Although selling a home is significantly easier when working with an agent, it can also be a significant sum to have their help. In the typical real estate transaction, the buyer and seller agents each get 3%, and that total comes from your end of the sale.
Just about everything is negotiable in a real estate transaction, so you could speak with buyers about taking on part or all of that amount. You’d have a better chance to save some money by choosing to sell your home without an agent in NYC and most other markets today.
If you can even cut your total commission cost from 6% to 3%, you’ll save $18,000 on a $600,000 property. Houses sold by the owner tend to move faster than others, but there is a lot of extra work to do.
How Can I Sell My House Quickly Without an Agent?
Before you get started with the sales process, it’s highly recommended that you check out the information on websites like https://fsbo.com/. You’ll save cash without an agent, but the flip side of this decision involves the extra time you’ll need to take to prepare everything for buyers.
Here are some tips that can help streamline that process more so that you can work toward a profitable transaction.
1. Set a realistic price.
The biggest mistake homeowners make without an agent is setting an unrealistic price. It’s very common for people to think that their property is worth more than it is. When putting your home on the market, you must put your emotions aside and only set a price based on comparables and other hard data from your community and neighborhood.
A great option here is an online pricing calculator. Zillow offers a tool that estimates your property’s worth based on several objective factors. You can also see the current estimated values for other homes in the neighborhood.
2. Advertise your property.
The old-school approach to selling a home without an agent is to stick a sign in the yard or window and hope for the best. You have a lot of options today that can help get more exposure for your property.
Most buyers start searching online in today’s market. If you sell without an agent, you can list on several websites for a minimal cost. It might also help to sign up for the MLS (Multiple Listing Service) that brokers use.
The price is about $400 per year, but that amount is still significantly cheaper than the 6% an agent might charge.
3. Detail everything about your home.
People shop for homes online. They want to see how attractive the property is before seeing things in person. That means you’ll want to include interior and exterior photos of the home while listing it for sale. It might be helpful to hire a professional to capture the best angle
Your listing should also include all the property basics that people need to know. That consists of the age of the house, its location, the number of bedrooms and bathrooms, plus the asking price. It’s a good idea to highlight whatever improvements or upgrades you’ve made, such as a new roof, an updated water heater, or smart systems.
4. You can pay brokers for limited services.
Many agents offer limited services to help homeowners with specific aspects of the selling process to keep costs low. Although the options vary based on the agency or individual, you can get help with everything from scheduling an inspection to negotiating the details and price of the sale.
Each task comes with a specific rate, but you might get a better deal by booking a few services together in a package. Although your costs would rise, you’d balance the time commitment made to the sales process on your end.
5. Be patient with the process.
When you host an open house, there might not be any offers that come your way. Allow that experience to be okay. It gives you the chance to update your marketing, review the asking price, and see how far the scope of your outreach efforts are. Even when you find a buyer, it can take a month or more to go from an offer to an official closing date.
It can be expensive to sell a home with an agent, which is why many homeowners decide to try things by themselves first. When you’re ready to move after finding the right buyer, our team is here to help!