I want to sell my home and I wanted to know what has worked best for others as way of advertising. I am trying to avoid using a Real Estate and paying those 5% fees. Also can I as an individual get my house on MLS and if so how?
Thanks for your answers
There are services out there that will post your house on the MLS for a fee, I don’t know the exact websites but I’m sure someone will chime in.
There are several, but I can only think of FlatFeeListing.com right off the top of my head. I haven’t used them, or anyone else, so I can’t comment on the pros/cons.
I’m in the process of selling two of my properties right now, and while I’ve gotten a few nibbles, nothing has panned out yet (of course, it’s only been a week). So far, I’m using nothing but yard signs and CraigsList.com.
The best way to for sale by owner is to get a real estate agent to sell it for you. It will sell in half the time saving you at least what the commission is.
Instead of looking at teh 6% commission, look at how much is your carrying costs and see how long you would have to carry it and how much you would save by just listing it with a broker.
In real estate time is NOT on your side.
NoMoneyDown,
I also have been using Craigslist, matter of fact I use it on a regular basis for rental. I generally get a lotsa replies for rentals. It’s not the same for selling a house I find. I got three e mails from my listing.
Also your ad goes to the next page in a matter of hours so I try to beat the system and use several e mails addresses to post new ones and use different headings, so it seem like a different listing. I do this because as you might know by now, you are only suppose to list the same ad within a 7 day period.
It is also very important to have pictures, picture really sells.
Thanks for all the suggestion everyone, I might list with a broker. Foxtons only charge 3% so I might go with them. If anyone has had good result with them, please let me know.
buynow -
I actually have 4 ads for each property that I cycle through CraigsList. I generally post an ad every other day, so the next duplicate ad won’t post for another 7 days anyway. I do two things regarding the ads … for two of them, I just put in some text with a link to more info (including pictures) … for the other two, my ad is the content in the link itself (complete with pictures). The ads are professional looking, not just words on a screen, which conveys well with potential buyers/tenants.
I just wondered if anyone has sold a house or otherwise dealt with Foxtons. They only charge 3% verus another company who previously charged me 5.5%
I will see how it goes.
Thanks for the suggestions. You guys are the best.
What about HelpUSell.com or fsbo.com
Not mls listings but a different approach and alternative to the conventional.
The more I think about it the more this makes sense.
i have a listing on there, and i actually got a call from it.
craigslist.org is good too because they sort by location. that’s a biggie.
oh and they’re free. how effective are they? i mean, craigslist is HUGE.
for every listing i’ve put on there (non real estate) - i’ve gotten at least 1 reply.
Two years ago I sold my own house by holding an open house. I saw an ad in the paper for an open house in my neighborhood. I went to that street and put up my open house sign. People going to his (which he paid for a newpaper ad) saw my sign. Kinda sneaky but it saved me 6% on a 400K house and the cost of an ad.
CHA-CHING. ;D
Might not of worked now. RE Agents have their place in a market like this.
Some agents have flexible structures too. You can ask them if you find a buyer if they’d take 1-2% or so if the buyer is not represented by their own agent. If they find the buyer, they get their commission. If you do, you get a break. It’s the best of both worlds.
People also forget that there are different types of listings too. You can do a non-exclusive listing agreement where the agent gets nothing if you find the buyer. To tell you the truth, your chances are slim of beating the agent, but you’d at least have a chance to save $$ if you do bring the buyer.
There are agencies like 1% realty and RealtyWorld. I can’t speak about whether they’re good or not because I haven’t worked with them that much.
Realtors typically will sell your home quicker and for more money than for sale by owner. It is a law of economices. Higher demand creates higher prices and quicker sales. I dont know what area you are in but there are several other things you need to look at when selling your home.
2 ways that draw attention to the oppurtunity cost of selling yourself or trying to sell for too much money
With way are rates going, if you are planning to carry a mortgage of say 360,000 and rates go up 1/2% while your waiting. 1/2% is roughly $1800 a year or $150/month in mtg payments. $150/mon in payments will usually buy you somewhere around $18,000=$20,000 more in house. So if rates are climbing you could be costing yourself $18k-20k in buying power with only a 1/2% raise in rates. Just something more to think about.
The other thing to look at is how good the deals are that you are passing on while you are waiting to sell your home and save on commission. If your missing homes that are awesome deals then you might be smarter to hire a realtor (if they can get your home sold quicker) or drop your price. These are just things to pay attention to while getting rid of your home.
Check with the agent that you might be using to purchase your house and see if they will put you on the MLS at a discount if you buy your next home through them. This creates a win-win for both you and the agent.
One last thing, as a FSBO price your home realistically, there is nothing more idiotic than when FSBO’s over price their homes for 6 months and when it doesnt sell they call an agent who lists it for far less money than the original asking price, and then sells it. The home probably would have sold without an agent if priced right. Also before you list with an agent look at what price they might will be asking, and deduct their commission from that amount and keep it FSBO at that price for a week or two more.
Second last thing, advertise where agents advertise, homes sell from these places thats why agents use them. Trying to sell your home without advertising is like trying to pick up a girl in a dark bar by winking. You can wink all you want but shell never see you.
Third last thing, Do your open houses for no more than 1 hour, if a buyer is serious about buying they arent going to say “well I can only make it at 12 and your open house ended at 11 so I wont be able to make the largest investment decision of my life because you didnt do your open house at the right time”. Serious buyers will set up an appt or come during YOUR time frame.
fourth last thing, A home is not an impulse purchase so advertise your open house. Nobody buys a home because they were driving around and noticed your cute little sign that said open house 1-4pm (it should say “im wasting my weekend so please stop by”). Serious buyers read the paper and find out where the open houses are. Too many FSBO’s just throw a sign in their yard a pray. Do you know what buyers you will get by doing this. You will get buyers that drive down your street. I would say that is somewhat of a limited market.
just some tips
Eric Medemar
I think the most hassel free way to sell your home would be through an agent. You can list with an agent on an Open, Exclusive, or Exclusive Right to Sell basis. With an Open contract, you can hire as many agents/brokers as you want and if you find a buyer no fee is due. The same applies to and Exclusive contract. The Exclusive Right to Sell contract allows the agent to collect a fee even if you find a buyer. With any of these options, you set the time frame with the agent/broker being 10 days or 90 days, etc., it’s up to you.
The agent pays the bills to advertise and market your property (huge expense), as well as host open houses for both potential buyers and other agents working with different firms. They supply food, drinks, and important documents to potential buyers. They meet buyers, sometimes have dinner or lunch with potential buyers, all at their own expense, in hopes of selling your property. You are their employer…just about everything is negotiable. A good agent follows a strict code of ethics and is bound by strict state laws to insure you and your asset is protected throughout the process. FSBOs may be a money saving route to selling a home but I would advise that you know all the various contracts involved and the consequences of each should a party decide to breach the contracts.
As you probably know all agents pay their brokers, co-brokers, and subagents in an effort to sell your home. If an agent is lucky they may get 1%-2% of the total commission price. The bottom line is your home is getting maximum exposure to the market place. An agent can offer a huge network of potential clients and customers which is truly priceless when selling your home in miminum time.
we have our property listed through remax.
i asked what he could do on the commission, if i found the buyer…dropped his commission 3% and he didn’t forget to put that on the listing agreement! good man!