If you’re wondering how do I sell my Salt Lake City house without an agent, we are here to assist you.
Yes, we do cooperate with agents and brokers, but at times it’s preferable to avoid the middleman.
Besides, paying 5-6% commission on the sale price of a property is a ton of money. Sometimes UT agents and brokers earn their commission by being useful – other times not.
There are ways of avoiding paying high commissions in UT sales.
To begin, there’s one trick you should know about.
Most of the time in Salt Lake City, around 50% of the commission paid by you as the seller goes directly to the buyer’s agent.
Not a great setup, right?
Why are you responsible for paying the other party’s agent?
Really, it is a mysterious arrangement – but, it’s how things are usually done.
However, you can find ways to use this to your advantage.
To begin, determine the commission amounts to be paid when looking at comparable sales. If houses like yours were sold at prices including commissions, factor that into the equation.
Don’t undercut your property price – know that savvy buyers may ask for a discount as well. Plan to save the amount of money of one agent’s worth, if you’re doing that amount of work.
There may be times in Salt Lake City where a buyer who doesn’t have an agent won’t be aware of the ability to negotiate a buyer’s agent commission as a deduction in price – and don’t feel the need to remind them if you don’t want to pay that. Just be aware that it may come up while negotiating the deal.
You may think about offering 2.5% commission to any buyer’s agent who brings a client who ends up purchasing. Yeah, it’s a decent amount of money. If you’ve priced your home to include that commission, when a buyer who doesn’t have an agent shows up, you can work out a better deal for them.
Alternatively, if you opt not to allow room for a buyer’s agent’s fee, you’ll exclude the majority of potential buyers in the Salt Lake City market.
The MLS is responsible for over 90% of transactions – we’re referring to the Multiple Listing Service. This is the primary database where all the Salt Lake City brokers get information to give to their clients regarding homes, condos, investment properties, and land for sale, together with sold price data.
In the past, you would’ve been required to pay a broker’s full commission to have them list your property on the MLS. These days in Salt Lake City, some brokers will simply charge a fee to add your property to the MLS. This can often cost around a few hundred dollars and you don’t pay a commission unless the sale closes.
When compared to placing an ad in the newspaper, the MLS is a low-cost way to put your property in front of a very large number of people.
All big real estate listing sites like Zillow, Realtor.com, Yahoo, etc. get their data from the MLS. If you submit your Salt Lake City listing to the MLS, odds are good that it will show up on these sites within a couple of days.
All of these sites also make money by selling ads. There are options to boost your listing by paying and having it show up on top or one of many other ways that may or may not give you an advantage in finding a buyer.
Is it worth it to gamble on advertising? There are times when having an open house in Salt Lake City UT is a good way to get a property sold, other times it can be wasteful. The same goes with fancy outdoor signs, online ads, or ads in the newspaper – sometimes you’ll get lucky with them and sometimes you won’t.
Put simply – to sell your property on your own, you have to market it correctly.
If you paste up some signs and flyers around town you may illicit some calls, and there are also free websites where you can list information about your property. But, often just putting up posters and having an open house won’t be enough if your property isn’t appealing to the small group of people that will hear about it.
The theory would say that big commissions normally go to real estate agents because they spend a lot in order to advertise your home for sale. And, by marketing many homes at once, they hope to get more calls – and some nice profits to match.
Some houses may demand thousands of dollars to be spent on advertising before the right buyer sees and takes action to buy.
If you don’t like the idea of paying commissions, another option is to sell your home to investors like us for CASH
We offer fair prices for homes we buy – and can close very fast (often in just 3-5 days.)
We buy Salt Lake City properties, repair them, then lease them out… other times we repair and sell them to folks who need a great home, and for other reasons, as well – however, we always love to talk to people like yourself who are looking to sell anywhere around UT.
We’re local real estate investors who care about Salt Lake City.
We close fast and pay cash in as little as just 3-5 days. Give us a no-obligation call today at (801) 876-1036 or fill out the short form here.