If you’re looking to sell your house or investment property in Minneapolis St Paul without using a real estate agent, we can help.
Although we have an agent on our team who can help sell your home, sometimes it’s best to avoid paying someone to sell your home on the retail market. We have them because there are times where sellers want to know all the options that are available to them as they get ready to sell. We want to guide you threw how to sell my house without an agent in Minneapolis St Paul?
After all, paying 5-6% of the sale of a property in a commission, you start to understand that it is a lot of money to get top dollar. In certain situations, Minnesota brokers and real estate agents can be very useful and earn their commission. We are going to discuss in this blog post how you can sell your house without an agent in Minneapolis St Paul and come out of it successfully. You might be surprised by how easy it is. Keep reading!
How Do I Sell My House Without An Agent in Minneapolis St Paul?
There are a few ways to avoid paying high commissions in your Minnesota sale. Learning and putting into practice these Minneapolis St Paul house selling tips will let you sell your home yourself without the use of an agent.
First, there’s a tricky custom that you have to know about that happens in every city around the USA. In most house sales in Minneapolis St Paul, roughly half of the commission you pay as the seller goes to pay for the buyer’s broker. That’s right. If you are selling a home in the twin cities and you hired an agent to sell your home for a 6% commission, normally 2.7% goes to the buyer’s agent’s broker. On a $200,000 house that is $5,400, you are paying the realtor to bring a customer to your house. That just seems like a lot of money for what service??
Doesn’t make much sense, right?
Why should you pay for the agent on the other side of the table?
Truthfully, it defies logic – it’s just what’s typically done that way for years.
You can use that to your advantage in a few ways.
First, factor in the commissions paid when you’re looking at the comparable sales. If the properties similar to yours sold for prices that included commissions, take that into account. Remember 5 to 6% is the average sales commission an agent charges to sell a house..
Don’t underprice your property – be aware that a savvy buyer may expect to take a discount too. If you’re doing the work of one agent, you can expect to save that money.
Sometimes in Minneapolis St Paul, buyers who aren’t represented by an agent won’t remember to negotiate the buyer’s side commission out of the price for themselves, so don’t remind them if you don’t want to pay them. Just don’t be surprised if it comes up during the negotiation.
You may want to consider offering 2.7% to buyer’s agents who will bring their clients to show your property. Sure, it’s a lot of money. If you’re pricing your property, including that commission, you can always negotiate a better deal for a purchaser who comes without an agent.
On the other hand, if you don’t leave room for the buyer’s agent’s commission, you’ll be excluding most of the buyers in the market in Minneapolis St Paul. The buyer’s agent looks at a lot of homes for their buyers, and when they are helping the buyers find a home, they know what their commission is before they show the home. If you did not consider the agent or only offer a smaller amount, most often they will not even show your home.
Over 90% of transactions happen through the MLS – that’s the Multiple Listing Service here in Minnesota. It’s the main database that all the real estate brokers in Minneapolis St Paul metro area use to access information for their clients on the houses, townhouses, condos, land, and investment properties for sale, along with data on the sold prices. It’s a great tool with tons of information on it.
Once upon a time, you had to pay a full commission to get your property on the MLS. Now in Minneapolis St Paul, there are a few brokers who will charge you a fee just to list your property on the MLS. Often, you spend a few hundred bucks, and you only pay a commission if the sale closes. We have also seen brokers that will put your property on the MLS for a flat fee. They turn over all the marketing and putting together the deal to you. That means you provide the pictures, marketing paperwork, signs, do the open houses, and take all the phone calls. Bottom line, you want to know how to sell my house without an agent in Minneapolis St Paul?
Compared to the cost of a newspaper ad, the MLS is a cheap way to market your property to a very wide audience.
All the major real estate search sites like Realtor.com, Zillow, Yahoo Homes, etc. get data downloaded from the MLS. The chances are good that when you submit your listing in Minneapolis St Paul to the MLS, information on your property will end up on most of the major sites within a few days. Craigslist is not a website that is connected to the MLS at this point, but who knows about the future. For now, you would have to market on it on your own.
Each of those sites sells ads. They’ve got packages that let you pay to enhance your listing, feature it at the top of the search, and a lot of other bells and whistles that might or might not get an interested buyer to buy your property.
Advertising is a gamble. Sometimes open houses in Minneapolis St Paul Minnesota can be a great way to sell a property, and sometimes they’re a waste of time. We know Realtors who have scheduled an open house, put out signs, put ads in the paper and on websites in the hope that people would flock to the home to see it. They found after all that work one or maybe no one showed up. The same is true with newspaper ads, craigslist postings, fancy signs – sometimes they work, and sometimes they don’t. We know of others who send out thousands of postcards, with pictures of the house on it, hoping someone would call.
To effectively sell your property on your own, you have to market it well.
Putting up fliers and For Sale by owner signs around your neighborhood can generate some calls, and there’s a lot of free websites where you can post information. But often just putting up flyers and an open house isn’t enough if your house doesn’t appeal to the average home buyer.
In theory, real estate agents charge big commissions because they have to spend a lot of money upfront to advertise your property. By advertising lots of properties at once, they expect to get more phone calls – and obviously, they’ll make good profits by selling lots of houses. Many of them do a great job of these and can help sell the homes, but there is always a cost to it.
Certain properties might require thousands of dollars in advertising expenses before the right buyer happens to see the ad and call. Does it sound a little bit like madness? Pay all the money with the hope that it might sell. But, that is why they get paid that hard-earned money.
But, you as a homeowner you don’t have to go down that route of using an expensive agent to sell your house, there are ways and techniques you can do to sell your house this week in Minneapolis St Paul.
If you want to avoid paying any commissions, you can also sell your house to investors like us for CASH
We offer fair prices for properties right here in the metro area – and we can close fast (in as little as 3-5 days if you need to). We are home buyers and we analyze different ways for you to sell the home that benefits both you and us.
Sometimes we’ll purchase Minneapolis St Paul houses, fix them up, then rent them out… Sometimes we’ll fix them up and sell them to other people looking for great homes in the area, and a lot of other reasons, too – but we love to hear from people like you who are thinking of selling anywhere in Minnesota .
We’re investors who care a lot about Minneapolis St Paul and do our best to make the twin cities a great place to live, one house at a time. Do you have a house you want to sell now without a real estate agent? Or need to talk to someone about the options of using an agent vs. selling to an all-cash buyer like us? Give us a call.
We close fast and pay cash in as little as just 3-5 days. Give us a call now at (612) 444-5088 or fill out the short form over here.