After thinking things through, you have decided that it’s just right to sell the house and fast. Whatever reason you may have, it is prudent to know the ways to sell a house and even earn some money from it. There are different options for selling a house, and you need to choose the one that you think will yield the outcome that you expect – sell it fast, earn some money from it, or whatever you have in mind.
There are new ways to sell your home and traditional ways to do it. You should explore all house selling options to achieve your goal and gain advantages. Here is a list of the most effective ways to get a buyer and see which one is the best way to sell a house.
6 Most Effective Ways to Sell a House
In this busy world, every move you make should be accurate and there should not be any wasted time. It is the same when selling a house. Here are the best 6 ways to sell a house today.
Hire a Conventional Real Estate Agent
Hiring a real estate agent to sell your home is the most common move of many home sellers, especially those that don’t have time to do it but need to sell their homes immediately. The agents usually list the home, market it, and present it to potential buyers and other agents who may have clients for the house. The agents can help you assess the offers, negotiate terms, and ensure a smooth transaction. Your chosen agent may accompany you during the closing appointment.
A real estate agent gets his earnings from the commission that the seller pays after a successful transaction. The commission, which is usually 6% of the final price, is divided among the agents (buyer side and seller side) that made the deal possible.
Pros
- Less work on the part of the seller
- Wide connections (other agents, industry partners, contractors, inspectors, etc.)
- Provide assistance with negotiations and documents
- Access to the listing services and marketing tools for agents
- Hands-on participation and assistance throughout the process
Cons
- Requires you to have open houses and showings
- Needs organizing, staging, and taking photos of your home
- Less control on strategies for marketing and setting of price
- A bit costly (seller needs to pay the commission)
Hiring a Flat-Fee or Discount Agent
Some real estate agencies accept discounted-fee or flat-fee structures. The agents usually help list your home, but may not provide the same level of hands-on participation and help as the full-service agents. The seller usually pays a 1% commission to these agents.
Pros
- Offers a bit of assistance with negotiations and documents
- Can access listing services and agent marketing tools
- Much cheaper fees than the conventional agents
Cons
- Necessitates open houses and showings
- Needs cleaning, staging, and taking photos of your home
- Services offered are often limited
- Requires you to do most of the work
Invest in an iBuyer
Investing in an iBuyer, such as Zillow, Redfin Now, Offerpad, and Opendoor, is one of the new ways to sell a house. iBuyers are online companies that buy houses directly from the sellers. They usually offer cash to buy real estate properties. You will be the one to enter the information about the house you are selling on the website of an iBuyer. Within a few days, you will get an offer. If you find the offer acceptable, you can pick the closing date and get paid. If not, you can solicit other offers.
Pros
- You don’t need to pay for agent fees or commissions
- Fast processing
- No home staging
- Transactions are done online
Cons
- Not applicable on certain types of properties
- Limited market availability
- Demands extensive details about the property
- Sale prices are much lower than expected
Sell Your House Directly
You can opt for FSBO (for sale by owner). You can do this by marketing your own house or having it listed on websites that feature FSBO properties. You will be the one to coordinate showings with buyers as well as handle the negotiations and other important things to achieve a smooth transaction, including the handling of contracts.
Pros
- No agent fees or commissions
- Time flexibility
- Complete control of home staging, marketing, and pricing
Cons
- May need some assistance from a real estate attorney, which may be costly
- May require some level of knowledge about real estate and a lot of work
- May take a long time to dispose of the property
- No access to listing services or marketing tools
Engage in a Trade-In
If the reason you’re selling your house is to buy a new one, why don’t you try to trade in your property in exchange for the house you want to have next? Trading is a good option for someone who needs to relocate and sell his current house immediately. Trade-in will benefit sellers who are still paying the mortgage for their current homes. The two parties in a trade-in should agree on the values of their properties since they are both dealing with the direct owners of the properties. It is also easy to acquire bank financing when trading homes.
Pros
- Works with resale properties or new construction
- You don’t need to have two mortgages
- It is easier to have simultaneous home selling and buying
Cons
- May not yield as much profit as the open market
- Limited markets and builders
Sell to Non-Market-Ready House Marketplaces
A new way to sell a house today is through the marketplace for not-market-ready homes. Sundae and Vornado are two examples of a home selling market. Sundae, in particular, can help off-market sellers to get the highest price possible for their homes through bidding. Sundae does not charge fees, and they have a huge network of interested parties to bid and buy the properties in the company’s marketplace.
Pros
- The investor or buyer who wins the bid will be the one who will shoulder the fees
- You will get the full amount of the winning bid price at closing – no deductions
- Transactions are usually faster than the other methods of selling
Cons
- Investors will still choose to pay less than the fair market value of your house
- The highest bid may not meet your expectations
Remember these important key points when selling a home
Maximum exposure
To gain maximum exposure, you need to set up the right marketing campaign for the house you are selling. You can use social media and different forums for your online campaign. Printed booklets, brochures, postcards, and other print materials, including newspapers, are still considered valuable tools in promoting real estate properties. Word of mouth advertising, which is usually initiated by the realtor, is still one of the best ways to spread information regarding your home for sale.
Negotiations
A good realtor must be able to prove how skilled he is when handling contracts – the more he knows, the faster the selling process. A seasoned realtor should have little trouble in making the negotiation a success, especially when he has already sold a lot of houses. However, some novice agents are capable enough to have successful negotiations.
A responsible realtor will also contact the buyer’s lender and make sure that there will be a smooth transaction. The realtor should be able to convince everyone involved in the transaction to trust and believe in the things stipulated in the contract.
Move the client to the next step
The agent should understand his clients and help them get a satisfactory outcome. The agent should use every tool and information at his disposal to attain a successful transaction.
Making the Decision
With so many available options for selling the house, you may find yourself asking, “What is the best way to sell a house?” You may spare some time talking to a few agents to help you decide and gain some knowledge about ways to sell a house.
