As you may have heard, I recently announced my new collaboration with Owners.com – a site that gives buyers and sellers an effective solution to buy or sell real estate and saves them money along the way. So in the spirit of finding new and better ways to do real estate, here are five tips on how to save big when you’re selling a home.
#1. Cut costs on commissions
Select a brokerage that allows you to manage your sale on your own time and save money in the process. Owners.com offers sellers support throughout the selling process, access to online tools and resources and flat fee listing packages to place their properties in the MLS. Because Owners.com agents use technology to be more efficient, sellers can save BIG on commissions – you don’t pay the listing agent commission, which is an average of 3% of the sale price. For example, on the sale of an average priced home ($350,000), you could save an average of over $9,000 when using Owners.com.*
#2. Know what the market will bear
One of the biggest mistakes that home sellers often make is mispricing their home – either by too much or too little. If your list price is too high, your home is likely to sit on the market for too long or not be sold at all. If your list price is too low, you could potentially miss out on additional profits. The best way to avoid this is by checking comparative pricing in your neighborhood. Look at homes that have sold in your neighborhood over the past six months, and be sure to compare your home to others that are similar in size, amenities, age, and number of rooms. Yard size or outdoor space counts, too!
#3. Get a pre-inspection
Getting a pre-inspection can help with a quicker sale. It makes you aware of any problems that may scare off potential buyers so that you can address them in advance of listing the home. In some parts of the country a pest inspection is also a good idea. You may even want to share your inspection report with interested buyers to show them that you’re a serious seller and have already addressed key problem areas.
#4. Attract buyers with a great listing
First and foremost, make sure you’re listed on the MLS, which is where your home will get the most exposure. Secondly make your listing stand out. Take the time to capture beautiful, well-lit photos of your home. The more photos you have, the better your MLS listing will be, attracting more potential buyers. For showings, create a binder of photos of your home through the seasons so that you can share photos of your beautiful summer garden or fall foliage. Finally, prep your home for sale with a few key updates. Curb appeal is extremely important, with many buyers often judging a property before they even enter. You can update your entryway in a day with a few quick and affordable fixes, such as a fresh coat of paint and new mailbox numbers and door hardware. Similarly inside, focus on a “jewelry update” of your kitchen, which is the most valuable room in the home, by updating hardware, faucets, and the appliances – all of which can also take place in a single day.
#5. Put in the extra effort when selling a home
No matter how you go about selling a home, there is a certain amount of preparation and effort that goes into the process. While you might have to spend a bit more of your time marketing, doing research and filing paperwork as a self-reliant seller, you’re never in it alone when you use a hybrid real estate model such as Owners.com. With Owners.com, there’s always a trusted advisor there to help answer any questions you may have and help guide you throughout the entire selling process. Plus, that added effort could save you thousands of dollars that you can put toward your new home – or anything else you desire!
*The savings as seller is based on an average commission of 3% less the Owners.com MLS pro listing package. $9815 average seller savings is based on an average home price of $350,000 (U.S. Census, Jan-Sep, 2015) and average commission of 3% less $695 Owners.com listing package cost.
Photo courtesy of freeimages.com