THINKING OF SELLING YOUR HOME? A UNIVERSITY OF ILLINOIS MONEY MANAGEMENT EXPERT OFFERS SOME THOUGHTS ABOUT THE LISTING PROCESS. 

ONE OF THE MAIN THINGS YOU NEED TO DECIDE IS IF YOU ARE GOING TO TRY AND SELL IT ON YOUR OWN OR USE A REALTOR. YOU WON’T HAVE TO PAY THE COMMISSION OF USUALLY AROUND FIVE PERCENT IF YOU LIST FOR SALE BY OWNER, BUT THE U OF I’S ANDREA PELLEGRINI, SAYS THERE ARE SOME ADVANTAGES TO USING A PROFESSIONAL.

PELLEGRINI SAYS A REALTOR MAY ALSO HAVE IMPORTANT SUGGESTIONS ABOUT WHAT NEEDS TO BE UPDATED OR FIXED BEFORE SELLING. SHE RECOMMENDS MAKING SURE YOUR REALTOR KNOWS THE AREA WELL.

REALTORS TYPICALLY GET A COMMISSION OF AROUND FIVE PERCENT BUT THAT IS USUALLY NEGOTIABLE AND WILL LIKELY INCLUDE THE COST OF PROFESSIONAL PHOTOS AND LISTING SERVICES. PELLEGRINI URGES THOSE TRYING TO SELL ON THEIR OWN TO FIRST CONSULT WITH A LAWYER.