Step-by-Step Guide: Selling Property Without A Real Estate Agent
Thinking of selling your property without a realtor? Yes - it’s possible! When most people make the decision to part ways with a piece of property, the first thing they do is find a real estate agent. But if you want to avoid the high commissions, you have some options. Here are three ways (and our pick for the easiest and most stress-free) to sell your property…
1. “FSBO” - For Sale By Owner
Selling your property FSBO essentially just means you’re the realtor. Not actually but, let me explain.
When you list it yourself, it’s your responsibility to handle the ins and outs. This means you’re in charge of:
● Taking pictures of your property and posting it online
● Writing a listing that attracts buyers
● Answering calls and emails at all times of the day
● Showing your property
The upside? You don’t have to pay a commission, and you stay in control. The downside? It takes time, effort, and some upfront money to get it right. Not to mention you don’t get access to off market buyers that a realtor might have access to. I’ve chatted with owners who have tried this approach with no avail after months and years to no avail. It’s not impossible, it’s just important you understand the potential timeline.
Note: Just because you’re selling the property yourself doesn’t mean your transaction will be unsafe. You can always use a reputable title company to handle the closing - this way you ensure it’s safe and legal, just like it would be with a realtor.
This option is best if you have extra time on your hands and want to try to get a higher price.
2. Sell Your Property at Auction
If waiting months or years for your property to sell didn’t sit quite right with you, you might be looking to sell your property quickly. Selling your property at an auction can be a great option for you, but it’s important to know the trade offs.
Here are some things to consider:
● Listing your property at an auction often attracts bargain hunters, which means you’ll often get the lowest price
● Extra fees apply to sell your property at auction
● Auctions usually charge listing or buyer’s fees, and sometimes seller’s fees, which can eat into your proceeds
Pro Tip: Some auctions allow a reserve price so you won’t sell below your minimum. This can give you a little more control over the outcome but setting a reserve price may be the factor that stops your property from selling.
Auctions are great for sellers who prioritize speed over getting the top dollar.
3. Sell Your Property to an Investor (Our Pick!)
Selling your property to an investor allows you to reap the benefits of both of the first two options while avoiding real estate agent commission fees. Investors often work with many partners which allows them to offer fair market value, and in most cases they can close in as little as 2 weeks.
While every investor is different, here are the things we see most often if you decide to sell your property to an investor:
● You’re often speaking directly with the buyer which means, the price you agree on is what you’ll get. No back and forth necessary.
● The transaction is facilitated through a reputable title company which ensures a safe and secure transaction. Title companies not only work for the investor but also for YOU the seller. It’s their job to be the middle man and ensure legality.
● Aside from avoiding real estate commission fees (which can be anywhere from 5-10%), most investors will also agree to pay closing costs. We’ve seen an average of $2,000 to $4,000 per transaction.
● Land investors will buy your property “as-is”. You can avoid spending time paying off overdue taxes or improving the property before selling.
Essentially, selling to an investor allows you to skip the months of marketing and showings, and gives you a fair price right off the bat!
Pro Tip: This is ideal if you want a guaranteed close without the headache.
Here at Good Soil Land, we specialize in vacant land but it’s important to note that any of these options are available for any type of real estate property.
If any of these options sound right for you, we’re happy to help answer any questions.
If you’re not sure if selling is the right move but just want to see what your land is worth, reach out! We’ll give you a fair offer, answer your questions, and let you decide. We’re always happy to help and share our expertise about land with no obligation to you! Click here to contact us!
