Selling your home For Sale by Owner can be a great way to save money. In Denver for example, the median home price is approaching almost $400,000. This means if you paid a traditional real estate agent commission it could cost you a whopping $24,000. In Seattle and New York, this number is over double!
Here are 5 tips to help you successfully sell your home For Sale by Owner:
- Make sure you use a professional Real Estate photographer when marketing your home. Studies have shown that amazing real estate photography increases showings, reduces days on market, and increases sale price. At BlueMatch, we use Virtuance which has packages starting as low as $99.
- Make sure you list your home on MLS. The MLS is the heart of the Real Estate world and once you list on the MLS, your home will be syndicated across hundreds of sites. Listing on the MLS will drastically increase your showings and exposure. There are many services out there you can fine to either pay a flat fee or use a model like BlueMatch’s.
- Have a Real Estate attorney or contracted Real Estate agent draw up your docs prior to getting an offer. Real Estate transactions consist of more than just a contract to buy and sell. There are multiple disclosure documents ranging from square footage to lead paint that need to be included. BlueMatch also provides these docs free of charge. Just reach out to us and request whichever documents you need.
- Offer a fair buyer commission. This piece is crucial. Agents will often work with buyers that have signed an exclusive right to buy with them. In that contract, the agent and their client have usually agreed to a fair market commission that comes out of the proceeds of the sale. If you are not offering a fair commission or a commission at all, there is a good chance you will lose a huge portion of the buyer pool and end up settling for a lower offer. These lower offers can net you less than what you would have paid in commission meaning less money in your pocket at the end of the day. In markets like Seattle, Denver, or New York, you can usually get away with 2.5% to 3%. In markets like Minnesota, the range is between 2.7% and 3%.
- Be flexible, accommodating, and responsive. The Denver, Seattle, and New York Real Estate markets are hot markets where deals move fast. Buyers make decisions quickly and not getting back to someone within 24-48 hours could mean losing a great offer. Remember, selling a home is like having a second job. Arranging showings, marketing, price negotiation, etc are all apart of the process. Saving tens of thousands in commissions doesn’t come without putting forth some hard work.
At the end of the day, For Sale by Owner is a great option to save some serious dough. If you are contemplating selling your home For Sale by Owner, feel free to reach out to a member of our team. We offer For Sale by Owner advice and guidance completely free of charge with no strings attached.