If you wanted to sell your home earlier, you’d have to call up and meet a real estate agent. Thanks to the ever-evolving real estate industry and technology, you can sell your home by choosing from a range of options. You can either stick to an agent or try out new methods like trade-in programs, iBuyers, and flat fee MLS services to save you money, hassle, time, or all three!
Each way of selling your home has advantages and disadvantages. The right choice for you is dependent on your real estate knowledge, willingness to do the leg work, and spending you are okay making. If the priority for you is to minimize the charges and fees you have to pay in selling a home, this piece is for you.
Top ways to minimize your seller fees while selling your home
You have to make many expenses and pay any fees to sell your home. So much that your home selling cost can get enormous. Fortunately, there are ways to minimize your seller fees while selling your home.
Below are the top ways to do so:
- Sell your home FSBO
You can always sell your home by yourself using an option called FSBO or for sale by owner. Today, about 7% of home sellers go with this option. As the name implies, it is the owner, that is you, who does the job of selling the home. The tasks can be overwhelming as you have to wear many hats and do things you haven’t possibly done before.
Firstly, you’ll need to make your house presentable to the buyer. Secondly, you’ll need to market your house by listing it on Houzeo or a good FSBO real estate website. Next, you’ll have to coordinate home showings for buyers and buyer agents. Then, you’ll have to handle paperwork, negotiations, and other particulars of the sale by yourself or find an attorney or other professionals to help with the paperwork. Pursuing the FSBO route would mean a lot more effort on your part. You also won’t have the skills to fetch the best possible sale price for your home.
When you sell your home FSBO, you get total control over the marketing, pricing, and showing off your home. While you’ll have no access to professional marketing tools and have to do a lot of legwork by yourself, you’ll save thousands of dollars in seller’s fee as you would not have to pay agent commission. So, managing your home sale yourself means that more of your profits stay in your pocket, however, at a personal price.
- Sell your house FSBO but by using MLS
As per the NAR, the home sales that are assisted by realtors sell for 13% more than the FSBO homes. A 13% increase can bring about a humongous increase in your home’s sale price and your final profits. While the claim can be exaggerated, even a 5 to 7% increase in price can increase your profits by a fair margin, especially if your house is high-priced.
Real estate agents are helpful and put a lot of work into making a home sale but they also charge a 5 to 6% commission fee. So, you have to make a calculated decision here. While you can list your home as FSBO, use online platforms like Zillow, Facebook, Craigslist, and top FSBO websites to list your home and manage the home selling process yourself, you can get your home listed on your local MLS for less than the cost of a real estate agent. The local MLS listing increases the exposure of your house to buyers immensely and it will bring your house in front of potential buyers and agents across the US.
- Work in tandem with a flat fee agent or services
Many real estate agencies offer agent help at a discounted or flat fee. Such agents or MLS services would help you list your home but might not offer the kind of help a full-service agent offers. Discount real estate agents charge a lesser commission, which can range from 1% to 2%.
Flat fee agents are the best options when you can’t dedicate time to a full FSBO but want to lower your commission fee. Flat fee agents have also licensed agents who choose to work for a flat fee, which is lower than the industry average. While you won’t get a full-service treatment from an agent who handles all the home showings and markets your home, you will get the assistance of a local agent who can get your home on the MLS and help you navigate the world of home selling.
Flat fee agents work by taking on quantity over quality. So, if you would like an agent that is fully invested in maximizing the value of your property, you must consider working with a full-service agent.
However, there is a better alternative than cheaper traditional agents. It is access to listing services like Houzeo that offer you guided assistance on making your home sale. As per Houzeo reviews, the company uses advanced tech to help one sell her home. Though the services offered by an MLS company are limited and you are required to do more of the legwork as per a Houzeo review. A flat fee MLS service is best if you are willing to do the legwork and want some help with your home sale.
While you can work with a nationwide flat fee service provider like Houzeo, you can also choose a local flat fee service provider like flat fee MLS Florida.
- Sell your house to an investor or an iBuyer
Home sellers are often sentimental and want to ensure that their home is going to the right people who will cherish it like them. But if you are not one of such homeowners and just want to get rid of your asset, you can consider selling it to an investor. Also, if you have inherited a home that is in poor condition, selling it to an iBuyer is a good option.
Selling to development companies like ‘We Buy Houses for Cash’ is the fastest way you can sell your house and it also minimizes your seller cost to a great extent. However, you will have to sell your home for a price well below its market value.
If you want to sell your house as fast as possible while eliminating the fees and costs associated with the traditional process, selling it to an iBuyer is your best bet. While you won’t have to pay most of the typical home seller’s fees, you won’t be able to maximize your profit from the sale with this option. As per iBuyer reviews, you could sell your house off to an iBuyer in less than two weeks.
- Sell your house taking the help of a traditional agent
The oldest known method of selling a house is still an option chosen by many homeowners. You can take the help of a local full-service real estate agent who will list your home, market it, coordinate showings with potential buyers, help evaluate offers, negotiate terms, and close the sale in your favor.
However, as traditional real estate agents function on a commission-based model, you have to compensate them with a percentage of your home’s final sales price. The 5 to 6% commission they get is split between your agent and the buyer’s agent. Choose the option of taking the help of a traditional real estate agent if you want guidance and help during the complete sales process and want to sell your property at top dollar.
Many options, ain’t them? You can take your sweet time, research some more and ask your friends and family before making the decision. After all, you won’t sell your home every day! You can talk to some agents, see your local market, and get quotes from iBuyers before going with one option. Consider how much of your time and energy will go into the process before choosing an option.