10 Smart Ways to Save Money When Selling Your House (Part 1)

-by A. Scott

Selling your house can be difficult at the best of times which is why we’ve created this list of smart ways to save money when selling your house. Here is part 1 of our list of 10 smart things that you can do to make the process easier, more enjoyable, and allow you to ultimately save money when selling your house:

1. For Sale by Owner (FSBO): Selling your house without a real estate agent can help you avoid paying a commission. Woohoo!! All good news right? Well yes, you can save a lot of money but the down-side is that you’ll be responsible for marketing and showing the property, negotiating with buyers, and handling all of paperwork. This approach requires more effort on your part but then again it can save you a significant amount of money. (Read on as there is somewhat of a middle-ground…)

2. Flat-Fee Listing: Instead of hiring a traditional real estate agent, consider a flat-fee listing service. These services charge a one-time fee to list your property on the internet, exposing it to a wide range of buyers and buyer’s agents. You’ll still handle showings, negotiations, and paperwork, but you won’t pay a full real estate commission. One other point worth noting is that flat-fee listing service is basically reliant on internet advertising alone and as such you can miss out on some potential buyers that the agents have on their private books.

3. Research and compare real estate agents: If you choose to work with a real estate agent, interview and compare multiple agents. Inquire about their commission rates, services provided, marketing strategies, and track record. Negotiate the terms and fees to ensure you’re getting the best value for your money. Or better yet, an App such as bRight Agent can do all the negotiating for you – making sure you get much lower agent commission and other fees than you otherwise might pay.

4. Optimise your home’s presentation: Enhance your home’s curb appeal and make necessary repairs or updates to increase its market value. A well-maintained and visually appealing property can attract more buyers and potentially lead to better offers, reducing the need for excessive negotiation or discounts. Let’s face it, people judge the book by it’s cover!

Simple visual improvements such as a new front lawn can enhance curb appeal

5. DIY home staging: Instead of hiring a professional stager, you could always stage your home yourself. There are plenty of internet guides to help you declutter, rearrange furniture, and add simple decor to highlight your home’s best features. You can also utilise magazines, TV shows, and online resources such as YouTube or Pinterest for staging ideas.

6. Negotiate service provider fees: When hiring professionals like home inspectors, appraisers, or lawyers, try to compare rates and negotiate fees. Seek estimates from multiple service providers to find the most cost-effective options without compromising on quality, or just going with the agent’s recommended provider.

7. Market your property effectively: Leverage cost-effective marketing strategies to promote your property. Effective marketing is all about what you chose to DO and DON’T DO. Use online listing platforms, social media, and local classifieds to reach a wide audience without significant expenses. Focus on high-quality photos, virtual tours, and compelling descriptions to make your property stand out. A good real estate agent will help you with this aspect, but it’s important to have your own expectations in mind too, and don’t over-pay for what you don’t need. The bRight Agent App can also help you to get lower styling, photography and advertising fees too!

8. Be responsive and proactive: Respond promptly to inquiries, showing requests, and offers – especially if you choose to sell your property yourself. Delayed communication can discourage potential buyers or lead to missed opportunities. Stay proactive throughout the selling process to maintain buyer interest and momentum.

9. Minimise unnecessary expenses: Be mindful of unnecessary expenses during the selling process. Prioritise essential repairs and improvements, but avoid overspending on renovations that won’t yield a significant return on investment. Remember – it may have been your dream home at one point, but the new buyer may well want to put their own stamp on cosmetic changes – so don’t over invest.

10. Review closing costs: Familiarise yourself with the closing costs you’ll be responsible for as a seller (fees, conveyancing, TAX!). Review these costs carefully, negotiate when possible, and consider seeking estimates from multiple service providers to find the most cost-effective options. We would recommend that you speak to a qualified accountant or other specialists in this regard.

Remember, while saving money is important, it’s also crucial to ensure you receive quality representation and support during the selling process. Using a service such as bRight Agent can get you a top local agent at a fraction of the price. Assess your comfort level, expertise, and available time before deciding on the approach that best aligns with your goals and resources.