If you’re looking to sell your house or investment property in Rochester without using a real estate agent, we can help.
There are certainly times when cooperating with a broker makes sense. However, sometimes you simply want to avoid the extra costs of the middle man.
5-6% of the sale of a property in a commission is a lot of money, after all. In certain situations, Rochester brokers and real estate agents can be very useful and earn their commission. Not always.
How Do I Sell My House Without An Agent in Rochester?
By investigating further, there are a few things you can do to avoid those extra charges.
One thing that is common to most real estate transactions is that in most sales in Rochester, roughly half of the commission you pay as the seller goes to pay for the buyer’s broker.
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. Seems like a scam right?
You may be able to use that to your advantage in a few ways, if you play your cards right.
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.
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 and put it inot your pocket instead of the agent.
Sometimes in Rochester, 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.
As an incentive, you may want to consider offering 2.5% 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. This tactic does have the benefit of increasing buyer traffic, as the agents are tuned in to more potential buyers than you are.
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 Rochester.
Over 90% of transactions happen through the MLS – that’s the Multiple Listing Service. It’s the main database that all the brokers in Rochester use to access information for their clients on the houses, condos, land and investment properties for sale, along with data on the sold prices.
In the past, you were required to pay a full commission to get your property listed on the MLS. Now in Rochester, you can find brokers who will simply charge you a fee to list your property on the MLS. In this way, you spend a few hundred dollars to get the listing, and you only pay a commission if the sale closes.
Compared to the cost of a newspaper ad or other online advertising, the MLS is an inexpensive way to market your property and get it in front of a lot of eyeballs.
All the major real estate search sites like Realtor.com, Zillow, Yahoo Homes, etc. get data from the MLS. Chances are good that when you submit your listing in Rochester to the MLS, information on your property will end up on most of the major sites within a few days.
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 Rochester NY can be a great way to sell a property, and sometimes they’re a waste of time. Same with newspaper ads, craigslist postings, fancy signs – sometimes they work, and sometimes they don’t.
To effectively sell your property on your own, you have to market it well.
Putting up fliers and 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. Going the flyer and sign route is very tiring and time consuming.
In theory, real estate agents charge big commissions because they have to spend a lot of money up front 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.
Certain properties might require thousands of dollars in advertising expenses before the right buyer happens to see the ad and call.
If you want to avoid paying any commissions, you can also sell your house to investors like us for CASH
Helping Homes offers fair prices for properties – and we can close fast (in as little as 3-5 days if you need to).
Sometimes we’ll purchase Rochester 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 NY.
We’re investors who care a lot about Rochester.
We close fast and pay cash in as little as just 3-5 days. Give us a call now at (585) 294-4658 or fill out the short form over here.