price may differ from bank's value as it depends on the demand and availability in the market as well.
  • You can read up on real estate market value and trends on these property websites: iproperty.com.my, edgeprop.my, propertyguru.com.my, zerohero.my and brickz.my. You may get an idea of how much other sellers (competitor) are selling in the market for. 
  • The selling price of your property differs accordingly to which similar properties have been sold in months or a year before.
  • Here you could consider setting the asking price either slightly above or below that average selling price, and making sure the sale price is not simply set as you pleased.
     
• Location Advantage & Disadvantages
  • Buyers are more likely to purchase a property that is situated in a prime location within range to amenities and their workplace. 
  • Although being far away from amenities, your property may be situated in a more relaxing and quiet environment, which may also be an upside for buyers.
     
• Property Details
  • Make sure you know your property details as buyers may raise questions regarding the property to check if it satisfies their needs.
  • Main property details include : property type, number of bedrooms, bathrooms and carparks, built up and land size dimension, tenure (leasehold or freehold), furnishings, maintenance fee, property facing and many more.
      
• Condition Of The Property
  • The condition is an important factor when selling a used/subsale property. Buyers tend to be concerned about hidden major fixes on the property that they are going to purchase. In this case, well maintained properties will be more convincing to buyers.
  • If your property condition is not so great, you shall consider lowering the price or do some refurbishment before listing onto the market. 

2) Market Your Property Online

Good marketing can bring higher prices for your property and it can mean the difference between 'sold' or 'expired' in a buyer's market. Good marketing might not sell your property immediately, but it will make your phone ring and be greeted with daily inquiries. These are three best ways you can market your property:

• Reach Out to Your Personal Network

  • Start with people you know, chat online with friend or family and talk about your listings. Perhaps they know someone who is interested in buying from you.

  • Personal and social connections are absolutely vital in the real estate market, because the great thing about real estate is that everyone you engage is a potential buyer.

• Share Your Property For Sale on Social Media

  • A quick, simple status post letting people know your listing exists, or you can post to relevant public or private real estate groups. Ideally, you may regulate your posts over the course of a week so there is sustained, ongoing awareness.

  • Take good looking pictures and upload it onto the gallery to visually show off the best features of your property.

  • In addition to great photos, you can consider showcase the property by creating a video walkthrough, which helps prevent people from skipping over your posts and thus giving buyers a real sense of the place - Clean up the coffee table !

  • These are the widely used social media platforms you can start with: Instagram.com, Facebook.com. Twitter.com, or on Youtube.com.

• List Your Property on Multiple Listing Services (MLS)

  • A multiple listing service (MLS) is a database established by real estate experts to provide data about properties for sale/let. Today's digital age, a MLS listing provides your property more exposure, in turn, prospective buyers also gain access to numerous listings while you get connected to buyers quickly and conveniently all in one place.

  • Without this consolidating service, sellers/buyers would need to look through several real estate websites, to find available properties in a particular area.

  • The most commonly visited MLS site in Malaysia - mudah.my.

  • Apart from captioning the listing description with "Selling my house for RM7XX".. You need to provide basic property descriptions like, type, name, built-up size (sqft), floor level, the number of rooms, parking space (if any) and condition of furnishing - And now you patiently await for buyers.

3) Consult Your Mortgage Banker and Lawyer

Upon receiving a standard 2% deposit from the buyer, all you have to do is to engage a mortgage banker and lawyer together to transact a property. In the typical home purchase, the seller enters into a listing contract with a real estate agent, and the lawyer most often act as an intermediary throughout the negotiations process.

A lawyer is essential to consult you on vague legal terms, tax consequences, buyer obtaining a commitment for financing and review title policy, before drafting a formal written contract known as the Sales and Purchase Agreement (SPA). The appointed lawyer will make sure these important documents are properly executed and explained to you. 

Once the deed and other closing documents are signed, you may handover the property to the buyer - Congratulations, you have just sold your property yourself, commission free. 

BUT, alternatively, you may also consider selling with :

“Why pay 2% ? When you can pay none.”

ZeroHero.my is your one stop end-to-end property platform to sell and buy your home with NO Commission charged, only a fixed fee of RM 999 ! ZeroHero takes up the responsibility to reinvent the entire home selling and buying experience that the sellers and buyers deserve.

By providing better control, transparency and property services to you, you can sell your properties on our official site ZeroHero.my or gain access to the ZeroHero user-friendly mobile apps. 

Why Sell Your Properties With ZeroHero ?

In reading this article, you'll find out that many first-time homeowners like you have considered the idea of selling your properties by yourself the smart way. A way that gives full control over the selling process and most importantly, helps owners achieve huge savings without having to pay thousands in agent commissions.

These are three main benefits of advertising and selling your properties with Zerohero

• Sell For No Commission ✅
  • Instead of tarditional 2-3% of payable commission when a home is sold, ZeroHero charges a low fixed fee of RM 999 only, with terms of SPA (Sales and Purchase Agreement) payable and done by ZeroHero.

• Unlimited Viewings & Consultation ✅
  • ZeroHero ensures hassle free experience for the consumers. We provide unlimited viewings within area of coverage. Conducted by our Heroes. Until Sold.

• Technology Intergration ✅
  • We conduct 360° Virtual Tour, walkthrough video and professional photography for your home. Showcases the true value of your home to buyers. Buyers may tour homes online before actual viewing, time saved for both seller and buyer. View homes with 360° virtual tour now !

Sign Up Today!

On Zerohero.my and start selling your properties yourselves without paying thousands of commission !

Download ZeroHero apps here !

Or contact ZeroHero to learn more.