Looking to sell a house to relocate? Relocating to another state requires a ton of work. Finding a reliable buyer, getting the right price, locating all the paperwork, dealing with third-parties, renovating the property, the list goes on and on and on. It’s a lot to manage and hard to know where to begin.
But if you do intend to sell your house and move onwards, you have many options available to you. The real estate market is shifting, and it is now easier than ever to relocate with all of the choices at your disposal. Below, we’ll take a look at 5 options to sell your house if you need to relocate.
Options To Consider When Selling a House For Relocation
#1 – The Real Estate Agent
The real estate agent is the most common model for those looking to sell a house to relocate. The process is simple – contact a reputable real estate agent, and they will go over the entire process of selling the house. They get the buyer and they make a commission for the sale, so you don’t have to worry about things like paperwork, negotiations, finding a buyer, insurance, and more.
The agent will ensure that things are completed by the book, mitigating your liability with Errors and Omissions Insurance (E&O). It will also save you considerable stress, as the agent will be familiar with the entire process. But there are serious disadvantages to hiring a full-service real estate agent.
- First, is that the agent will take a hefty fee from the purchase. Be prepared to pay up to 6% of the entire sale price. Not the profit you make on your home – the price that you sell it for. Typically, the buyers’ agent and the seller agent will get a 3% commission.
- Second, is that there are many low-quality real estate agents on the market (make sure to do your homework beforehand on your agent. Online reviews are available). This means that your home might not be prioritized and could be sitting on the market for a while.
Remember, real estate agents are excellent salespeople. They can make a brilliant pitch to you, take on too many clients, and be too eager to take a commission and rack up the numbers. This means a lower price for your house than what could have been obtained if they placed their entire attention on selling your home.
If you are interested in learning how to sell and buy a house at the same time, ask the agent if he would be willing to reduce the commission on the sale if the purchase of the new house is done through the same agent. This is one way to reduce the very costly real estate agent fees.
#2 – The Discount Broker
Next to the real estate agent, the discount broker is one of the most heavily used models in terms of how to relocate to another state. The discount broker essentially offers to sell your home like an agent, but typically does less work to move things along.
You might be able to reduce the fee to 4% or less, but you will have an awful lot of work to do. You’ll be responsible for marketing the property (listing it on sites such as Zillow, putting it on your social media, printing fliers, etc.). You’ll also need to do more research in terms of paperwork and legal obligations.
Keep in mind that there is a difference between a flat fee discount brokerage and a commission brokerage. The flat fee brokerage can put your site up for sale on a listing network – but everything else is on you. The discount brokerage that charges a commission percentage can assist with things like mandatory disclosures, HOA transfer fees, inspections, and much more.
The flat fee discount broker is really for people who understand everything about the selling process. There is a reason it’s so cheap – all it does is put your house on a listing site. Unless you have prior experience in the sale of houses, the flat fee discount brokerage is best avoided.
#3 – Get Creative
There are many novel ways to sell your house and manage relocating to another state. It is now possible to create a virtualized open plan of your home and let potential buyers enjoy a virtual tour online. Consider advertising it on YouTube and social media to increase the coverage, as well as hosting it on FaceBook live.
Another option is to sell your house at an auction. At one time, this was reserved for banks and foreclosures. No longer is this the case, and the auction can be an excellent means to sell your house quickly in Salt Lake City. Consider playing it safe with a ‘reserve auction’, where a minimum price must be met before a sale is made.
If you’re really eager to sell, you could also add a freebie with the house – treadmills, cars, equipment, etc. Selling is selling, and classical marketing psychology tools always work. There are numerous creative methods to sell a house. You don’t have to go down the standard route of using a real estate agent or discount brokerage, which can be more trouble than they are worth.
#4 – Sell As An Owner
An increasingly common practice is to sell directly as an owner. This is commonly termed ‘FSBO’ – ‘For Sale By Owner’. You still need to list your house, do additional marketing, set a realistic price, renovate, have an open house, find a buyer and finalize the transaction. There is a lot to take into account. While FSBO is on the rise, it is by no means a walk in the park.
But by selling directly as an owner, you can avoid all of the hassles of dealing with an estate agent or discount brokerage. It will also make communications far easier between you and the potential buyer, with less back and forth. And, of course, it will save you a lot of money if you find the right buyer. 6% of the sale of a house is a lot of money, even for small properties.
If you do intend to sell as an owner, then one of the best ways to find a buyer is through the local community, as well as social media. You can do everything else correctly, but unless you get the right people to look at your property, then all of your other efforts will be a waste of time.
#5 – Get in Touch With The Community
Find out if anybody in the area is looking to buy a home. Direct contact can eliminate most third-parties who would otherwise charge hefty fees for finding a buyer. You should ask your neighbors or reach out on social media to see if there are any potential buyers.
Your neighbors will have a vested interest in making sure that they find the right people to live in close proximity to. And there are quite a large number of people who would be willing to sell, except for all of the hassle associated with actually selling. This way, you can make it easier for both parties.
If you don’t know the people in your neighborhood, then ask the ones you do know to spread the word. You can also knock on the door, or simply leave a tasteful letter in the mailbox.
The same applies if you are looking to learn how to buy a house in another state. Select an area you are interested in and don’t be afraid to reach out to people in that particular community. If you know people in the area, so much the better.
#6 – Use a Real Estate Investor
A real estate investor like Axess Home Buyers, in many ways, the direct opposite approach to using a real estate agent. With a real estate investor, there are no fees, no commissions, no need to renovate the property, and no need to list the property. The real estate investor (or real estate investing company) will actually take care of the house repairs, lightening the load for sellers.
Better yet, a real estate investor can get your property sold quickly – you are dealing with an investor, not a buyer. They already have the funds at hand to make the purchase, which also helps to streamline the entire process. The primary advantages of using a real estate investor include:
- Instant sale with an easy application form – no waiting for buyers.
- No renovations or repairs needed.
- No need for an open house.
- No huge real estate agent fee required.
- Quotes are free.
The real estate investor model is one of the most underutilized ways to relocate to another state. It’s perfect for people looking to sell a house quickly and easily. If you are intending to sell a house to relocate and want to learn how to buy a house in another state, look no further. There are real estate investors looking to purchase houses in Salt Lake City, immediately.