When it is time to sell your home, it is nice to recognize your options before paying a hefty commission to a real estate company for their services. Consumer Reports claims that sellers who take the traditional route and use a real estate agent can expect to pay about six percent in commission.
1. Reach out to companies who buy houses for cash fast.
There are companies that buy houses. While some of these companies are looking for fixer-uppers that can be purchased on the cheap, this market has grown to include companies that promise to offer you a competitive price based on your home’s condition and marketability.
OfferPad, Opendoor, and HomeLight are three companies that will buy your house from you, making an offer in hours. Like any important decision that you make, it is crucial to get all the facts before moving forward with the deal.
2. Employ networking strategies.
One of the main keys to selling a home is attracting enough potential buyers. Networking can work miracles if given a fair chance. Make a list of the types of people who can help you meet sellers. Think about the professionals in the buying process, then reach out to them.
Building inspectors, closing attorneys, investors, appraisers, and property management companies all know people who talk to buyers all the time. In a sellers’ market, these people can truly help you find a buyer. REIA clubs are a perfect place to find investors who might be interested in your property.
3. Get creative and have a raffle.
Create some buzz around the sale of your home by doing something exciting and different that will attrack a lot of buyers. Just consider the huge success of state lotteries and apply the same principles to selling your home. People love the idea of getting something for nothing.
For example, you could sell raffle tickets for $100 a piece. Can you imagine getting a nice home for $100? This idea has worked for some sellers. The only thing you have to consider is whether it is legal to do this in your area. There are some places where raffle tickets are illegal.
4. Embrace the power of the internet.
The internet attracts so many people that anyone willing to learn to market on it can sell anything. You can go to sites like For Sale By Owner and Zillow and list your property. You can sell your home on Facebook or eBay. The opportunities are limitless.
5. Conduct your research and price your home competitively.
Pricing a home properly is the single most important thing any seller must do if they want quick success. Bankraterecommends that you do research about properties like yours that have sold recently. It is important to remember that comparable properties to be considered for pricing purposes should be about the same size, age, style and located within a mile of your property.
6. Utilize flexible financing options to attract buyers.
In a tough buyers’ market, being able to offer flexible financing for buyers who can’t get bank financing attracts many new prospects. Having this type of captive audience means more buyers who aren’t likely to be shopping and comparing your property with others they know they are unable to purchase.
Another type of seller financing to consider is a lease purchase. This type of contract allows buyers to move into the home under a lease agreement while saving up money or improving their credit so they can exercise the option to purchase it. Sellers can write the contract to include large down payments. It is not unusual for many sellers to sell the home several times before a buyer finally qualifies for traditional financing.
You don’t have to hire a realtor who will take six or seven percent of your profits to sell your home. Selling a home yourself can be difficult or easy depending on the tools you use to get the job done. Anyone willing to work hard and use a few of the techniques above can save thousands of dollars in the process.