If you’re considering selling your Kentucky home, there’s one thing you’ve learned by now. Selling your home can be expensive. And one of the biggest costs is real estate agent fees. If you don’t want to pay real estate agent fees, you can consider selling your home as a Sale by Owner (FSBO). But be careful. https://www.tlchomebuyer.com/sell-my-house-fast-indiana/ can spend hundreds of hours trying to sell their homes for less.
How do real estate fees work?
Realtors typically charge a percentage of the home sale price as a commission. As a seller, you have responsibilities beyond paying your realtor’s commission. We also pay the buyer’s agent fee. 5-6% of sales proceeds go directly to listing agents. The listing agent shares the commission with the buyer’s agent in accordance with the contract. The listing agent can give the buyer’s agent anything they want, but it’s often a 50/50 split. Each agent also has a fee sharing agreement with the broker. So, when the agent gets the commission, it has to share it again, this time with the broker. It used to be a standard 50/50 split. However, many brokerages these days offer 70/30, 80/20 or even 90/10 splits for high volume agents.
Tips for Selling an FSBO in Kentucky
If you decide to sell your FSBO in Kentucky, there are several strategies to help you succeed.
- Reasonable Listing Price Determination: This will be one of the toughest jobs without a realtor. Not having access to the MLS means you won’t be able to easily find prices for similar homes in you’re area that have recently sold. However, you can use some of the larger industry websites to see what’s currently available.
- Preparing a home for sale: You don’t have to go for full prep. However, you must handle any necessary repairs yourself. You can also use the time before listing your home to tidy it up, add charm, and make small cosmetic improvements. You may not need or want to invest a lot of money. However, a fresh coat of paint is attractive.
- Take great pictures: Even if you’re selling your FSBO to save money, paying for professional property photos or videos can help bring more potential buyers to your home.
- Market, Market, Market: Since it is not part of MLS, you will have to rely on your marketing skills. Depending on your local market and budget, these may include: yard signs leaflet social media opening day.
- Word of mouth can also work in your favor. Let your family and friends know that your home is up for sale and ask them to share the post on social media.