Most people don’t realize how much the transaction costs add up to when selling their Chicago area house. In a traditional sale the amount of cash you walk away from the closing table with is always going to be considerably less than the price that you agreed to sell the property for.
Hiring a good local real estate broker to sell a house through the MLS can be a great option for the right type of seller. While you the services of a professional may be able to get you a higher overall sale price you should expect to also pay a lot more in total fees to sell your house. In today’s post we will cover a few strategies Chicago area home sellers can use to minimize their transaction cost.
Work With A Direct Buyer
Working with a direct buyer will help you avoid all costs you would typically encounter when selling your house with an agent. By avoiding the MLS, you save on all kind of expenses typically associated with a property listing. Of course, not all buyers are the same, but if you choose to work with a buyer such as Blue Ladder Development, you will be able to avoid commissions, repairs, and even closing costs. We won’t ask you to clean up or show the house. There are no marketing costs to factor in or other selling expenses to worry about. Plus, by selling quickly, you will no longer have to pay ownership and maintenance costs such as the monthly utilities, property taxes or homeowners insurance.
Sell Your House On Your Own
Selling the house on your own via an FSBO listing can help you avoid the commission costs you would typically pay an agent. In most Chicago area home sales sold through the MLS the broker commissions are the largest fee paid by the seller. While it possible to realize considerable savings by selling your home yourself you will have to have some real estate knowledge to pull it off. You should know the local market, have a realistic asking price, and be able to professionally show the house as needed.
You are going to have to put in a lot of hours of work to sell your own house and you should plan on having it a take slightly longer to sell than a house listed for sale with a professional real estate broker.
Clean Thoroughly
Should you decide to list, the house should be thoroughly cleaned. You will want to go beyond just a standard cleaning, taking it to the next level cleaning things such as the ceiling fans, the tops of cabinets, and stains from the carpets. Many people choose to hire a team of professionals for a true deep cleaning of the home. Keep in mind that when you list, you will need to keep the house in this clean state for as long as the property is on the market.
Choose The Right Repairs And Upgrades
When making repairs and upgrades to a house you wish to sell, it is important to choose the right ones. You don’t want to make large renovations or repairs that are going to break the bank. Instead, focus on smaller things and projects you can quickly handle on your own. Two great areas to focus on are the front yard and the entryway. These two areas provide first impressions and set the tone for the rest of the showing. You are looking for things you can do for a low cost that provide a big impact. You will want to stay away from knocking down walls or doing a kitchen renovation.
Sell Your House In “As-Is” Condition
When you choose to sell your house in “as-is” condition, you will avoid any repair costs that come up when selling the house. Blue Ladder Development will buy your house as-is, or you could choose to advertise it in a listing as such. The trouble is, you may not be getting it in front of the right buyers should you put it on the MLS. Most people looking on the MLS want a house that they can immediately move-in to.
Know Your Buyers And Market Accordingly
When you know who is buying in the area, it makes it easier to market to them. Families are looking for different things than college students are. Empty nesters might be wanting something slightly different than young, singles. Take a look at the demographics of buyers and renters in the area and market your Chicago house accordingly. By attracting the right people to your house, you will have a much easier time selling it.
Utilize Free And Low-Cost Marketing
While many listing sites charge an arm and a leg, you can use social media sites to advertise your property for free or for a very small charge. People are visiting these sites anyway, so right away you are getting the house in front of many people without even trying. You could advertise your property for sale on Facebook and in local real estate groups. Or you could use great photography, advertising the property on Instagram with the proper hashtags. Some people will create videos to share on youtube or other social sites.