When the real estate market is slow, house sellers may need to take some unconventional approaches.
House sellers need to take the initiative and think outside of the traditional real estate box, and get creative in order to have their house noticed when the market is saturated with houses up for sale.
Traditionally, home sellers sign a contract with a real estate agent. This contract gives the real estate agent exclusive rights to list your house for a specified amount of time. The real estate agent then creates a listing that goes in the MLS system which is used by real estate agents and by online real estate web sites.
In a slow real estate market, the number of houses included in those listings can be overwhelming to the home buyer. It is easy for your home listing to get lost, which is why you may need to consider more unconventional approaches to selling your home, especially after months of using a traditional and unsuccessful approach.
These methods are not for everyone, and your real estate agent may even frown up on them. They may just be what you need to generate some interest and actual offers on your house.
Unconventional Approaches to Selling Your House in a Slow Market
Forgo the MLS
How outrageous it may seem, to forgo listing on the MLS. Instead, list your home yourself using Craigslist or other local classified web sites.
Finding smaller or specialty venues where you can self-list your home has its advantages. The other homes listed on these sites are not likely to be found in the traditioanl MLS listings. These smaller classified lists are also not as saturated as the Multiple Listing Service (MLS), which gives your listing a better chance of being seen by a potential home buyer.
The biggest advantage to self-listing your home through an online classified service is that you will not have to pay a real estate agent or broker any type of commission. This may give you, the home seller more room to negotiate a final price based on a home buyer’s offer.
In addition to Craigslist.com, consider ForSalebyOwner.com, or FSBO.com.
List your house using Craigslist or other online classified services.
Change Real Estate Agents
Do not get too attached to your real estate agent or broker. If they have not sold your house in amount of time you are under contract with them, bid them adieu and move on. Do not make it personal. If you are in a rush to sell, or are unhappy with the low number of home viewings and offers, it is within your rights to find someone else to do the job.
Offer a Rent-to-Buy Deal
With so many houses on the market, potential home buyers may need more than a little incentive to buy a home. If you already have another home, and are still trying to sell your house, offer a rent-to-buy deal. The details of the rent-to-buy deal should be worked out on paper, with both parties, and with lawyers.
The rent-to-buy deal that a home seller could offer to a potential home buyer could include the incentive that the “rent” money can go towards a down payment on the home. A rent-to-by deal also gives the potential home buyer a real life, trial period of living in the house. If it does not work out, and the potential buyer was renting anyway, there is not much lost.
Home sellers need to get creative in a slow housing market, and use unconventional methods to sell their homes.
