The home selling process can be quite stressful, but not if you take a much more creative approach. I was able to sell my condominium in 5 days without even hiring a realtor. While it wasn’t the most optimal approach because you end up clearly the market and getting true value in your property as result of a number of market participating bidding the ‘highest value for your property’ which usually translates in the market value of a property.
If you are first time homebuyer, here are a few considerations for buying a home.
Well, I took a completely different approach to selling my condo. Rather than going the full ring around of find the best realtor and hiring them to schedule multiple open houses and showings that would throw my weekends for a loop. I’d went left when everyone typically goes right. I’m a big fan that the unconventional route can find you the best outcome at the end of the day.
Clearly, we are in a seller’s market for real estate right now. The recent run up in housing prices has made this an opportunity to sell. Housing inventory remains low, so it is easy to argue that once we get more homebuilding down in the states we might have this constant supply / demand ware that will continue to drive prices. Caveat emporer says rising rates will make house purchases less affordable. We only can control what we know.
What ways can you sell your place fast than anyone else?
As a dual-income no kids (“DINK”) family, I have a number of other considerations worth dealing with. Let’s get into a simplified three step approach on how you can sell your condo fast, efficiently and without much representation.
Before getting into the list, there are some considerations to understand upfront. This method doesn’t always work for single family home sellers. I lived in a dense, downtown environment that features a lot of activity of buying and selling.
- 1. Use open houses in your building to market your place
So much value here. For everyone person that loses on a comparable unit without your building is a ‘potential buyer of your next place.’ As a resident of the building stop by the open house and let the realtor know that you are also willing to sell your unit.
From there, the realtor will be able to contact other agents that lost out a comparable unit in your building.
- 2. Send a letter to local real estate agents
One way to get interest on your condo unit is to craft a short letter that you are interested in selling your unit and you’d like to have a few realtors bring some clients to see it. This is a great one step marketing tactic to sell your unit on your own. From there, you will get a few lookers at your unit and then you are able to sign a potential dual representation agreement with the realtor.
This is a great way to sell your place by using one realtor that represents both the buyer and the seller.
- 3. Respond to letters from realtors inquiring in your building
This is exactly how I received and started my process. I received a letter from a realtor that had a client interested in my building. From there, I was in full negotiation mode about the price. I had all the leverage to execute the exact deal that fit my needs best. We showed the place once and received an offer the next day. Unlike hiring a realtor outright, I was able to negotiate on all terms that fit my needs. When you hire a realtor you usually end up taking the highest offer or the most attractive package and have limitations on negotiation.
Conclusion on Creatively Selling Your Home
By selling your home in alternatives ways, you can extract much more value than a typical process while saving significant amount of money on transaction fees. This is huge for any seller. After I received the offer from the buyer, I negotiated a price that enabled to hit the net to seller proceeds that I desired. From this process, I turned my gains from my condo sale into an opportunity to purchase a single-family home. I’m now focused on trying to live mortgage free.
What will you do to sell your home? I suggest that you try these creative options to sell your home before hiring a realtor. Let me know if you have any questions below. I’d love to hear from you.
