After the COVID-19 pandemic, much of our commercial activity has shifted online. Traditional, offline business methods are slowly becoming obsolete, and the real estate industry is no exception to this trend. The housing market is rapidly growing, and housing prices are the highest they have ever been. If you want to sell your place, now can be the right time to get the best deal, and you can do it through the internet. The conventional method of selling your house requires the services of a realtor, someone who specializes in buying and selling real estate. However, working with a realtor comes with its disadvantages. Here is why you should consider selling your house online instead of going the traditional way.
Problems With the Traditional Approach When You Sell Your House
The conventional approach of hiring a realtor to sell your house is not for everyone for several reasons, such as:
Real Estate Agents Charge High Fees
Selling your house entails many expenses on your part as well. You have to make repairs and contribute to closing costs, so you may not have a considerable profit margin once the sale proceeds through. Add the real estate agent’s commission, and the amount in your pocket reduces considerably. Most real estate agents charge 6% of the property’s value as commission. While that does not seem much on paper, it is highly unaffordable for many people, as they have to pay for the new house with the money they gain from their old one. Realtors are now under legal pressure because of their high rates as well.
On the other hand, the internet lets you sell your house without such substantial fees. Most real estate websites allow you to list your property without charging you anything. If you aren’t opting for marketing, social media is also free and can connect you directly to different clients without involving third parties. Even if you decide to boost your social media posts, the cost will be minimal compared to the proceeds you’ll gain, unlike realtor fees.
The Sale Can Fall Through
A real estate agent can get you many customers, but the deals can fall through, and you may not have sufficient buyers or reasonable offers. While the conventional method gives you access to a small group of people who live nearby, online markets can broaden your reach to even those individuals from across the country who want to move to your area. This increases the chance that your sale will sail through as more potential buyers are in the pool. A more extensive client pool will increase the odds of finding reasonable offers. You can also use the internet to find a different buyer if your original client backs off from the sale.
It Takes Time to Sell a House
The conventional method of selling a house can be excruciatingly long. Once you decide to sell your home, you need to hire a real estate agent. Finalizing a qualified real estate agent and negotiating their terms can take weeks. The realtor will then facilitate you in finding interested buyers who will inspect your house, and you may have to entertain multiple visits and meetings. Before selling the home, you will also need to make necessary repairs and negotiate the price with the buyer. The entire process can take weeks, if not months.
While you will still need to follow these steps if you sell your house online, you don’t need to hire a real estate agent. Posting virtual property tours online will also save you the time associated with entertaining multiple visitors. This can save up valuable time and help you close a deal sooner. If you’re in even greater haste, you can always reach out to cash home-buying companies like Problem Property Pals. They will purchase your house even if you haven’t performed renovations, repairs, or cleanups, giving you a cash offer on the spot.
How to Sell Your House Through the Internet
There are different types of buyers on the internet who prioritize various features. Through the effective use of internet websites and social media, you can effectively reach out to them. Some of the methods you can sell your house online are:
Use a Real Estate Website
Many real estate websites let you advertise your house on the internet. Choose a good real estate website with all the essential features, such as contact forms for interested buyers, an option to add galleries for virtual tours, and reviews and testimonials from previous website users. Make sure the website is credible as well. Then, post a listing that describes your house well. Do not miss out on any eye-catching details about the property.
Remember, if you choose this route, you do not have the services of a real estate agent, and your property would be listed as ‘For Sale By Owner.’ However, the responsibility of marketing your house is all on you. While the internet offers you a more comprehensive range of audiences, reaching out to them is a skill that takes effort to learn. This is why very few houses are sold this way. If you think you can still effectively court potential buyers this way, maximizing your profits is a great option.
Spread the Word on Social Media
Social media is a powerful tool to spread your word. Learning how to market on social media can give your property the additional boost it needs to reach potential buyers. You’ll have to remember that different social media platforms require different market strategies according to their niche and the kind of audience they mostly reach out to. You probably won’t be able to sell your property if you solely rely on social media, but incorporating such platforms can help you reach a wider audience.
Give Virtual Tours
The potential clients you find on the internet live probably far away and would prefer virtual tours before they inspect the house in person. Posting more information about the home will make buyers consider your offer more seriously. You can give virtual tours in the form of clear, high-resolution images and videos that accurately describe your house. Use 360° images and CSS image effects to maximize your chances of getting a favorable response from potential buyers.
Consider Home Buying Companies on the Internet
While surfing the internet, you’ll find websites of companies that buy homes in all conditions. If you do not want to work with a realtor and are worried that the ‘For Sale By Owner’ strategy may not work, home buying companies can be your answer. They buy almost all sorts of houses, so your sale is guaranteed.
Home buying companies are preferable as there are virtually no costs to be paid from your end. The traditional method pays for the home renovation, closing costs, and the real estate agent’s commission, even if your sale goes through. Selling a house to a home-buying company eliminates these costs from your end. If the company’s quote is acceptable to you, you sell them the home, and they then take care of the closing, renovation, and other costly necessities.
Internet Helping You Sell Your House – Endnote
The conventional house selling method is unsuitable for many due to the real estate agents charging high commissions, the lack of exposure to a more extensive and diverse audience, and the slow pace at which the process happens.
Selling your house without a real estate agent is possible, but these ‘For Sale By Owner’ houses are harder to sell offline. Finding potential buyers without the real estate agent’s network is tricky. However, the internet can help – you can post an advertisement on real estate websites, market your house through social media, and give virtual tours. Another alternative is to sell your home to a home-buying company, and the internet will help you find a decent one in your locality.