What Alternatives Are There To Listing With An Agent?
There are no rules or regulations saying you are not allowed to sell your house without a real estate agent. A lot of homeowners even prefer selling their houses on their own as it allows them to save on real estate commissions which usually costs thousands of dollars, depending on your property's selling price.
The shift in homeowners looking for alternatives to listing their house with an agent has also increased over the last couple of years. A big reason for this is because the number of alternatives and options have increased as well.
Before, if you don't list your house with an agent, your chances of getting it sold can get very low. Now, getting the help of a real estate agent is no longer necessary. If you're wondering what these alternatives are, you better read on to find out.
1. For Sale By Owner or FSBO
The most common alternative to listing with an agent is to have your house for sale by owner. When a homeowner chooses to sell their house, they usually hire a real estate agent or a broker to handle the process as it makes the home selling process a lot faster. Getting the help of an agent or a broker can definitely help a homeowner save a lot of time and effort. However, the commission fee you'll have to pay your agent or broker can reduce a homeowner's profits. Commission fees can go as high as 6% of the home's selling price.
For example, your house is sold for $500,000, the commission fee for that is $30,000 which is split between the buyer and the seller's agents. But if you choose to sell your house on your own, you can keep the entire $500,000 to yourself.
For sale by owner though is only recommended for sellers who are knowledgeable about the real estate market and transactions and don't mind waiting for some time to get their listing sold. If you think you're comfortable with the home selling process, you can potentially save tens of thousands of dollars by selling your house on your own.
2. Cash Home Buyers
Another alternative to selling your house without the help of an agent are cash home buyers. Cash home buyers are relatively new but they are certainly gaining popularity over the last couple of years.
Cash home buyers appeal to many homeowners because they provide a convenient, fast, and easy way for them to sell their house. If you're in a hurry to sell your money and don't want to worry about anything, selling your house to cash home buyers is a great option for you. The only downside to this is that they are only available in a few markets.
If you have trouble selling your house in Indiana where the real estate market is very competitive, you can reach out to Indianapolis cash home buyers. You don't even have to worry about investing in repairs, improving the curb appeal, showings, staging, and marketing your house. Once they deem your home to be a good fit, you can close a deal with them and get your money in just a couple of days.
Selling your house to cash home buyers is ideal for homeowners who are in financial distress or those who have the urgency to relocate for a new job and need to get out of their home quickly. There are no negotiations that can go back and forth to deal with as the whole process is very seamless.
3. Rent Out Your Home
If your house is not getting any offers on the market after several months, you can try renting it out to tenants. This is also a good option if you need to relocate for a new job and don't have the time to wait for a buyer.
While selling homes can earn you a large lump-sum of cash, there's no guarantee that your house will be sold on your target price, especially in today's ultra-competitive seller's market. This is why renting your house is an ideal option, especially if your house is just sitting on the listing for a while. Not to mention the fact that there are many people out there who prefer to rent houses than buying one.
Instead of waiting for a buyer, you can instead earn profit from your house by renting it out. You can at least earn some money out of it while waiting for a buyer.
Final Thoughts
There are plenty of alternatives to listing with a real estate agent. It all boils down to what is suitable for your situation. While the alternatives we discussed above sounds very good, they too, have their own disadvantages. So, make sure that you weigh down your decision first as to which of these alternatives are you going to choose.